Both Market Research and Market Intelligence Services are offered at ACREM Consultants. Time and again, clients at first contact with us use the term “market intelligence” interchangeably with the term “market research”. But the two are different.
In simple terms, Market intelligence is a much broader term that can be defined as an ongoing, holistic knowledge of all aspects of the marketplace. Or broadly speaking, it’s the everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics. Marketing intelligence is necessary when entering a foreign market.
While Market Research in simple terms is any organized effort to gather information about a target markets or customers. It is a very important component of a business strategy since with effective market research, your company can gain invaluable information about your competitors, economic shifts, demographics, the current market trends and the spending traits of your customers.
Our Market intelligence services yields an ongoing and comprehensive understanding of the market within which our client operates majorly through the Market intelligence pyramid under the knowledge areas such as;
- Competitor intelligence;
- Product intelligence;
- Market understanding and;
- Customer insight.
In our market intelligence reports, we ensure we capture all the knowledge areas of the pyramid and through this interaction, we provide our clients with a detailed understanding of the market they operate in.
Our Market research services are always comprehensive in nature often assessing the Clients’ current market competition by evaluating the business plans of our clients’ competitors, Situation analysis that are key in determining the market segments that our clients should target.
Our Market research services enables our clients to among others;
- Identify the problem areas in your business
- Understand the needs of existing customers and why they chose your service/product over competitors
- Developing product ideas and designs
- Identify new business opportunities and changing market trends
- Recognize new areas for expansion, and increase your customer base
- Discover potential customers and their needs, which can be incorporated into your products/services
- Determining if there is demand for your product.
- Set achievable targets for business growth, sales, and latest product developments
Make well-informed market decisions about your services and develop effective strategies