Market intelligence is the information gathered by a business from the market it operates in. The information collected is relevant to organizations’ marketing efforts. The primary reason for gathering marketing intelligence is to help enterprises establish existing market metrics, market segmentation, and opportunities. Once collected, the business analyzes the data. The analysis gives businesses insight into the market that enables them to accurately and efficiently make decisions concerning campaigns.
Information from the market is collected using tools or software. The intelligence tools collect and aggregate publicly available information from the market. The tools also provide a database for the businesses to view, download and perform an analysis.
Types of intelligence collected by market-intelligence tools
Customer or consumer experience intelligence
It involves gathering information about your customer’s purchase behavior and how they interact with your brand. Consumer experience data enable a business to understand why a particular person buys from them. At the same time, it helps a company understand why some targeted customers do not prefer their brand. The business will, therefore, improve the identified factors to enhance customer satisfaction and improve customer retention.
Competitor intelligence involves collecting information about your competitors’ brands, products, and customer interactions using ethical methods. The data is later analyzed to understand the weaknesses and strengths of your competitor. This understanding is valuable to a business when improving their product to attract more customers. In addition, a company can take advantage of market gaps before their competitor. Competitor intelligence is crucial in gaining a competitive advantage and attaining superiority in the industry.
Product intelligence involves collecting information about the quality of your product or service. Tools monitor the conversation about your product and similar products. The analysis of product information includes its production and supply processes. Understanding such information enables a business to enhance quality, quality and set the correct prices.
Market-intelligence tools collect information concerning the market size and the business’s share in the market. It also gathers data about current trends prevailing in the market. Various factors are affecting the demand for a product in the market. Understanding the market size, share, and trends will enable a business to efficiently meet its customers’ needs. In addition, a company will expand its market share by pushing well-performing products in the market.
Search intelligence involves collecting data from search engines to understand customers. People with purchase intent search about products they need on the internet. The analysis of search intelligence helps a business determine what is happening in the market through the users’ eyes. Therefore, enterprises deliver to customers based on what they think, what they want, and how they want it.
How to get started on marketing intelligence
There is no specific procedure on how to collect data. Primarily, you only need to determine the tools you require to attain your marketing intelligence goals. Some of the tools include Semrush, InsideView, ZoomInfo, and Lead411. Once you have selected your tools, you can use the following strategies to collect data.
It involves the collection and analysis of data of your customers’ journey on your website.
A survey can be collected online or physically through mail, polls, and questionnaires.
Customers are the most significant source of information. The business can set up a program to get the customers’ feedback and use the data for market intelligence processes.
Hiring a specialist
NetBaseQuid is a consumer and market-intelligence platform. Our platform uses artificial intelligence to gain insights into the market and competitors. It can help your business in market-intelligence analysis, and you will make more informed decisions for your campaigns. Do not overlook intelligence for the success of your business.