Marketing intelligence can mean a lot of things and with so many platforms, data, and technologies available these days, the term is thrown around fairly loosely. We’ve put together a thorough guide to help marketers better understand marketing intelligence as a whole in order to help them boil down what it truly means and why it’s vital.
What is market intelligence?
Market intelligence is the procedure of gathering, arranging, and analyzing data to assist you in making well-informed business decisions. This technique can be used to obtain data from a variety of sources, including market research, client feedback, and competitor analysis, to mention a few.
Additionally, by using this technique, you can identify your target market, comprehend the needs and desires of your clients, and learn what your rivals are up to. You can outline your marketing tactics and determine your business metrics in this way.
Why is market intelligence important?
There are many reasons why market intelligence is essential for businesses, but here are some of the most important ones:
You have the opportunity to keep track of your competition.
With market intelligence tools, you can keep tabs on your competitors’ actions to stay ahead of the curve. This overview of the current market landscape and how it is changing can provide insights into necessary changes to your own business plan to stay competitive.
You get to make more informed decisions.
You can use market intelligence to get the information you need to run your firm wisely. This is because it provides you with an overview of current market trends and how they may affect your company. Additionally, it enables you to learn more about your clients and how to better deliver your goods and services.
Market intelligence aids in keeping you in front.
You have the chance to stay one step ahead of your rivals by keeping up with the most recent market trends if you have market intelligence. Using this knowledge, you can also look for fresh chances to profit from.
For instance, your company’s content distribution can use a more effective technique to reach a larger audience and spread your message.
It aids in time, money, and resource savings.
You may save a ton of time, money, and resources by using market intelligence. This is because you won’t have to make educated guesses about what your clients desire and can instead concentrate on developing winning techniques.
Additionally, you’ll be able to stay away from costly errors that could harm the reputation of your company.
It is cost-effective.
It is frequently less expensive to use market intelligence products than to carry out your market research. This is because you can obtain the required knowledge without hiring pricey market research companies.
Market intelligence benefits
Market intelligence not only assists businesses in differentiating their brand from that of their rivals but also helps by offering important information to remain competitive and succeed. Here are a few advantages that market information offers.
- A holistic picture of the market – A company can quickly find success if it fully comprehends the industry. Market intelligence is the process of gathering data from the market in real-time and better understanding consumers, trends, habits, etc., allowing a business to remain competitive and satisfy market expectations.
- Customer retention – The competition is constantly watching and attacking customers, regardless of how long they have been with a company. Gaining an understanding of customer dissatisfaction and its causes can help businesses retain clients. Market intelligence may assist you in analyzing and providing insights into the areas where customers need improvements, helping you to keep them and comprehend customer lifetime value.
- Streamline the sales process – Companies with a wide range of products and a sizable client base frequently struggle with the question of which product to market to which demographics. Market segmentation is made possible with the aid of market information, which also enables businesses to identify which products will appeal to which demographic.
- Increase process efficiency – Market intelligence provides organizations with real-time data and analytics, helps them detect gaps, and delivers actionable insights for developing key strategies, all of which help firms increase overall efficiency and productivity.
- Provides a competitive edge – The phrase “first mover advantage” or “launching a product at the ideal time” is frequently used in commercial contexts. Only by leveraging market information are these feasible. A company can penetrate the market or take market share by launching a product or new feature at the right time, giving them a competitive advantage, with the aid of market intelligence, which gives you a complete picture of the market and helps you keep an eye on the competition and emerging trends.
Types of Marketing Intelligence
Marketers can obtain actionable marketing intelligence using a variety of approaches. We’ll look at some of the popular techniques teams can use to better understand the market they’re trying to sell to:
In focus groups, participants are hand-selected to represent a representative sample of the target market. To stimulate more debate within the group, a moderator poses a series of predefined questions to the participants. To plan more intelligent, nuanced future efforts, marketers can use this information to get insight into the more nuanced viewpoints of their audience.
In contrast to questionnaires and surveys, polls often concentrate on a particular question.
Polls have a higher response rate than other approaches since they may be completed more quickly and simply than open-ended questions.
By enabling marketing teams to test out novel strategies while reducing advertising waste, field trials give firms the chance to evaluate various aspects of their product or branding.
For instance, new items might be trialed in a few stores, or a fresh message might be used in a certain area. These programs might be introduced to a bigger audience based on how well they do on a smaller scale.
