Marketing intelligence platforms pull publicly available data from multiple sources and provide organizations with a database for viewing the information.
What is marketing intelligence?
Marketing Intelligence is data crucial to an organization’s marketing efforts. When businesses collect this data, they can effectively analyze it to apply it to decision-making. It supports multiple marketing objectives and aids in making informed decisions regarding competitors, products, and consumer trends and behaviors.
How can market intelligence transform your business?
Market intelligence covers a lot of things. It includes all the information your company gathers about the markets it works in. The data can include customer demographics, trends, rules, competitors, geographic areas, etc. And your company gets useful information from that data to help it figure out and improve market segments, brand recognition, and growth prospects.
Market intelligence gives a full market picture because it includes competitive, product, and business intelligence. So, you can see the big picture, connect the dots, find insights, and make better business decisions based on data. That’s the reason 26% of companies adopted market intelligence in their business globally.
Benefits of marketing intelligence in your business
- Gain a comprehensive overview of the market.
A good market intelligence plan provides your company with a continuous market overview. And, with an overview of the market, your company can stay adaptable in unpredictable marketplaces, quickly pivoting as necessary.
- Gain a competitive advantage
One form of market intelligence is competitor intelligence, and its primary purpose is to provide insight into how your company stacks up against its competitors. You can keep an eye on your competitor, enhance your offers and positioning, and reach and acquire more of your target market if you combine competitor data with your other market intelligence.
- Prepare for the future.
Your marketing teams can monitor, predict, and act on market opportunities before market changes and effects if they have access to market intelligence.
- Invest in the right projects
When your company specializes in market intelligence, it can minimize losses and invest in the correct projects. The goal is to store all the market intelligence in one place to get a complete picture of the market, clients, and competition. As a result, the company can effectively validate and invest in new initiatives, products, and services while reducing time and resource waste.
Types of Marketing Intelligence Platforms
Marketers can get actionable market intelligence in several ways. But here are the most common ways to get a better understanding of the market:
Polls are designed to answer a single question. They are the opposite of open-ended questions seen in other approaches. Polls may be answered quickly and easily, resulting in a greater response rate.
- Focus groups
Focus groups typically choose a small number of people to produce a sample size of their target market. Then, planned questions are given to inspire further group discussion. Marketers get comprehensive insights into their audience’s opinions, helping them make better-educated judgments about future promotions.
- Surveys by Mail
This is another low-cost method for a marketer to reach many people. It works well for organizations that want to get people who don’t have access to technology.
Questionnaires make it easier for marketers to reach a larger audience. This lets marketers learn about their customers in both qualitative and quantitative ways. You can fill out the questionnaires online or in person.
Benefits of using a market intelligence platform:
A leading market intelligence platform can benefit your business in the following ways:
- An Overview Of The Market
Using real-time data, this platform enables businesses to comprehend their market with ease. Consequently, companies can remain competitive and meet market expectations as their plans and procedures are woven around the data.
- Improves Sales
Most companies struggle with selecting the correct target audience and determining the product’s success. However, with market information, companies can readily determine market segmentation.
- Competitive advantage
Marketing Intelligence gives you a better competitive advantage. It provides data about your competition, emerging trends, and full market analysis. You can, therefore, constantly be one step ahead of your competition.
- Customer retention
Marketing intelligence for client retention aids in the study of repeat buyers. It helps retain clients and increase their lifetime value by giving you information on what parts of your business need work.
As with any investment, businesses should use a marketing intelligence platform that gives them a lot of data about marketing online, offline, and in the real world. This gives them an edge over their competitors and lets them learn about upcoming market trends and much more. It is, without a doubt, a very important part of any business’s success.