Market Intelligence collects, analyzes, and disseminates all relevant information to a particular market, industry, or business domain. It is all about connecting data from various sources and presenting them in an easily readable format. It aims to provide companies with the information needed to make critical decisions related to their business.
Parts of Market Intelligence
- Competitor Intelligence
Competitor intelligence is the process of gathering information on your competitors. This gives you insights into how your competitors perform, what they’re doing well, and what they could be doing better. The more you know about your competitors’ strengths and weaknesses, the more informed you’ll be when making business decisions. You’ll know what features to emphasize in your product or service, which marketing techniques are effective, and how to position yourself against the competition.
- Product Intelligence
Product intelligence is the knowledge of products and product information gathered from internal and external sources and business process modeling. The subject matter involves identifying, analyzing, and assessing customer needs, competitor activities and trends, customer usage, product performance, and functionality. This provides an understanding of the marketplace and opportunities for a company’s products or services.
- Market Understanding
The Market Understanding part of the study helps you understand an overall picture of the market, company performance, and status in the current business landscape. It also highlights key growth opportunities and threats facing a company, helping you make better-informed decisions.
Market Intelligence Tools
Marketo is the premier cloud-based marketing automation platform that gives marketers and their teams a complete view of every prospect, customer, and lead within your organization. Marketers can now spend more time marketing and less time managing their marketing software.
2. Social Champ
Social Champ is an all-in-one social media automation and management tool with features such as Auto RSS, Workspace, Team collaboration, Social media calendar, Social Inbox, Analytics, Bulk Upload, Social media curator, media integrations, and more.
HubSpot makes it easy to manage your marketing and sales data with one powerful platform. Access real-time data to make better, faster decisions. Find new customers and engage with the best prospects more quickly.
Salesforce is a cloud computing platform that helps companies manage their sales and marketing activities. Salesforce provides companies with a wealth of CRM, marketing, project management, and analytics tools to help businesses track their sales, leads, and other company data.
Hootsuite offers a comprehensive set of social media management tools to help teams collaborate and publish across multiple networks. Companies have used it for customer engagement, research, monitoring and listening, crisis communications, and corporate communication.
Lytics is a data-driven marketing cloud that helps companies grow. From turning leads into customers to optimizing campaign performance, Lytics gives you the insights you need to increase engagement and sales.
- Holistic View of the Market
This report is designed to give you a holistic view of the market. It provides you with valuable insights into the design, development, and marketing of industry solutions within consumer industries for various applications such as mobile phones and tablets. It also offers an analysis of key technologies, solutions, and trends. Furthermore, it presents practical conclusions and recommendations for successful design based on experience from previous projects.
- Customer Retention
Customer retention, or customer loyalty, is a crucial goal. Customers who return to the same company site, products, and service time and time again are an invaluable asset to your organization. Each additional purchase adds more revenue and counts as more profitable than new customers – especially if that repeat customer pays full price rather than relying on discounts or promotional campaigns.
- Improve Sales Process
Market knowledge is the part of your business that keeps you connected to your customers. It allows you to conduct research, understand your competition, and target specific demographics to deliver personalized marketing and targeted messages to boost overall sales and profitability.
- Boost Process Efficiency
Market knowledge is key to remaining efficient in an increasingly competitive, global business environment. It enables you to reach a wider audience by better understanding their needs, anticipate new trends and technologies, identify threats and opportunities before they develop, and create new revenue streams across geographical markets.
Importance of Market Intelligence
A successful business relies upon its ability to grow, and if that means you need to step into new markets, market knowledge can help.
- To Understand Your Position in the Market
Understanding your business’s market position, product, and competition is essential. Without market intelligence, you cannot develop a strategy that will help you stay ahead of the curve in your industry. You must have a clear picture of where you stand and where your competitors are concerned about your business.
- To Evaluate Your Product
Market knowledge is a tool that you can use to evaluate your product in the market. The information will help you know how potential customers respond to your product, which features they want and don’t want, which price points are most attractive, and more.
- To Know Your Target Audience
Market knowledge is one of the essential elements of a successful business. With accurate and insightful information about your target audience, you can understand what motivates them to purchase from you.
- To Conduct Competitor Analysis
Competitor analysis is one of the most critical areas. It allows you to understand how your business relates to other companies in the sector, including which companies are your major competitors, who are your niche competitors, and how your position against those competitors is changing over time.
The main focus for NetBase Quid is the consumer market and significant corporations. With social media playing a vital role in consumerism, companies looking to entice consumers into their products would benefit from NetBase’s services. This will allow them to find new trends and information regarding consumer interests and opinions. This service is beneficial for data-driven decision-making, ultimately leading to competition in the marketing field.
The idea of a company keeping an eye on opinion and sentiment while creating compelling, relevant content is a beautiful way to help with marketing and branding. It’s even better than this can be done on the web, and companies can have someone else handle data gathering and the generation of reports. The bonus that any supporter can voice their opinion directly to the person or group researching is impressive.