Another tool that marketers can use to reach a sizable audience is a questionnaire. It can be done both online and offline and can assist marketers in obtaining both qualitative and quantitative data about their customers.
Forms are a tool that marketers can use to discover more details about their target audience and frequently connected demographics. The purpose of these, which are typically carried out by researchers, is to learn more from factual data rather than from a customer’s opinion or general comments.
Mail surveys are a cost-effective way to reach a large audience. While there has been a shift in recent years toward technology resources, this method can still be fruitful for organizations conducting outreach in locations where access to technology may be more scarce.
How to Gather and Improve Marketing Intelligence
There are several steps organizations can take to ensure that they are gathering the correct intelligence data, drawing informed conclusions, and fully utilizing the insights generated to ensure that marketing intelligence can be successfully derived from data across the marketing landscape:
1. Enlist the Sales Team
Sales teams are in a unique position to support marketing intelligence efforts for both B2B and B2C audiences.
Sales teams frequently have an inside view of industry trends, competition strengths and weaknesses, and what customers are looking for in a solution since they interact directly with customers and prospects.
2. Set Up a Customer Advisory Board
Setting up an advisory board for direct interaction with consumers can support marketing intelligence initiatives given the significance of consumer direct communication.
Organizations will be able to comprehend the demands, issues, and interests of prospects by doing this, which enables them to develop a message that has a greater impact.
3. Focus on Quality Data
Organizations can access a variety of online and offline data throughout the marketing mix through agreements with external partners or third-party services that use such partnerships.
Consider a few of the following reliable data sources:
- Subscriber lists with location information
- Radio broadcast range and zip code information;
- Subscriptions to television and cable boxes that provide ad reach and air time;
- Attribution data that show engagements across third-party touchpoints and channels.
- Brand authority measures are made using studies and data from outside sources.
4. Utilize an Appropriate Marketing Analytics Platform
Make use of an appropriate platform for marketing analytics. You may gain additional insight into what is resonating with your customers by using a marketing analytics solution that goes beyond media mix modeling and marketing attribution.
Do people react to social media ads or TV ads better? Does your audience respond to any creativity?
Marketers want to look for a versatile marketing performance tool that can draw these connections and adjust to market shifts. By doing this, teams can be certain that their future media planning decisions are well-informed.
5. Collect Customer Feedback
Reaching out to current customers allows for a clearer understanding of perception around campaign efforts, customer experience, brand authority, product satisfaction, etc. With this information, marketing strategies can be better focused on areas of strength. Consider leveraging tools like polls, surveys, and feedback prompt for insights into customer perception and brand equity.
What Does Marketing Intelligence Include?
Organizations have several chances to successfully traverse the intricacies of the marketing landscape that are particular to their firm thanks to marketing intelligence.
Four factors, when properly applied, aid marketers in creating successful strategic decisions:
1. An edge over rivals
This type of marketing intelligence entails gathering information from rivals to glean insights that may be applied to more skillfully create corporate plans.
Brands may more effectively focus marketing efforts to direct products and content toward the ideal consumers by understanding which people pick competitors and why.
2. Product Intelligence
Product intelligence is conducting a thorough analysis of the brand’s products and how they compete on the market. Organizations can gain a better understanding of the unique selling points and competitive advantages of their products by communicating with consumers, surveying target audiences, or otherwise including them in the process. Teams may then better match items to the particular consumer needs and interests that promote conversions.
3. Marketing Understanding
This type of marketing intelligence draws its information from an examination of the markets where customers or prospects are found. Does the market read any publications, books, or trade journals? Or rather the groups they belong to? You may find the ideal media mix, touchpoints, and media channels to use and where your items can fit into those elements by understanding the locations where your target audiences are most engaged.
4. Consumer Understanding
Even while new sales are the focus of the majority of businesses, maintaining customer loyalty is just as crucial. Depending on the industry, acquiring a new customer costs brands on average five times more than keeping an existing one.
In light of this, knowing your target market well will help you find new consumers efficiently while spending less on marketing and increasing client retention.
Market intelligence is crucial for any type of organization. You may start using market intelligence technologies in your company right now with the help of this thorough tutorial.
With the volume of data produced and organized for your requirements, you can accurately depict what is happening in the competitive landscape and how you may elevate your company to the top.
Therefore, whether you are just beginning to use market intelligence or have been doing so for some time, keep these suggestions in mind. If you correctly employ market intelligence technologies, your future success is assured.