Target Audiences are continuously demanding more and more information sources
Professionals now work in a space wherein business information is openly available as compared to earlier. The credit goes to Internet wherein data or information on business and market trends, customers and prospect details, partners and competitor details, product and pricing details and almost every tiny detail is available online.
Search engines, Wikipedia, online magazines, company websites, blogs, article sites and other web data sources provide information in an easy and ready-to-go scenario.
Today older information sources such as magazines, libraries and publications have successfully moved on internet.At the end of the day data is available if not easily online however are found in a searchable format.
Despite of Data Searchable & Formulation Trend
Despite this trend – though plenty of data is readily or searchably available on internet– it is often the case that most important information or the data insight cannot be found or easily formulated from online sources. One of the most demanding example of this is competitor intelligence which cannot be acquired easily or we can say cannot be directly formulated from internet.
Other examples include technology solutions and formulation of commercial details like product architecture and product pricing formulation respectively. In such cases it needs consultation from a technical person or you will need competitive information extracted from different competitor sites respectively.
In other words, though most of the data is often available freely, information that is precise, specific, validated and better presented to be of real use to professionals often requires a specialist market intelligence provider.
What is Online Market Intelligence (OMI)?
In the most simplest terms, online market intelligence is web information that is gathered for the purpose of making market and ultimately business decisions. It is now taken as analternative to traditional market research, with systematic online data gathering, analysis and interpretation of information about a organization’scompetition in reference to its markets, product, pricing, corporate clientsor end-customers.
Online Market Intelligence (OMI), Business Intelligence (BI) & Competitor Intelligence (CI)
Online Market Intelligence (OMI) is sometimes confused or interpreted as Business Intelligence (BI) and Competitor Intelligence (CI). Online Market Intelligence enables business through data-driven decision making from multiple web sources. However, BI refers to data relating to the company itself, rather than the open market-place. BI therefore includes sales data, production data and financial data used for better business decision making. On the other hand CI is more focusedly used for company’s competitors.