Market intelligence (MI) is the external data useful to a company’s marketing efforts. When starting any business, the main objective is to stay ahead of the market. It’s only possible when you understand the competitors, the state of the industry, and the consumers. With this information, you can quickly evaluate your tactics and optimize future advertisements based on your insight and from across the entire industry.
Are you looking forward to having an advantage over your competitors? If so, you can’t afford to let marketing fall through the cracks as it is the guiding light for your team during the decision-making process. When you have relevant data about customers, industry behaviors, and trends, you will know what is working for and what is not. This will help your business learn more about the target audience, and you can have an advantage over competitors.
Another benefit is you can be in the best position to improve the quality of products and services. You would not want to offer your customers products and services that are not of the best quality, and if there is anything wrong with your products and services, you would want to know. With the collected data, you will understand why and how you can improvise the products and services.
Do you know it will be easier to launch new products and services with relevant data? That’s right; you will get to know the products and services in high demand but not available in the market. By introducing new products and services which are lacking in the market, chances are high you will get a large number of customers which will lead to more profits which is what we are all after.
If you are trying to get relevant external data, you need to know the different methodologies you can use, such as focus groups, polls, field trials, questionnaires, forms, and many more. With focus groups, few people are selected to create a sample size of their target market. The moderator gets to ask the participants predetermined questions to encourage them to participate further among the group.
Field trials offer an opportunity for businesses to test several variables around their product by allowing marketers to experiment with new initiatives while reducing waste in advertising. Field trials are mainly on a smaller scale, but they can roll out to a larger audience depending on how the initiatives perform.
If you want to learn more about your target audience’s specific information, you can opt to use forms. Researchers are the ones that primarily use the methodology of a form as they aim to get more insight into customer’s opinions versus objective data.
How to Improve Marketing Intelligence
You deserve the best, and to ensure MI is successfully derived from data across the marketing landscape, it is best to use a platform such as NetBase Quid. The NetBase Quid is known globally as the leader in consumer and market intelligence. It offers continuous intelligence for companies and businesses to stay ahead of consumer needs and many more.
You can be sure only to get the best from such a platform. They use advanced artificial intelligence to process billions of indexed resources across all kinds of unstructured and structured data. It empowers their agency, brand, and consulting services clients to make intelligent decisions accurately and efficiently.
Undoubtedly, MI has several advantages in the business world. Your business can have continuous growth when you understand your customers, improve the quality of your products and services, and many more, which is possible by implying market intelligence.