why you should consider investing in market intelligence
A good market intelligence strategy gives your business a bird’s-eye view of the market on an ongoing basis. And when you have a bird’s-eye view of the market, your business can remain agile in volatile markets, quickly pivoting when needed.
Competitor intelligence is a type of market intelligence that helps you see how your business measures up against your competition. When you integrate competitor intelligence with your other market intelligence, you can keep an eye on your competitor, improve your offerings and positioning, and penetrate and capture more of your target market.
With market intelligence at your fingertips, your insights and marketing teams can monitor, anticipate, and act on market opportunities before, or at least in time with, upcoming market shifts and impacts.
If your organization wants to increase customer satisfaction, improve customer retention, and meet market demands, market intelligence is your main ingredient. With a solid, contextualized understanding of your target audience and customer, your business teams can use their deep understanding to make customer-centric decisions.
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What is market intelligence ?
The digital era is continuously evolving with the power of data-driven, business intelligence applications, and resources such as social media platforms, search engines, etc.
Market intelligence can be wide ranging; it includes all the data your organization collects about the markets you operate in (or you want to operate in). The data can cover customer demographics, trends, regulations, competitors, or geographic areas, etc. And from that data, your organization derives meaningful insights to help you determine and refine market segments, market penetration, and market opportunities.
Because market intelligence covers competitive intelligence, product intelligence, and industry intelligence, it grants a holistic view of the market. In turn, enabling you to see the bigger picture, connect the dots, uncover insights, and make better data-driven business decisions.
common mistakes brands make when assimilating market insights
when you decide to develop your integrated marketing strategy , here are few challenges we help you overcome when defining your target markets.
Not Knowing What You’re Looking For. The key to successful market research is to know the questions you need answers to before you look for the data.
Poor Choice of Reference Materials - It’s important to know your information is coming from a reputable source. Google has the answers to everything, but do you know what the stats you have found are based on?
Researching the Wrong Group - Data is only useful when it is relevant, so the first thing to establish from your research is your target demographic.
Relying on One Set of Data - Good market research has both primary and secondary data, from multiple sources, to provide a true unbiased opinion.
Your Family and Friends Can’t Be Your Focus Group - Speaking of primary research, your survey group can’t be purely made up of your friends, family and acquaintances.
Understanding Your Own Bias - By understanding what your bias is, even if it’s simply that you want your business to work no matter what, and then you can be wary of it when analyzing the data you’ve gathered, and take an extra step to find an alternate way to make sense of it.
Best Practices to keep in mind when understanding your business opportunity
Know Your Competitors Conduct a SWOT analysis to determine your strengths, weaknesses and identify opportunities.
Product Intelligence Collecting product intelligence is an effective way to understand which features of the product appeal to customers the most.
Understand Your Customer Customer acquisition and retention of a particular product largely depend on the consumer experience it delivers.
Have a Grasp on the Market The fourth pillar of marketing intelligence is understanding the market. Market trends change with economic fluctuations, technological advancements and so on.
Choose Competitors to Benchmark Companies that manufacture products or services similar to yours are not your only competitors.
Choose the Right Metrics Define your marketing strategy and its goals. The objectives you outline should be brand and performance-centric.
identify the right sources through which the organization can gather audience and competitor intelligence data.
Generating Insights The exercise of gathering marketing intelligence should always be directed at generating meaningful insights. This information is the cornerstone of decision making.
top reasons why market insights are so important for your business
Marketing intelligence to a business is, what a lighthouse to a ship is – a guiding light. Marketing intelligence is what guides a company towards the most accurate course of action. As such, decisions made based on valuable information are less likely to fail.
Marketing intelligence includes identifying your audience and their behaviour. A comprehensive understanding of your customers will lead to accurate product pitches to the right customer segment.
With marketing intelligence, you have an idea of where your products fit, what problem of customers’ are you trying to solve, whether there are similar products out there and any new potential customer segments that can be tapped into.
By easing marketers’ understanding of consumer interactions with the company through analytical data points, digital marketing intelligence gives brands the chance to generate leads by learning more about their consumers and market share.
Markets today are evolving faster than ever. Even the slightest shift in customer perception or trends can make the market swing one way or the other.
Acquiring marketing intelligence means coming into possession of data that can provide key insights into the behavioural patterns of the business environment.
why we are the best people to do this for you ?
We understand that you’re looking for partners, not vendors. That’s why we focus our energies on adding value to your digital marketing strategy. By treating every piece of work as a new challenge, we break it down to produce something that is innovative, strategically sound, and fun.
if you’re looking to measure the effectiveness of your digital marketing effort, there aremany tools out there to help you – but the main thing is that the right metrics and KPIs need to be selected in the first place, we help you set them and build flawless digital experiences for your customers.
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