Marketing intelligence gives you:
- Insight into your target audience and growth potential
- An idea of how you currently stack up against your competitors
- Information you can use to prepare for market shifts and develop new business strategies
- Understanding of your target customers and how you can best meet their needs
- A means to make informed business decisions to overcome current and future challenges
What is market intelligence and why is it important?
Market intelligence can help monitor different demographics, which can show an analyst which marketing strategies may be more effective. For example, if research shows that people in one range purchase a product more than other, a company can tailor all marketing efforts to better appeal to them. It can increase overall sales revenue.
What is market intelligence (MBI)?
Importance of Market Intelligence Market Intelligence: Definition Market intelligence is defined as the information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics.
How to generate the right marketing intelligence?
To ensure marketing intelligence can be successfully derived from data across the marketing landscape, there are several steps organizations can take to ensure that they’re gathering the right intelligence data, reaching informed conclusions and leveraging the insights generated to the fullest potential: 1. Enlist the Sales Team
What is market intelligence software?
There are various market intelligence software in the market. Such software not only allows you to collect data but also analyze the data using advanced analytical methods.
What are the benefits of market intelligence?
7 benefits of market intelligence in businessSecure a bird's-eye view of the market. ... Gain a competitive advantage. ... Anticipate what lies ahead. ... Invest in the right projects. ... Understand your target customer. ... Launch products and services with iron-clad strategy. ... Drive operational efficiency.
How do you drive market intelligence?
How to develop market intelligenceStep 1: Establish a goal. Start with the end in mind. ... Step 2: Define metrics. ... Step 3: Structure a research approach. ... Step 4: Gather and analyze data. ... Step 5: Take action on insights.
How market intelligence can inform and improve an organization's overall strategy?
Market intelligence can inform and improve an organization's overall strategy by grounding its decisions in real-world data and analysis, which can lead to business growth.
How does a marketing intelligence system affect the marketing environment?
The system of marketing intelligence reduces the uncertainty, especially in the field of industrial risk management due to several reasons, the most important of which is the change in the structure of industry and the strategic movement of competitors as well as alliances and mergers in industry.
What do you mean by marketing intelligence?
Marketing intelligence is everyday data that is relevant to the marketing efforts of an organization. Once collected, this data can be analyzed and used to make informed decisions regarding competitor behaviors, products, consumer trends, and market opportunities.
What is an example of marketing intelligence?
There are many cases where marketing intelligence is used. Some common examples are product design, market segmentation, customer lifetime value, and campaign optimization. For instance, customer lifetime value is an important metric for understanding the return on investment for marketing campaigns.
Why is marketing intelligence become so important in modern era?
Market intelligence enables you to become more customer-centric, gain a better understanding of market demands and consumer views, gather real-time relevant data, increase upselling chances, minimize risks, increase market share, and gain a competitive edge.
How can the quality of marketing intelligence be improved?
Increase online research and marketing The internet and of all, social media plays a huge role in modern marketing intelligence. Internet and social media both are the best ways of improving your market intelligence platforms research.
What are the 3 types of market intelligence?
Market Intelligence is not just data. It's the combination of data and analysis that generates information which is relevant to making decisions. The four cornerstones of Market Intelligence are Competitor Intelligence, Product Intelligence, Market Understanding, and Customer Understanding.
What are drivers and benefits of market intelligence?
Market intelligence helps you to become customer-centric, understand the market demands and consumer opinions, collect real-time relevant data, boost your upselling opportunities, reduce risks, capture higher market shares and gives you a competitive advantage.
What are the sources of market intelligence?
Sales people, customers, competitors, employees, competitors, the internet, trade fairs, seminars, conferences, literature and trade publications are among the important sources of intelligence.
What are the 3 types of market intelligence?
Market Intelligence is not just data. It's the combination of data and analysis that generates information which is relevant to making decisions. The four cornerstones of Market Intelligence are Competitor Intelligence, Product Intelligence, Market Understanding, and Customer Understanding.
How does market intelligence work?
Market intelligence is information on your industry or market segment that can inform strategy and give your company a competitive advantage. Market intelligence consists of data points like sales, customer data, survey responses, focus groups and competitor research.
