Market intelligence means collecting and evaluating data about your specific market to gain insight into satisfying your customers better and grow your business. To successfully operate a business, you have to study competitors in your industry and analyze the market. Today, market intelligence includes analytics and market analysis that improve a company’s business model and future goals. To better understand the market, you must use numerous information sources to keep track of the existing market, customer challenges, competition, customer satisfaction, and potential introduction of new services and products. These information sources may include surveys, sales logs, and social media platforms.
If you own a small business, you can use simple techniques to collect data. These include visiting your competitor’s social media pages, checking customer feedback and comments about your products, and being updated about recent developments in the market from business journals and magazines.
The Goal of Market Intelligence
An effective market research campaign will answer critical questions about existing and potential clients, as well as your competitors while highlighting your business goals and mapping areas you should focus your resources. These questions include:
- Where should the company dedicate its time and resources?
- Which customer group should we sell our new products to?
- Which is the next market segment the company should penetrate?
- Which products and services are our customer’s favorite?
- What new products can we market to our current customer base?
There is no specific formula for businesses to gather market intelligence. However, most do it by executing multiple sophisticated market analysis but forget to use customer feedback as a source of information. Having a client feedback platform is a low-cost and effective method for gathering customer intelligence. Using insights from the delivery and sales teams, doing online research, using government entities and industry links are also other proven sources of information businesses can use.
Using your company’s website, you can collect valuable information by looking at the customer’s purchasing journey. Analyze the customers’ actions on the website, where they come from, and how they land on your site? How many customers put items in the basket? How many of them check out these items? Look for the customer’s patterns, and examine other notices, taglines, offers, and content to improve their experience.
Market Intelligence Tools
There is a lot of information and raw data collected and analyzed during a market research campaign. Keeping up with all this data can be challenging and laborious. Using an intelligence tool to do this is the best option for many organizations. A useful market intelligence tool should collect, analyze, and store information. A popular market analytics software for companies today is the NetbaseQuid. This Artificial Intelligence-based platform helps both small and big companies connect with their customers, understand the market, and divulge industry trends through conveying industry background insights.
NetbaseQuid uses AI to process multiple data resources by sorting through raw and unstructured data to empower businesses to make information-driven and smart decisions fast, efficiently, and accurately. The company has worked with numerous brands such as Coca-Cola, Microsoft, The New York Times, United Airlines, and Hyundai, helping them grow into today’s market leaders.
While your in-house team can handle some aspects of your company’s market research, you will face future challenges as your company grows. One of the significant challenges faced by most teams is having enough time to collect and analyze raw data. As the data increases, you may be forced to use technology and intelligence platforms such as NetbaseQuid to handle and operate the data. Using analytics tools to understand your market and keep up with emerging trends will ensure continued business success and improve customer satisfaction.