Marketing intelligence is the information a company should have before entering a specific market or segment. It is necessary information that includes industry trends, competitor research, customer insights, needs, future plans, product or service positioning, segmentation, and target-specific marketing plans.
How Data For Relevant Marketing Works
The process of collecting market intelligence begins with a market research study, followed by extensive customer research, then competitive intelligence research, customer segmentation, and customer behavior research, to name a few.
Why Is Marketing Intelligence Important?
It’s important because it’s the first and only data we have on the competitor. In addition, if a marketer collects data on a competitor, it is the information to assist them in knowing the current state of the market and what customers are doing.
Additionally, by leveraging market intelligence, the organization would be able to better inform future buying decisions. While there is a place for data planning and optimization, a recent McKinsey & Company survey indicates that less than 10 percent of all marketing leaders assess what impact marketing activities are having on their bottom line. Market research says that traditional businesses use consumer insight to design their marketing mix.
How Can You Use Marketing Intelligence?
When deciding which data you should use to assist in making your marketing decisions, keep in mind that MI can be valuable not only when undertaking a marketing program. It can also be utilized at any point during the lifecycle of the marketing program. To utilize data for relevant marketing you must:
- Look for innovative ways to collect, analyze, and interpret the information.
- Recognize that this information may be constantly changing.
- Keep in mind that the data gathered by MI is the information you need to support your marketing decisions.
Why Should You Use MI?
There are several reasons why marketers should invest in data for relevant marketing solutions. The first is to develop a greater understanding of their customers.
The Importance of Monitoring Social Media
Monitoring social media can help companies get a better grasp of what their customers think, but that also brings the converse: bad news. A negative impression of a company will generally have a bigger impact on its sales than positive one. The greater the feedback you get about your products, services, services, reputation, etc., the greater the potential upside for your organization.
Social media monitoring can lead to selling success by keeping customers up to date with the status of your business. In addition, customers can provide feedback, which they would not do by directly interacting with you. For example, if a customer is dissatisfied with a purchase, or is dissatisfied with an upcoming service appointment, they can go directly to your customer support team.
Marketing Intelligence
The term was coined in the late 1990s and largely stemmed from the rapid introduction of marketing automation and CRM systems. An underappreciated part of marketing, the process is critical to the success of any organization, not just in terms of business success but also in the personal satisfaction and growth of the team members.
- Customer profiling: analyzes trends and patterns in customer behavior
- Valuation: evaluate effectiveness of marketing investments
- Market research: determine demand for products and services
- Consumer data mining: identify strategic competitors and potential customers
How NetBase Quid works?
As soon as a company forms a database or social media accounts, it’s probably generating and collecting its data for relevant marketing. With the NetBase Quid MI platform, marketers can review the data they are generating and track how it is performing. NetBase Quid enables marketers to get answers to these questions:
- How is the information I am generating performing?
- Which of my activities are performing best?
- How are my competitors or market competitors doing?
- Are there customers who are responding better than average?
- What is the internal situation of my company?
- Who are my best customers?
By tracking key metrics, NetBase Quid allows marketers to easily build a stronger picture of how their MI is performing.
NetBase Quid’s Benefits
The obvious benefit of NetBase Quid is its professional MI analysis. Every business or market analysis needs to know, within minutes, the market’s strengths and weaknesses, so that when making strategic business decisions it will be possible to do so with minimum error. This analysis comes with a great deal of reliability, and will never bias the results because it is based on the detailed quantitative analysis of the statistics gathered from the market itself. It provides an objective and measurable outlook, which allows the reader to make accurate predictions about a market and the direction in which it is trending. Another way in which NetBase Quid can be a huge help is its comparison feature.
wrapping up
Knowing that the industry has quickly grown up, NetBase has launched the “NetBase Quid,” a new form of economic research tool for developers. It is used to assess the competition of a company, its market positioning, and its ability to act in relation to that market’s current and future trends.
NetBase is creating a marketing information system that enables the data-driven enterprise to quickly and easily provide the necessary insights to make the right decisions. The software contains a business analyst-friendly drag-and-drop interface, visual data visualizations, and a convenient, machine-learning-powered search engine.