When you are in the world of business, you have to be aware of your competitors and the state of the industry you are operating in. You do this by collecting data and base your decisions on the findings. This whole process is what is termed as Market Intelligence.
The data collected may be on dynamics such as the kind of regulations imposed by the government in the given industry, your target audience, and the customers spending behaviours. This information helps those new in the market identify the mode of penetration, understand the various opportunities in the market as well as keeping tabs with the current industry metrics.
Beginners guide on marketing intelligence
The first is to identify who your competitors are. Once established, visit their location, either their walk in-store or log into their website. Also, read widely as there’s lots of information on the internet nowadays. Make sure you are up to date with current affairs in your desired industry.
Conducting interviews and carrying out surveys can be very helpful as well when starting out.
Moving around gathering information through surveys, interviews, and reading from an array of information can be tedious. But marketing intelligence tools can make this a lot easier. Here are some examples of tools to help you in your market research:
This tool enables you to acquire the relevant information on companies both public and private, highlights the trends in the market, and also identifies those new to the industry. This tool makes it easy to evaluate information on the businesses you already aware of.
With this tool, you are able to gather information on the whole market just by having a company’s website. The moment you access the site, this tool lists all the stakeholders in the industry and probable competition.
It’s a blend of social listening tools and social media analyzing tools. With this tool, you are made aware of what the audience is talking about concerning your competitors’ as well as what their performance online looks like.
Now, this tool focuses on a competitor’s email and reports back on what is going on with them. From new products coming up to how their sales are progressing. From there, you can work on your marketing strategy to better resonate with your audience.
There are so many other tools such as Moz, Alexa, Wappalyzer, BuzzSumo, and many more others. As a marketer, it’s important to be conversant about the market dynamics especially concerning your competitors and with the right tools, you can achieve that.
Importance of Market Intelligence
With the right information, your company will become sustainable and make high profits. Not just that, let’s look at some of the advantages of marketing intelligence.
Help understand the market completely from customer behaviour, the various trends, and competition. By that, you will know where you stand, do evaluations on your services. This automatically positions you for success.
Enables scale-up company sales: By analyzing the various customers and their demands, you able to understand consumers and what they prefer.
Customer satisfaction: With the information, you can tell when the clients are complaining about something and rectify before you lose them.
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With a smaller company, it may be easier to manage the research on your own. But the more the company grows, the workload increases as the data to be processed becomes bigger as well. With that, you may need help from companies that will help you capitalize on your marketing intelligence. One such company is NetBase Quid.
It offers social media analytics company and has been in the game for the game since 2010. Working with them means that you understand your clients better, know what consumers are saying about you, and understand your competitors as well. Armed with this information, you are better placed to succeed in your business.