Market intelligence

Market intelligence can be referred to as the process of gathering relevant information regarding a corporation and its marketing maneuvers. It involves analyzing the data collected to help the corporation make marketing decisions that are accurate and efficiently guided. Companies commonly use business intelligence to help them attain specific marketing objectives, including their relationship with the competitors, how their products are faring in the market, and the consumer preferences or trends.

However, this term has been confused or misunderstood with other business terms like market research and business intelligence. This is because they almost serve the same purpose, which is guiding businesses in making informed decisions. Market research is a process that involves analyzing the organization’s efforts in gaining clarity in their marketing campaigns. It does not include any data from external factors. Business intelligence is a process that entails the collection of data from all business functions that is later analyzed to help the organization optimized its efficiency in the departmental procedures. Similar to market research, it does not include data from external factors.

NetBase Quid Involvement in Market Intelligence

NetBase Quid is an organization that deals with market and consumer intelligence practices. The firm helps businesses make informed decisions regarding their existing or new needs by providing them with an accurate and real analysis that aims at helping them grow. NetBase Quid uses progressive natural language processing tech to understand and analyze the complicated language and help businesses make accurate decisions. NetBase Quid helps sales representatives, public relations, customer service, market research, and marketing leaders lay better strategies in their organizations.

The Purpose of Market Intelligence

As mentioned earlier, market intel aims to provide companies with several solutions to help them navigate their business challenges. When it’s done correctly, it helps companies address the following critical sectors in the market.

The Competitive Edge

It entails the collection of data from business competitors to help businesses get insights on what the competitor is doing that they are not doing. It enables them to develop effective business policies. This form of market intelligence helps firms understand the section of customers that align themselves with their competitors and why they do so. After understanding all these, the business can now make better market decisions.

Product Intelligence

This is a type of market intelligence that comprises analyzing the product trends in the market. This includes how the product is fairing in the market. Usually, product intelligence is done by talking to customers through surveys, polls, or interviews. This helps businesses understand the differentiation surrounding their products and those from their competitors. After conducting this analysis, firms can now work towards producing high-quality and affordable products for their customers.

Consumer Intelligence

Most corporations concentrate on the creation of more sales channels but retaining your clients is also essential. Research that a company will incur a higher cost when trying to lure new customers than maintaining the current customers. Consumer intelligence helps firms realize targeting prospective customers effectively and retain their existing customers at a low cost. Businesses have to understand the following:

Who are your clients?

What makes them purchase from your business?

Are they contented completely?

What areas can you expand?

What problems are affecting your consumers, and how will you address them?

Which market should be targeted next?

Which market sectors to push new and existing company products?

Understanding the Market

This level of market intelligence involves analyzing data collected from the market. The data is about specific sectors of the market where consumers are populated or an area with consumer prospects. By conducting this analysis, businesses will now make better decisions on how to enter those markets.