Last Updated on June 7, 2022 by admin
Market-Intelligence refers to the external information collected by a company concerning a specific market that they have an eye on. It is the first set of data that a company analyses before investing in a particular market. There is a lot to learn about, such as market-intelligence tools, types, and importance. Read through the article to understand how and why you need it for your company.
Types of Marketing Intelligence
Before we get deeper into marketing intelligence, we must understand the types of marketing intelligence. There are five main aspects that marketers focus on, namely;
- Consumer understanding
- Marketing understanding
- Product intelligence
- Competitive advantage
This type of intelligence focuses on consumers. Consumers/customers/clients are a vital part of any business. Consumer understanding involves identifying who your buyers are, why they buy from you, whether they are satisfied with your services, need improvement on specific matters, and what challenges they face concerning your products/services and how you can help them. Consumer understanding will help you get more customers/clients and retain them for a more extended period.
It goes without saying that every company has to promote its products and services for more profits. This involves understanding the market of your products/services. Additionally, this data is used to understand areas where your target audience is most active. This will help you choose the right channel to advertise and promote your products/services.
This involves understanding everything about the products, such as pricing. It can be executed by interviewing consumers, conducting surveys, polling target audiences, etc., from the data collected; your company can produce /offer products or services that cater to the specific customer problems/interests.
This type of marketing-intelligence involves finding out more about your competition in the market. Why do some consumers prefer their products/services and not yours? With this information, you will know whether you need to change your products to fit in that profile or improve your products/services.
These tools are essential in assisting businesses in building brand awareness and increasing profits. Below is a list and detailed section of the most common tools.
- NetBase Quid
- Rival IQ
NetBase Quid is a consumer and market-intelligence platform. It offers excellent services in business trends, connecting your company with consumers, competitors, and (MI).
Hubspot is an excellent marketing tool. It offers integrations and means that your business needs marketing, sales, customer service, and content management. It is one of the best market tools available in the market.
Craft is yet another marketing intelligence tool that focuses on supplier intelligence. Craft helps companies to accelerate data-informed business decisions. This unique data platform enables procurement officials and supply chain professionals to come up with, analyze, and supervise suppliers and create a more robust supply chain resilience by tracing signals across companies worldwide. Craft offers the best software tool for (MI) and business supply chains.
Social media has become a vital part of businesses and sales today. Rival IQ is one of the best software tools that assist you in monitoring your business social media activities, such as post engagement data. It also includes competitive analysis, social posts analysis, and social media audits.
The above are just a few of the best tools available.
Importance of Market-Intelligence
Below are reasons why businesses need to incorporate marketing intelligence:
- To assess the quality of your products/services- MI helps you understand the quality of your products and services mainly through product intelligence.
- To understand your position in the market- MI will give you the exact rating of your products/services.
- To understand your clients/customers- intelligence gives you more insight into what consumers want to improve or introduce in your product. Consumer intelligence also helps you to understand whether your customers are satisfied.
- To enhance your competitiveness- you can know what you need to do to catch up with your competitors in the market through competitor’s intelligence.
Marketing intelligence is vital for businesses looking to get a competitive edge.