Although market intelligence is only one weapon in your marketing metrics arsenal, it’s one that you will want to keep up to date as well as in good working order. Besides, it enables brands to stay on top and even ahead of rapidly changing market conditions. Firms must be ready to capture and act on brand opportunities or potential crises as soon as they happen because catastrophes do not announce themselves.
Definition
Market intelligence is data gathered by a firm from its field of service or plan to begin offering services to learn the market trends, the available opportunities, depth of operation, and the gaps in the same market. The data is necessary for assessing the market trends and gathering competition intelligence, both of which contribute to profitability.
Advantages
The information enables businesses to separate themselves from their competition while also allowing them to stay in the game and enhance their performance. Some profits market data include:
It offers a competitive edge: In the business world, “first-mover advantage” entails releasing a product in real-time. These are only possible with the assistance of market data. Market intelligence gives a company a comprehensive state of the market. Therefore, it enables it to penetrate or acquire market share by introducing a product or new feature at the right time, giving them an advantage against competitors.
Improve the sales process: The data helps with market segmentation, allowing a company to determine which products would be successful with which demographic.
Customer retention: A competitor always watches and targets clients regardless how long they’ve been with a company. Understanding when a client is unsatisfied and what to do about it might help you prevent losing money in your company. The insights could enable you to examine and acquire data in the areas your clients need to develop, allowing you retain them and learn their lifetime value.
Commonly Used Tools
The primary purpose of marketing intelligence software for businesses is to better understand the overall market landscape and fit within it. Understanding what your competitors are doing differently, how search behavior has changed or is evolving, and discovering development opportunities are just some things you may accomplish.
Below are some examples of the kind of data that these tools collect:
- Intelligence gathered from competitors
- Market trends information
- Customer experience intelligence
- Contact and account intelligence
- Intelligence collection
- Product feedback and intelligence
The following are some of the market intelligence tools:
- Senmrush is an SEO tool developed by the Pennsylvania-based Semrush Company. The tools are competitive intelligence-based and include SEO goods.
- NetBase Quid is a customer and business intelligence platform that uses contextual data to highlight market trends, communicate with customers, and acquire a better understanding of rivals and the market. Using vital AI, the platform processes billions of indexed pages.
- Lead411 is a sales intelligence system that uses a simple user interface to provide news-driven sales leads, IT insight, and an infinite number of company contacts. Unlimited downloads, fresh daily leads depending on territory, and a no-risk monthly offer are just a few of the essential features.
Businesses that impress with utilization of these technologies remains at the cutting edge of marketing. Imagine undestansding every move from your rivals; this should be your starting point for gaining an advantage and progressing your operations. According to statistics, organizations that effectively employ market intelligence technologies outperform their competitors.
About NetBase Quid
NetBase Quid is a next-generation consumer intelligence platform that provides contextual data to find market trends, communicate with customers, and learn more about rivals and the market. The platform uses artificial intelligence to analyze billions of indexed resources across all sorts of unstructured and structured data, allowing brands, agencies, and consulting firms to make more educated, rapid, and accurate decisions.
