The global economy has profoundly changed the way companies operate, creating a need for constant innovation and an awareness of global conditions. Market intelligence is defined as “the process of gathering data about marketing opportunities, competitors, and customers.” With an understanding of the changing market environment, companies can develop strategies to better reach out to customers. Here is everything you need to know about market intelligence.
Best Market Intelligence Tools
The best tools for business intelligence include;
NetBase Quid
NetBaseQuid is a SaaS application that provides “insight from social data.” Using NetBase quid, companies can create a “social intelligence platform” with tools that give insights into public opinion about their products and services. The application allows users to conduct queries on topics, brands, and people.
Crunchbase Pro
Crunchbase is a business database that lets users access tech, investors, and founders’ data. Crunchbase Pro allows users to dig deep into the information that is stored in their database. The application provides “the fastest way to search and filter through the publicly available information.” Users can also download a CSV file of their tech sector data that they can use for their own analysis.
Benefits of Market Intelligence
Data collected through business intelligence can be used to achieve market research goals such as:
Market segmentation
A company can define a market by demographic, psychographics, based on a particular idea or organization, etc. For example, you can determine who your target customers tend to be (for example, women who are over 35), what types of men they have in their life (husbands and boyfriends), their personality traits (temperament), etc. Once a company has determined who the consumers are, it’s important for marketers to understand the nuances of each person and what motivates them to buy. For example, with the target customer identified in the first example, it might be discovered that when it comes to purchasing clothing, women that age like to dress dashingly and usually shop for clothing online. In this case, marketers can decide whether to meet the consumer where she shops for clothing (internet) or at her home (direct mail).
Marketing opportunities
Marketers can make more effective decisions by analyzing the market environment and conducting competitive intelligence analysis. Marketers should also analyze the competition’s products and pricing strategies to determine if they pose a threat. By understanding what types of consumers are more likely to buy products offered by competitors, marketers can be more effective at winning over consumers. For example, if a company’s customers are generally in a middle-income bracket, it makes sense for them to target consumers in the same bracket. By doing this, marketers can avoid spending advertising dollars on customers that are very unlikely to buy their product.
Price sensitivity
The data collected through market intelligence can be used to determine what consumers want and how much they will be willing to pay for it. For example, suppose you’re marketing fitness devices to the general public. In that case, data from your market research department might indicate that people who are interested in losing 20 pounds would value that information more than they would care about being told how well their product functions. By learning about your customers’ price sensitivity, you can invest more in marketing to find people willing to pay more for your product.
NetBaseQuid provides analysis specifically for Market Intelligence. It analyzes public opinion and conversations in real-time to derive meaningful, actionable insights. The platform provides access to a layered database of over 100 million global opinions and conversations. It is an interactive system that allows users to create, share, and explore visualizations based on business intelligence data from social media.
In conclusion, having a good understanding of the market and what consumers want is essential to a company’s success. business intelligence is essential to allow companies to stay on top of challenges and trends in the marketplace.
