Market intelligence ensures a business can track competition and the industry state. The collected information creates a broad picture regarding its market, customer, challenges, competition, and growth potential for new products via multiple sources; data is gathered through sales logs, social media, and surveys.
Small businesses use a common-sense approach and go through a competitor site or check magazines with customer information. Online feedback from customers is an excellent source of information. Market intelligence mainly focuses on customers’ different divisions, including demographic and geographic information and their preferred products. Besides, it gives comprehensive data on competitors.
Its Process and Goals
For a market intelligence to be considered successful, it should answer concrete questions regarding current and potential customers and competitors, ensuring internal goals are determined. Questions addressed are;
- Where to devote more resources to a business?
- What market to infiltrate next?
- If there is a pattern to customer preference in product purchases
- What products to cross-market to existing customers?
- If there are demographic segments to venture into to expand the business
Market intelligence is performed through high-level analysis since there are no set guidelines. However, customers are often ignored as a primary source of information. Other reliable sources include insight from the delivery team, internet research, industry association, and government bodies. E-commerce analytics allows a business to track customer journeys through a website. This includes the geographic location of people arriving and the step they take.
Identifying a pattern and testing different content helps a business to identify areas of improvement. Large companies hire a market analyst who helps them create more informed market data since they can communicate with the supply chain players and competitors. This information allows a business to make informed decisions, such as determining market opportunity.
Competitive Intelligence Tools
Since it is impossible to operate in a monopoly, businesses have to think on their toes for their next move. Several factors affect business growth, and businesses should consider them to remain competitive in the markets. Competing head-on in a crowded market can be tiresome and costly; hence, a business should identify an alternative approach to understand its competitor. In-depth market research is key to identifying market opportunities and vulnerabilities that are used to grow a business. Some of these tools are listed below;
Crunchbase is used to quickly overview a company’s information and its financial information, such as stock. It provides comprehensive information on a company, such as investment, funding among others. When starting competitive analysis research, this tool is reliable since it smoothly integrates with other tools to give vast competitor information.
It’s best for identifying potential competitors through snapshot views of their key details. It ensures you are updated on competitor companies’ latest development through email alerts, apart from providing vast information on a competitor owler analyses it for you.
Any slight changes on the competitor’s website are crucial to determining their next move. Visualping will ensure you keep track of these changes and get dynamic content that you can use to counter their efforts. Though this tool gives you an insight into a competitor’s digital marketing strategy, this information comes in bits that may take some time to gather all details.
Since every business needs daily monitoring of social media; thus, NetBase Quid comes in to ensure that. They provide market intelligence to help enterprises keep pace or head competitor brands despite the changing market conditions. NetBase Quid come to the rescue of many businesses by identifying emerging opportunities and threats and provide a valuable solution. Businesses need to gain much-needed insight into their industry to ensure they channel their investment in the right projects.