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Platforms for market analysis and insight: how to choose by type

+ ArticleSales2 August 2023  ·  4 min read

Choosing a market analysis platform starts with your decision, because each type of insight answers a different question about what comes next.

Most teams do not lack data. They lack a clear view of which source answers which question. That gap matters most when the question looks forward, such as where to invest next year.

This guide does not rank vendors. It compares types of market analysis and insight platforms. Each type does something well, and most companies need more than one.

Start with the decision, not the tool

Write down the decision you need to support before you compare anything. Name the market, the period and the budget at stake. A team choosing between two product lines needs different evidence from a team reviewing last quarter's campaigns.

Then ask three questions:

  • Do you need to explain what already happened, or to judge what may happen next?
  • Do you already know the question, or do you need to find out what is changing?
  • Is the answer needed once, or will several teams return to it every month?

Your answers usually point to a type before they point to a product.

Seven types of insight, and what each does well

Internal BI and performance data

This shows exactly what happens inside your company. Marketing, sales, CRM and finance data are the base for any serious analysis. They tell you how demand has already turned into results for you.

They do not show demand that never reached your business. An outside view fills that gap.

Market research and panels

Research and panels give an in-depth answer to a question set in advance. They suit concept testing, motivation research and questions about why people choose. Quality depends on the sample and the method, so check both.

A study is a snapshot of the question you asked. It will not flag a development you had no question about yet.

Retail and sales data

This type shows realised sales by channel or product. It is strong evidence of what people actually bought. Use it to measure share and to review pricing and assortment.

It starts at the moment of sale, within the channels covered. Needs that have not become sales yet stay out of view.

Keyword and SEO tools

These tools report search volumes for content and findability. Some also compare website traffic between companies. They serve your SEO and content teams well.

A list of terms is not a market view. Decisions on product, assortment or capacity need that data translated into market, needs and brand position.

Social listening

Social listening follows conversations and sentiment around brands and topics. It helps with reputation, campaign response and tone of voice. Language models can miss context, so review samples by hand.

Conversation shows what people talk about. It does not, on its own, show where demand forms or how it develops.

Free trend tools

Free trend tools give a quick impression of interest in a topic. They are useful for a first check before you spend time or money. Treat the result as a prompt for further work.

Consultancy and ad-hoc analyses

Consultants provide tailored advice on a specific question. That works well for a market entry or a one-off strategic review. Once the project ends, the analysis usually stops with it, so plan how you will keep it current.

What "predictive" should mean in practice

Many platforms use the word predictive. Ask what the word covers before you rely on it. These questions separate a useful forecast from a vague promise:

  • What is forecast? Demand, sales and market share are different things.
  • At what level? A forecast for a category says little about one product.
  • How far ahead? Ask for the horizon, and where that horizon stops applying.
  • Based on what? Ask how much history sits behind the model and how often it updates.
  • How is it checked? Ask how forecasts are compared with what happened later.

Any honest provider will describe limits. A forecast reduces uncertainty, and it does not remove it. Treat any claim of certainty as a warning sign.

Where Demand Intelligence fits

Demand Intelligence is a structured understanding of how market demand forms, changes and is expected to develop. It adds the outside view that internal systems lack. It does not replace your BI, your research or your sales data.

Trendata works in this category. Its AI Market Analyst lets teams ask what is changing in their market and what it means for a decision.

What it draws on

It draws on aggregated orientation moments: moments when people look into products, needs and brands, explore alternatives and prepare choices.

These signals show developments 2-6 months earlier than internal performance data such as marketing, sales, CRM and finance data. That is no guaranteed lead over competitors. Measured orientation is also not the same as realised sales.

Trendata's demand forecasts run up to 12 months ahead, at category, type and specification level. They describe expected demand. They are not exact predictions of revenue, volume or stock per SKU.

How to make the choice

List your next three decisions and mark which type of evidence each one needs. Most gaps will become visible straight away. Then test a shortlist with one real question from your own market.

Judge the answer on whether it changes what you would do with people, budget or capacity. If it does not change a choice, the tool is interesting but not useful for that decision.

See where demand is heading in your market.
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