Monitoring your competition and knowing the state of the industry is critical for every business’s operations. Nowadays, the process of gathering market intelligence is expanding to include analysis and analytics to improve business models and projection sets.
At its center, the concept uses multiple information sources for social media analytics to create broad portraits of an organization’s existing market, clients, problems, and the potential to grow new services and products. Some of the sources of unprocessed data for scrutiny include sale logs, conducting surveys, and checking social media trends.
Market intelligence involves using data to understand a specific market and an organization’s place within it. It mainly involves using internal data such as surveys and customer information to get some insights.
However, it also involves evaluating competitors, comparing their products, and pubic data to help business owners and managers understand how the products fit into the market.
Benefits of Using Market Intelligence
Organizations that get it right stand to gain a competitive advantage in an industry. Other than obtaining and analyzing data, ensure that social media analytics data used in marketing intelligence easily accessible and credible. In this article, you will learn more about the benefits of marketing intelligence and some of the tools you can use.
You need to carry out a SWOT analysis to understand your competitors’ strengths and weaknesses. Every company should try to understand why customers choose competitors over their products and services. Once you have understood how your enterprise compares to competitors, look inward at your products and services.
Take some time to learn about the quality and performance of your products and services. If you deal with physical products, analyze the manufacturing process. Are you using effective manufacturing techniques? Understanding this will help you to improve customer experience and develop better products.
To understand your products’ performance, you need to look at various markets where they are offered. Evaluate the possibility of expanding your products to other markets, and whether there are more markets. The information is crucial and will help you to understand your target audience so that you can show up in such areas.
You will also get a better understanding of your customers through market intelligence. This is a crucial aspect of increasing the product cycle of products and services. According to statistics from various studies or social media analytics, the cost of acquiring new customers is five times higher than retaining existing ones.
Therefore, you need to know your target audience. Identify the reasons why your customers buy from you. Which challenges do you help them to solve? The goal of a business should be gathering information that can help your marketing team develop targeted campaigns.
Intelligence will help you to answer questions about your potential and existing customers and determine internal goals. For example, you will get answers about where to allocate more resources in your business, markets with more potential, customer patterns, and target demographics.
Although there isn’t a predefined plan on how organizations should acquire market intelligence, most of them do so through high-level analysis. For example, some firms get a lot of information from their customers. This can be done by setting up a structure that will help keep customer mailing lists and using customer feedback programs to collect customer intelligence.
Crucial Market Intelligence Tools in the Market
Tracking information involved in an intelligence initiative can be time-consuming for businesses. A lot of online tools have been developed to help organizations gather, analyze, and store important data.
While you can handle most of the work in intelligence for a small firm, you may experience challenges as your company grows. As the amount of business data increases, statistical tools, and technologies to deal with it become necessary.
Are you looking for a reputable social media analytics company? NetBase Quid has a wide range of solutions for businesses to help them run brands and connect with customers at all times. It also offers real-time crisis management services to protect your reputation.