What Does Marketing Intelligence Include?
Marketing intelligence provides organizations with several distinct opportunities to accurately navigate the complexities of the marketing landscape that are unique to the organization. When done correctly, there are four sides that help marketers formulate successful strategic decisions:
What is the Difference Between Marketing Intelligence and Marketing Research?
While marketing intelligence efforts can lead to better campaigns and increased marketing ROI , the actual term is often confused with two different processes: business intelligence and marketing research.
What is the difference between marketing research and business intelligence?
While both terms help organizations make informed, data-driven decisions about campaigns, the difference lies in the overall goal of each. Marketing research focuses solely on the efforts of the specific organization, helping to gain clarity into certain aspects of campaigns without providing insights into any external factors. Alternatively, business intelligence focuses on gathering data across business functions and processes in order to optimize the efficiency of all organizations’ departments and locations.
How can organizations access a wide variety of online and offline data across the marketing mix?
Through agreements with external partners or third-party services that leverage such agreements, organizations can access a wide variety of online and offline data across the marketing mix. Take some of the following quality data sources for example:
Why is it important to reach out to current customers?
Reaching out to current customers allows for a clearer understanding of perception around campaign efforts, customer experience, brand authority, product satisfaction, etc. With this information, marketing strategies can be better focused on areas of strength. Consider leveraging tools like polls, surveys and feedback prompts for insights into customer perception and brand equity.
What is a form in marketing?
Forms are a way for marketers to learn more about their target audience's specific information, often related demographics. These are usually conducted by a researcher, and the goal is to gain more insights on objective data versus a customer's opinion or general feedback.
Why is customer loyalty important?
In fact, depending on the industry it costs brands an average of five times more to acquire a new customer than to retain an existing one. With this in mind, understanding your customers can help effectively target new customers for less marketing spend, while helping boost retention rates. Consider the following questions:
Why Do We Need Marketing Intelligence?
As such, decisions made based on valuable information are less likely to fail.
What is the most important step in the marketing intelligence process?
The most important step in the marketing intelligence process is turning data into actionable outcomes. There is no point in creating dashboards or lengthy reports if they ultimately end up being shelved somewhere. Earlier we talked about the importance of giving recommendations to back marketing insights. Use Creately to map out an action plan for the results generated via marketing intelligence analysis.
What is the fourth pillar of marketing intelligence?
The fourth pillar of marketing intelligence is understanding the market. Market trends change with economic fluctuations, technological advancements and so on. Take the smartphone market for example. Companies introduce new products almost annually as the product that was introduced last year is already outdated due to the technological advancements of the present year.
What is the goal of marketing strategy?
Define your marketing strategy and its goals. The objectives you outline should be brand and performance-centric. Brand-centric goals focus on audience insights such as demographics, digital trends, and consumer behaviour. Performance metrics are based on sales volume, cost of sales, and customer acquisition. Set key performance indicators (KPIs) to track the progress of these goals.
Why is product intelligence important?
Furthermore, it helps determine what to improve and how it compares against competitors. Such information propels wise business decision making that eventually helps build great products.
Why do you conduct a SWOT analysis?
Conduct a SWOT analysis to determine your strengths, weaknesses and identify opportunities. Once you have a clear idea about your company’s market position, proceed to conduct a good study of your competitors. This will help you gain insight into their strong points and shortcomings. A competitor analysis will facilitate accurate market positioning and execution of the right strategies to attract customers. In addition, you can learn from the mistakes they make and understand what works so that the same is not repeated.
Why is it important to understand the sentiments of your consumers?
Customer acquisition and retention of a particular product largely depend on the consumer experience it delivers. Therefore, it is vital that you understand the sentiments of your consumers.
Why is marketing intelligence important?
Marketing intelligence is important as it gives your company a foundation to base all of its decisions. The analysis of the data collected is invaluable as it: - Provides insights into a business's target audience, its growth potential, market opportunity, competitor analysis as well as other future goals.
How does market intelligence help organizations?
Market intelligence helps organizations understand their markets inside-out by gathering real-time data. This in turn aids them in weaving their strategies and processes around that data, allowing them to stay competitive and meet market demands.
