Market intelligence: a building block effectiveness
The capacity to stay ahead of the market and have a full awareness of its competitors, the state of its industry, adjusting to new approaches, and the changing consumer landscape, preferences, tastes, and technology is one of the most crucial parts of any successful firm. Marketers may use this data to evaluate their approaches and optimize future initiatives based on their own findings as well as those from around the industry.
What is Marketing Intelligence?
Marketing intelligence is data and current information that is useful to a company's marketing initiatives. It can also be thought of as operational data, including as information about product development, innovation, distribution, pricing, sales, and promotions. Once collected, data is frequently examined to inform campaign decision-making correctly and efficiently. While marketing intelligence is utilized to support a variety of marketing objectives, it is also used to inform judgments about rivals, products, and customer trends or behaviours at a high level.
Market intelligence is critical to a company's success since it offers firms and businesses with the necessary facts and information (market growth rate figures, corporate data analysis) to develop a well-structured and effective business strategy and plays a crucial part in overall corporate decision-making.
By gathering and evaluating contextual data on customer and industry trends and behaviours, marketers may acquire a holistic knowledge of what is and isn't working in the market. This can give firms a competitive advantage by educating them about their target market and evaluating insights into their various items.
A quote by Michael Scott: “The day we stop learning is the day we die”. This also applies to any organization; the day a firm cease to do marketing intelligence, the company will fail since it will lack the necessary information and data to navigate the present market, as new developments occur daily.
Borders, a book and music shop, was mentioned as an example in a market article. Borders continued to focus its efforts on their brick-and-mortar sites as consumer demand for convenience and simplicity drove the trend to internet purchasing. Borders unwittingly turned over its client base to Amazon rather than outsourcing to online merchants and capitalizing on the digital revolution move to online purchasing.
Sections of Marketing Intelligence
The three sections that a business needs to look at to have an effective strategy are:
Products Intelligence - shows how a company’s product is performing in the market and areas needed for improvement.
Competitive Advantage – here, a company collects data on their competitors to develop a better and effective strategy.
Consumers Intelligence/Understanding - here, companies ask the following questions which allows them to understand the types of buyers they have and attract
a) Who are our buyers?
b) Why are they buying from us?
c) Are they satisfied with our level of service?
d) Are there things that can be improved?
e) What are the challenges your team can help them with?
f) Are they satisfied with their products?
The Importance of Market Intelligence
It offers insights into what the competitors do, what’s the market demand and who are going to be your target audience and lots more.
It gives actionable insights on the product trends in the market, the demand for specific features, and product specifications currently in demand. which helps gauge or evaluate your product.
It helps a company to know and understand their target audience
It helps businesses to gain competitive advantage by conducting competitor analysis and research
It helps in minimizing risks.
It helps businesses in planning better.
To understand their customer better - knowing existing consumers can help you target new customers more effectively, resulting in lower marketing costs and higher retention rates.
In summary, for a business to succeed in today’s fast paced changing market, the importance of market intelligence and adapting new trends and strategies can never be over-stated.
We, at OVAC Group, can conduct a market intelligence for your business or product(s). Email us at: firstname.lastname@example.org for a free consultation with our team specialists.