Nothing is more disappointing than poor sales and outpacing by your competitors. Although it is disheartening, you can change or avoid it by attracting, serving, and maintaining customers. Markets are more dynamic than ever, and businesses need to be on their toes to pivot quickly and adapt to market changes. It does not matter which industry you are in; market shifts and marketing strategies happen everywhere. Therefore, marketing and consumer intelligence is crucial to your business approach, whether you want to maintain your customers or sales.
What is Marketing Intelligence?
Market intelligence refers to the data gathered by a business about its market to help the business make informed and strategic decisions. Some of the data that a business can gather include consumer demographics such as spending habits, consumer problems, and the general nature of the existing market. This crucial information can be gathered in various ways, such as surveys, social media, news websites, sales logs, and even through distributors.
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Technological advancements such as Artificial Intelligence (AI) and data analytics have revolutionized the marketing sector in today’s business world. To keep ahead of your competitors, you should assume that your competitors use AI to monitor marketing trends and strategies. Therefore, to ensure you are on top of your game, make sure you harness the power of AI and Big data analysis during market and consumer intelligence.
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The Importance of Marketing Intelligence
The importance of intelligently analyzing the market of your business cannot be understated. It acts as a guiding light for all your firm’s decision-making activities as you gain a holistic understanding of the entire market and not just your business.
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Adopting this approach enables your business to become more customer-centric as you have an in-depth understanding of the consumer’s trends and preferences. As a result, you can tailor products and services that meet the demands and needs of your customers. Additionally, it will help reduce the risk of developing unappealing products and services and gain insight into development opportunities.
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Tools to Use
Marketing intelligence is multifaceted and employs different tools in acquiring information and data. The following are some of the tools that gather and maintain intelligence.
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Wiser
If you are looking for competitive analysis, Wiser is the tool for you. With this tool, Chief Marketing Officers can see a detailed history of competitors’ product pricing. You are, therefore, able to determine whether your pricing is high or low, set a strategy for pricing, adjust your prices, and more.
Wiser offers two products which are WisePricer and WiseDynamic. WisePricer is a semi-automatic price engine, while WiseDynamic is entirely automated.
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BrainJuicer
BrainJuicer focuses on human behavior and patterns. With this tool, you will be able to determine what drives people to make certain decisions, the customer’s motivation, the role of behavioral economics in business success, ease business change, and utilize human nature to grow your business.
The key to great advertising is tapping into customers’ emotions. FaceTrace a product by BrainJuicer, helps you determine what people are feeling, the intensity of these feelings, the reasons for these feelings, and the likely market impact.
SiteAlerts
SiteAlerts help you determine your competitors’ technology, from their e-commerce programs to their mail provider plugins. You will also view how well their social media marketing is doing, their traffic, source, and keywords they rank for.
Use NetBase Quid to Drive your Business
At the NetBase Quid platform, we ensure your business grows by utilizing customer and market intelligence data. Since Data Analytics is the ultimate game-changer, the Quid platform has an AI-powered contextual analysis integrated into it. So how will Quid’s AI integration benefit you?
Millions of data on consumers and market trends are available online. Therefore, brands need to understand how to harness this data to their advantage. The Quid platform analyzes the data to reveal useful, actionable insights that will help answer any complex question or decision-making you may have. Additionally, NetBase Quid will help your company gain an in-depth understanding of different areas such as trend analytics, campaign strategy, competitive intelligence, product launch, technology scouting, and crisis management. Check out this site magazinehub.net to get various latest information.
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Final Thoughts
Your company does not have to suffer from low sales volume and be a minor player in the industry. Gathering intelligence on your competitors will aid you in identifying how your company fits in the market and how you can meet and satisfy customers’ expectations.
Gathering your competitor’s intelligence will involve looking into their strategies and the effect of those strategies, pricing of their products, and overall performance of their businesses. Employ marketing and customer intelligence that is powered by AI and Data Analytics and be assured of your company’s success.
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