The success of any business is based on its brand marketing skills. As a business owner, you must understand the customers’ opinions and market demands to maintain a competitive advantage and hold high market shares. Thus, you have to employ market intelligence in your business marketing operations.
Market-intelligence is helpful in understanding your market position, product evaluation, understanding your target audience, and conducting a competitor analysis. Besides, this tool helps you to become more customer-centric, thus boosting your upselling opportunities.
In this article, we will focus on the various tools used in market-intelligence. In addition, the article will explain the tools’ benefits and usefulness in the success of any business. Besides, the article will partially touch on NetBase Quid and how it strives to improve various businesses.
The term refers to the data derived by a business from its existing or potential market. This assists the business in determining the market segmentation, penetration, opportunity, and existing metrics. The tool is crucial in understanding the market status while collecting the competitor’s intelligence.
Recently, gathering market research is incorporating analytics and analysis to assist businesses in improving their projections and models. NetBase Quid will undoubtedly assist you with these analytics.
What is NetBase Quid?
NetBase Quid is a market-intelligence platform that provides real-time analytics to aid the growth of the business. The platform’s services include:
- Business analytics; NetBase Quid assists businesses to evaluate their performances by generating data using high-quality analytics and competitive intelligence, which is essential in decision making and problem-solving
- Artificial Intelligence; The platform uses Artificial Intelligence to rescue businesses from repetitive tasks by improving natural language processing, automation, and data analytics
- Targeted advertising; NetBase Quid gathers valuable customer preferences and insights to direct business ads to the relevant audience
Market intelligence is subdivided into three parts. They include:
- Competitor intelligence
- Product intelligence
- Market understanding
Competitor intelligence is also known as corporate intelligence. It may be divided into tactical and strategic. A competitive tactical intelligence focuses on short-term issues, while strategic intelligence focuses on long-term ones.
However, both involve gathering, analyzing, and using information from customers, competitors, and other market factors that add to a business’s competitive advantage. This intelligence assists businesses to understand their particular markets competitive environments, opportunities, and challenges presented.
Competitive intelligence is primarily aimed to help businesses make better decisions and enhance organizational performances. Thus, the businesses are not caught off guard by the opposing forces.
Product intelligence involves collecting and analyzing data on how a particular product interacts with the customers. This creates a feedback loop that assists a business make significant innovations. The intelligence collates the marketing, shipping, and other factors to evaluate the popularity and performance of both your products and those of your competitors.
Product intelligence benefits the product managers as they can distinguish between productive and ineffective features. In addition, the marketers may use it to design compelling ads and develop new campaigns. Lastly, the customers can enjoy the products more.
It involves understanding your business’ market share, market trends, market size, and your target market. By knowing the customers’ needs and market demand, you will undoubtedly increase the market share and revenue of the business.
Benefits of Market Intelligence
The following are the significant benefits of conducting market research.
- Efficiency in operations; the process helps to identify gaps, provide factual information, and devise strategies for mitigating the potential risks.
- Gaining a competitive edge; the process helps the agile businesses to quickly respond to the market changes, thus being a step ahead of the competitors.
- Increasing customer satisfaction; it assists businesses to have a better understanding of both the customers and the market. This way, the customers are satisfied more.
Market intelligence is vital for the success of any business. This article provides you with the various ways of doing it plus its significant benefits. In addition, you will learn about NetBase Quid, a company you may employ to research the market for your business.