Market intelligence is the ability to keep track of competition and the state of the industry. Over the years, the system has expanded to include analysis and analytics to improve business models and projections. Data collected helps a business to identify existing customers, markets, problems, competition, and how they can introduce new goods and products to the market. Small companies use a common-sense approach to come up with data that help them grow their business.
In other words, market intelligence refers to collective information regarding products and customers as well. With this information, a business can identify what works best to increase sales; thus, it can consider what competitors are using to their advantage.
Issues that Marketing Intelligence Addresses
Business raises several issues used to collect data and determine how good or bad a company is doing. They present concrete answers regarding the industry such as:
- Areas that need more resources to be invested
- The target market to infiltrate next.
- Discover their customer’s buying patterns and maximize on it by finding out what they buy most.
- The possibility to cross-market new products to existing clients.
- The geographic areas to possibly expand your business.
There are no specific guidelines on how a company should collect data; hence some carry out data analysis. Clients form a necessary ground for data collection; hence they are used to get the required information.
Internet research, a suggestion from delivery and supply teams, and government bodies are critical information sources. Collected data is used to make crucial decisions regarding daily business operations to improve the business.
Marketing Intelligence Tools
Keeping track of all information can be time-consuming for businesses, hence needing tools to carry out the procedure on the company’s behalf. These tools come in handy when you have a growing industry since new challenges may be formidable for individuals to handle. Below is a list of some marketing tools.
This account engagement tool helps organizations attain predictable revenue achievements by putting it behind each revenue staff, enabling them to achieve their goals. It uncovers anonymous buying behavior maximizing on productive accounts through marketing to improve sales. The teams personalize campaigns using the acquired information to increase their sales. Hence they are in a position to identify opportunities and compete fairly with others.
2. Clearbit Enrich
Clearbit is software that runs several data analysis with minimum supervision. This tool automatically updates sales records alongside verified company details. It helps a company to have insights into their prospects. Hence, they have a better target allowing them to segment loyal clients and always respond to any issue. You can be notified when a potential prospect visits your website; hence it’s easy to talk them into a business.
This platform is designed to empower marketers to collect and deliver actionable competitor insights to win more business. It gives them an understanding of strategies that competitors use hence finds alternative ways to counter them and make more sales. This tool gives competitors an advantage in a competitive environment since they can access competitors’ information and improve their marketing strategy.
About NetBase Quid
It’s a marketing intelligence tool that delivers contextual information about your product by analyzing consumer perception through their comments. You can identify key factors that affect consumer experience and work on it. NetBase Quid helps a business track media perception of its products and compares it with consumer response to develop a better solution. This tool helps businesses understand where they rank with competitors hence find ways to protect their brand and retain customers.