Market intelligence is gathering and analyzing information relevant to a company’s market – trends, competitors, customer monitoring, and insight into how competitor behavior impacts pricing and marketing options. It also includes assessing the supply chain of goods and services to ensure that products are available to customers as needed.
1. What is Marketing Intelligence?
This is marketing information or marketing data, collects and analyzes information to improve business decisions. It includes tracking competitors, monitoring and analyzing industry trends and forecasts, and determining market opportunities for products and services. Along with competitor analysis, business intelligence provides a company with insight into market share data, customer acceptance of its products in the marketplace, pricing trends, and consumer behavior.
2. Understanding MarketingIntelligence
Marketing intelligence combines technology-based, inbound, and outbound approaches to gathering and analyzing information. The process begins with preparing a report needs assessment, followed by implementing a technology-based strategy to collect data that can be analyzed using marketing software or spreadsheets and presented in visual formats.
Companies use information gathered it to help them understand their performance in the marketplace, identify their strengths and weaknesses and plan for growth. Marketers may use information collected through it a part of a marketing plan to determine how best to compete against competitors in the marketplace or how to develop a new product offering.
3. Marketing Intelligence Technology
Many companies are using inbound marketing technology to collect data for marketing decisions. These systems gather public information about companies and customers, including social media data, consumer surveys, purchasing behavior, competition, and market trends. Outbound marketing uses email marketing and other direct-to-consumer methods to include targeted messages in the company’s communications to promote products or services.
4. How Can NetbaseQuid Help In Marketing Intelligence?
Quid, Inc. is a private software and services company specializing in text-based data analysis and reporting. Its marketing software runs on the Quid R&D platform, which provides a web-based user interface that allows customers to access their data and analyze it using drag-and-drop objects, data cubes, and charting.
NetbaseQuid improves marketing by allowing marketers to access a massive amount of information and search for it instantly. This is done by gathering data from multiple sources and storing it in a structured database. The software’s filtering capabilities can quickly provide results on any topic, while its visualization tools can create reports that are easy to read.
NetbaseQuid also collects data from social media sites, marketing databases, and other websites, as well as email addresses that give the user a broad view of company customers and their buying patterns.
5. Why is Marketing Intelligence Important?
Analyzing market trends and competitive behavior can help a company make informed decisions about positioning itself in the marketplace. It’s process helps companies determine the direction their products should take and the plans they need to implement to reach targeted markets while protecting their financial interests. It also helps managers learn how they perform against competitors, enabling them to make changes that improve their marketing processes or set new standards for the industry.
6. MarketIntelligence Tools.
Many tools are available for various needs, from data aggregation to decision-making and more. These tools will help you find high-quality information for your needs, reduce the time required to generate insights on market performance and customer behaviors, or give you access to global markets in their native languages. To be successful, you will need to ensure that the right tools are used together as a complete solution. Some tools are suited to project-based work; others focus on long-term use and data retention.