Market intelligence is an essential aspect of a small or middle-sized business. Arguably, it is the information collected by a company from the market that it serves or intends to penetrate. This data is collected to help you make intelligent decisions before making significant investments.
Primarily, the information helps to increase sales, grow your business and prevent losses strategically. The data collected is external and thus, includes information about customer purchase behavior, demographic data, competitor intelligence, and government policies. Market-intelligence software is used in gathering the data.
Market Intelligence Tools
Marketing intelligence tools (software) helps in collecting information from the markets about consumers and competitors. The tools enable you to access publically available information and offer a platform to view and download for analysis. They pull the data from SEO tools, contact center tools, business intelligence, and web analytics. Such tools include InsideView, Semrush, and ZoomInfo. Ideally, tools combine two components; advanced analytics and end-user QRA (query, reporting, and analysis).
QRA Software
These are applications used by business owners to access data and build a report. QRA tools fast and reliable in gathering data. It is more manageable to collect data from online sources with the help of these tools. Thus, you can model business problems and analyze information gathered from the market.
Advanced analytics Software
Advanced analytics tools are used to collect complex data in nature that QRA tools cannot obtain. With advanced analytic tools, you can access past, current data and predict future patterns. Once structured or unstructured data is collected, advanced analytical tools usually process it through numerous functions such as regression, correlation, and forecasting analysis. Also, image analytics, text mining, cluster analysis, and pattern matching are other numerous functions performed by advanced analytic tools.
They are vital for your business because they will help you recognize trends and patterns in the market. Such subtle trends allow you to anticipate and shape events and, in the process, enhance results. Therefore, you will easily attain growth and control costs. In addition, you will eliminate risks or plan in advance on how to manage them to avoid putting your business through loss.
Various application tools are available in the market, and your choice will depend on the data complexity. Tools incorporating end-user QRA and advanced analytic arguably offer accurate, reliable, and updated data.
Marketing intelligence focus
Marketing intelligence tools primarily avail information in four areas: competitor intelligence, product intelligence, customer understanding, and market understanding.
Competitor intelligence- it is collecting competitors’ information using ethical methods. It involves analyzing the weaknesses and strengths of your competitor and strategically using the information to gain a competitive edge.
Product intelligence is gathering data about the quality of your product and its performance compared to similar products available in the market.
Customer understanding- this is collecting data to understand customers’ preferences and purchase experiences. Thus, your business will focus on satisfying the customer and raise the demand.
Market understanding- is the collection of data relating to the position of your brand in the market, trends, and the size of your audience.
Therefore, market intelligence adds value to a business by offering accurate predictions that help you make intelligent decisions about your business. You will understand your position in the market, understand your target audience and elevate your product. Thus, make more sales, gain a competitive advantage and retain significant customers.
However, selecting suitable software for data collection might be overwhelming or time-consuming. Besides type, you also need to consider price, usability, and features. Luckily, NetBase Quid is dedicated to helping your business realize its goals by successfully fueling market and consumer intelligence for your organization.
Thus, if you are not sure about doing it alone, you can contact us for help and ensure your business does not suffer setbacks.