Market Intelligence (MI) is data derived from an organization’s existing or target market. Data helps brands determine their market opportunities, the segmentation, the market metrics, and how to penetrate the market. It allows businesses who want to learn more about the current market state. Brands gather competitor’s intelligence, which is a significant aspect to help them have a strategic plan that will make them more successful and profitable.
Tools and Methods of Market Intelligence
It’s a broad topic. It’s mainly gathered via various qualitative and quantitative methods listed below to help brands get essential intelligence in the market.
1. Data Collection
In data collection, there are several essential tools used to gather intelligence. An example is taking surveys, including online surveys, telephone surveys, in-person surveys, and mail surveys. Other methods used in data collection include questionnaires, polls, focus groups, filling forms, observations, and personal interviews.
2. Analysis
After collecting the data, they require you to analyze all the information you have collected. The information you collect will not be helpful until you analyze it and extract some meaningful intelligence. In the market, there is software one can use. Apart from data collection, the software is also used to analyze it and extract meaningful information. The information gathered helps you to transform your brand.
You will also understand the market trends, opinions, and what the competitors are doing to help you make informed decisions. Any company must keep monitoring and analyzing the market trends. They will also help you measure customer satisfaction to keep your brand competitive and relevant in the market. In return, you will experience increased market share due to increased customer acquisition and retention, leading to increased revenue.
3. Reporting and Presentation
After analyzing market intelligence, the next stage is reporting and presenting. Renowned agencies like NetBase Quid can help you with the entire process from data collection, analysis, and presentation. They use advanced tools like visual infographics to ensure you will understand your market efficiently. Misinterpreting data is hazardous for the company and may lead to them experiencing massive losses. NetBase will provide accurate interpretation to help the brand penetrate the market and flourish in the long run.
What Do Market Intelligence Tools Do?
It’s the foundation of marketing, making it the most vital aspect for organizational success. When the market tools are used effectively, they will help you achieve customer-centricity by understanding your existing and target customers’ opinions and the market demands. Listed below are a few things that market intelligence does.
1. Helps Understand Market Position
When using tools like surveys, you will get an in-depth understanding of where you stand in the market. You will learn more about what your competition is doing and what you can do to outperform them.
2. Helps Evaluate Products or Services
After the market surveys, you will get some actionable ideas on how your product is faring in the market. You will know your customers’ demands, what features you should remove, and which ones you should upgrade.
3. Know the Target Audience
It allows you to know and understand your audience’s needs fully, and this will help you strategize even better for future adverts and promotions.
4. Efficiently Perform Competitors’ Analysis
The most crucial thing is understanding what the competitors are doing. The information will help you transform your brand to match or even do better than the competitors.
How Businesses Can Get Started Using Them
Businesses can start using market intelligence tools to collect and analyze vital data in the market. They will gain critical information that will help them grow and become even more profitable.