Knowledge is power, especially when it comes to growing your business. Marketing intelligence is external data a company collects about a market the company wishes to enter. A marketing team that gains knowledge of critical market data is better equipped to make decisions about how the company should proceed in moving into the market.
What Are Some Examples of Market Intelligence?
Traditionally, market intelligence has included information about the state of a particular industry and the industry’s competitors. Today, market intelligence paints a much broader picture and includes a company’s existing market, paint points, customers, and growth potential for new products and services. Internal, company-specific data is also more specifically referred to as business intelligence.
Where Does Relevant Data Come From?
Market intelligence comes from a variety of sources. Industry publications, competitors’ websites and stores, magazines, trade journals, and business associations are all examples of sources from which a business can obtain market data. Regulatory agencies also provide very useful market data in their reports.
How Do Businesses Use Market Data?
Businesses use market data to answer important questions. Data derived from a variety of sources can help businesses set goals, create budgets, determine next moves, and identify opportunities to create new products and cross-market existing products. Data on potential customers can help the business determine which demographics should be the targets of their different marketing efforts. If a company employes a specialist, that individual may communicate with distributors, manufacturers, distributors, clients, and others who play a role in a company’s product distribution process.
Can Companies Obtain Their Own Market Data?
There are several ways companies can gather market data from their own sources. Feedback forms and surveys are simple tools that can deliver valuable customer insights. Businesses that sell products online can analyze their e-commerce sales data in great detail. E-commerce platforms make it possible to observe customer behavior from the time they arrive at the company’s website through each step until the customer adds products to the online shopping cart and checks out. Businesses should aim to collect both quantitative and qualitative data for best results.
What Happens Next?
After gathering market data, the next step is to translate it and create actionable steps and future strategies. Companies can then begin to use customer and market insights to shape create campaigns and make the most of customer engagement opportunities.
The Bottom Line
Globalization has made it even more critical for businesses to gain the intelligence they need to help propel their marketing plan forward. Intelligence data helps level the playing field for businesses that are new to an industry and do not have the years of experience in the marketplace their competitors might have. Not only is it important for businesses of all sizes to invest in marketing, but marketing intelligence adds fuel to a company’s marketing plan. Small businesses can assess their needs and gather their own data by implementing simple analytic tools. Tools like NetBaseQuid provide valuable social media analytics that can help companies better understand potential customer bases.