Given that today’s market is increasingly becoming dynamic and complex, businesses have to find ways to keep up with the market changes and track competition. Gathering and evaluating data about the market you’re situated or want to operate in will allow you to gain useful insights into how you can grow your business. It can also help determine market penetration, existing market metrics, market opportunities, and market segmentation. Read on to learn more about marketing intelligence.
Marketing intelligence often refers to the first data analyzed by an organization regarding a particular market. This data set could be about location, population age, consumers’ spending habits, government regulations, and infrastructure facilities. Once you gather the information, it is broken down into smaller subsets and distributed to the company departments. For instance, your sales department would need different data sets while the purchasing department would require something different. That said, marketing intelligence is categorized into four broad areas.
Market understanding – This tries to understand an existing product’s performance in a specific market and in other new markets where you intend to launch the products.
Competitor intelligence – This enables you to obtain competitor’s information about their products and strategies. It is a concept wherein you analyze your competitors’ strengths and weaknesses to make better business decisions.
Customer intelligence –Customer intelligence allows you to understand your customers (existing, lost, and potential) to provide products that solve their problems. Understanding your customers is the key to product sales.
Product intelligence –This focuses on collecting information about a specific product’s quality and performance in the market. Product intelligence involves using an automated process to better the user experience and add new features to make the product better and safer.
Goals and Objectives
Successful marketing and competitive intelligence should answer critical questions about market trends, customers, and competition. It should enable you to know where you should devote more resources, learn customer buying patterns, and understand which market to infiltrate next, which product to cross-market. The demographic segment you can try to push new products to. Although there is no plan or hard rules on how organizations should collect market data, the majority will do so by conducting different forms of analysis.
As a small business, you can utilize processes and customer feedback to keep customer lists and gather customer intelligence. You can also use industry associations, internet research, government bodies, and data from delivery teams and sales. However, if you own a large company, you can consider hiring a reliable market intelligence analyst like NetBaseQuid.
Market and Competitive Intelligence Tools
Managing all the information and processes involved in business intelligence can become time-consuming and challenging, especially to smaller companies. Fortunately, many useful online tools are available to help you collect, evaluate, and store your market insights. You can use popular software such as Sisense and Pentaho, or opt for cloud services like Birst and Oracle.
Although an individual can easily manage market analysis for a small business, things can get tougher as your company grows. In this case, you may need to hire a third-party market intelligence specialist like NetBaseQuid to help manage the processes.
NetBaseQuid is a premier consumer and market intelligence company using next-generation solutions to deliver contextual insights to unlock business trends, understand the market, understand competitors, and connect with consumers. It employs advanced artificial intelligence to analyze many indexed resources through all types of structured and unstructured data.
NetBaseQuid provides solutions to help brands boost their campaign performance, improve crisis management, and understand public perception to protect their brand health. They can drive your business through trend analytics, campaign strategy, technology scouting, competitive intelligence, and product innovation.