What Is Market Intelligence?
Market intelligence (MI), sometimes also known as "marketing intelligence", is external data collected by a company or companies, about a target market which they are either a part of, or wish to enter. But that's not all, marketing intelligence is used to accomplish several different marketing goals, which include making decisions regarding competitors, product (s), and consumer trends/behaviors. Decision-making in a company is a process that is nourished by the amount of relevant market information you have, and marketing intelligence does just that. It lets an organization gain a comprehensive understanding of its competitors, the state of its industry, market conditions, and the changing consumer landscape as a whole, thus granting them a desirable advantage in the market.
What is contify marketing?
Contify is an artificial-intelligence-enabled, competitive, and market intelligence platform that has been used by a number ...
How does MI help in customer understanding?
MI helps in the analysis of your consumers, building customer understanding. It gives you insights into the areas of improvements that are needed by the customers and thus helps you retain them and improve customer lifetime value.
What is the end game of marketing intelligence?
The end-game of marketing intelligence is, of course, to proliferate your business, but it does so much more, constantly providing you with actionable industry insights that will help you sustain your position in the market once you get to the top.
Is market intelligence the same as market research?
However, while market intelligence and market research are closely related, they are not the same. Let's have a look at certain differences between the two. According to Forbes, market research is undertaken to learn about your audience’s wants and needs and the financial trends in your industry.
Why is market intelligence important?
Importance of Market Intelligence. Market intelligence is vital to the success of any organization, being the foundation on which all marketing is based. Effective use of market intelligence involves the collection of data, analysisand end use of the information.
What is market intelligence?
Market intelligence is defined as the information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics. Market intelligence is a vital aspect to understand the state of the market, ...
How to understand your position in the market?
To understand your position in the market– Collecting market intelligence through surveys allows you to understand the market in-depth. It will give you insights into what the competitors are doing, what is the market demand and who will be your target audience and many more. Analyzing this information will enable a company to evaluate its position in the market and make strategies accordingly.
How does market intelligence help in customer retention?
Market intelligence can help you analyze and give you insights into the areas of improvements that are needed by the customers and thus help you retain them and understand customer lifetime value.
How do focus groups work?
Focus groups – Focus groupsare a set of people selected carefully to represent a target market. Using focus group surveys, a company can evaluate customer demands and opinions or even take feedback from the group. This enables to collect information that can be helpful to a company to penetrate that market or to launch a new product in an existing market. Usually, a moderator is required to ask the question to a set of people where a discussion unveils insights into that topic. However, focus group surveys can now be done online as well thus eliminating the need for a moderator. For example, A focus group is asked about their opinions to understand what would be the most ideal phone for them. A discussion amongst them will give the company information as to what dimension is most preferred in the market and what are the reasons. Reasons such as particular features of the product, screen size, the color of the phone, the speed of the operating system, pricing, etc. can give the company insights in which particular area they need to invest more and accordingly use this intelligence to capture higher market share.
What is market understanding?
Market understanding – Market understanding is knowing the market share of your company, trends in the market, the size of the market and which is your target market. Understanding the demand in the market, and customer wants can help a company tremendously to increase their revenues and market share. For example, A comprehensive market research can give valuable insights to a brand, for instance, the target market is age 20-40, upper-middle-class family and the trend in the market is for Crossfit training to get fit and healthy. A particular gym can use this information and provide services specific to this requirement enabling them to penetrate the market much faster than the usual gyms.
Why is it important to monitor the market?
By analyzing and monitoring the trends, measuring customer satisfaction scoresand Net promoter scores, a company can stay competitive and manage to increase the market shares, its revenues and also retain its customers . If needed, accordingly decisions can be taken to change or modify the product on the basis of the current trends or the situation.
The Intelligence Plaza
Intelligence Plaza is a market intelligence platform which is designed to give Philips Healthcare unprecedented insight into the medical device industry and develop new strategies based on real-time data and knowledge.
Final Thoughts
All these factors combine to create a suite of data tools which Philips Healthcare can use to empower its marketing teams to create better targeted and more relevant marketing campaigns which really hammer home the brand message in a way which is sure to resonate with its audience.
