In this day and age, customers expect quicker customer services; they demand that business people know them and offer appropriate goods and services on time. Many companies are adopting business intelligence tools; this helps them gather, analyze and act fast on data to make decisions and meet the emerging market needs.
What is market intelligence?
Market intelligence refers to the data or information that an organization obtains from the market in which it operates or desires to operate to aid in determining a company’s; product marketability, the market sectors, existing market metrics, and the market opportunity.
It involves gathering, analyzing, and distributing statistics that are useful to the market sectors. Market Intelligence does not only refer to data. It also includes analysis of data to come up with information that is useful in decision-making.
Market intelligence tools
An individual may easily carry out market research for a small company. However, as your business grows, challenges arise as far as devoting enough time to intelligence is concerned. Marketing intelligence tools avail data from multiple sources and offer business people a database for obtaining information.
Many online platforms exist to assist you in collecting, analyze and keep market intelligence. Reputable intelligence tools for companies looking for business intelligence systems include NetBase Quid.
NetBase Quid is a market intelligence platform offering detailed insights to connect with consumers, determine market trends, and know the market and competitors. NetBase Quid platform uses state-of-the-art artificial intelligence to process large amounts of indexed resources across all forms of data; this enables agency, brand, and consulting services clients to make fantastic data-driven decisions quickly, accurately, and efficiently. NetBase Quid is a partner of Coca-Cola, American Airlines, Walmart, United Airlines, Microsoft, The New York Times, and many other companies.
Components of market intelligence
The following components of market intelligence can assist you in competing favorably or outdoing your competitors:
- Competitor Analysis; The objective of a competitor analysis is to perform in-depth research on the competition your company may face. This research enables the company to know the strategies employed by its competitors to act accordingly. Competitor analysis involves collecting and using data on competitors to shape your future business strategies.
- Product Evaluation; A thorough analysis of your products and services, compared to similar products and services in the market, assists in deciding the weakness and strengths of your products or services. Moreover, product evaluation helps you find trends that may or may not work and carry out appropriate adjustments; This involves gathering feedback from customer conversations, demonstrations, review sites, polls, surveys, etc.
- Market Analysis; Analyzing your resources, assets, and media will help you know your present market focus. Carrying out a robust media analysis helps determine where you have invested resources and where your products have the highest demand. Once you know where orders are more, you can decide what products your customers are consuming most and direct more resources into those products.
- Knowing your customers; This involves identifying the customer needs that your product meets, your customer’s challenges in using your product, and the customer’s challenges that your product may address in the days to come. Conducting polls or surveys and inviting customers to participate in product appraisal are valuable tools for understanding customer needs better.
Benefits of market intelligence
Following are some of the benefits that market intelligence provides.
- Customer retention; Market intelligence enables you to know your customers well; Knowing when and why your customer is disappointed enhances customer retention. Market intelligence helps you evaluate to improve your services or products needed by customers.
- Overall view of the market; Market involves gathering intelligence market data quickly, enabling you to understand customer’s trends, behaviors, and other aspects: this allows you to compete well and meet customers’ demands.
- Enhances efficiency; By pointing out gaps, providing intuition to craft appropriate strategies, and availing a company with timely analyzed data, market intelligence enables businesses to improve their efficiency and profitability.
- Sales process improvement; if you are dealing with many varieties of products a variety of customers, you will likely encounter challenges in deciding which goods to target. Market intelligence assists you in knowing market segmentation, enabling you to overcome the challenge.