77% of Market Intelligence Users Say Their Investments Have Paid Off

August 2, 2013

This article is included in these additional categories:

Asia-Pacific | Europe & Middle East | Financial Services | Market Research | Pharma & Healthcare | Telecom

GIA-Market-Intel-ROI-August2013Budget-holders continue to report benefits from investing in market intelligence, according to [pdf] a recent report from the Global Intelligence Alliance (GIA). The study is based on a global survey of more than 1,200 market intelligence (MI) professionals (58% share of sample) and users (42%). While one might expect MI professionals to have a high view of market intelligence ROI, decision-makers were as likely to say their investments have paid off (82% and 77%, respectively).

Similarly, the vast majority of respondents overall feel that their company has benefited from market intelligence, with 52% strongly agreeing and 40% somewhat agreeing.

The study finds that budgets for market intelligence are highest in Western Europe, having increased on average by 119% from 2011, to $2.9 billion. Asia-Pacific is next ($2.2 billion; up 72%), while budgets in North America have actually slightly retreated from 2011, down 4% to $2 billion on average.

Meanwhile, the top 5 industries by average market intelligence budgets are: medical devices and healthcare; consumer goods and retail; IT and software; manufacturing and industrial; and telecommunications. The researchers note that there is not always a strong correlation between spending averages and maturity of the market intelligence function or perceptions of ROI. For example, the top spender, medical devices and healthcare, had one of the least advanced functions on average. Furthermore, the media and entertainment sector, which was found to have the most advanced market intelligence teams, had the lowest perception of ROI.

About the Data: The 2013 Global Market Intelligence Survey measures the state of market intelligence in over 880 companies from 21 separate industries and 64 different countries. Over 1,200 decision makers and market intelligence managers responded to the survey.

In the study, the term “Market Intelligence” (or “MI”) refers to functions and programs in companies and organizations that help them to understand their business environment, compete successfully in it and grow as a result. As a program, Market Intelligence collects information about market players and strategically relevant topics and processes it into insights that support decision-making.

The term “Market Intelligence” is used as an overarching term for terms such as competitor analysis, customer insights, technology analysis or strategic analysis. Concepts such as Competitive Intelligence or Market Insight, should be regarded as synonymous with “Market Intelligence” in the report.

Chart-Library-Ad-1

Explore More Articles.

Which Skills Are Important in RevOps?

Which Skills Are Important in RevOps?

9 in 10 RevOps professionals view data analysis skills as being important, a high percentage also don’t believe they need this skill for their job.

Marketing Charts Logo

Stay on the cutting edge of marketing.

Sign up for our free newsletter.

You have Successfully Subscribed!

Pin It on Pinterest

Share This