What You Didn’t Know About Market Intelligence

Ever thought of how slow sales and high competition can be disappointing at times? It happens to companies and businesses around the world. However, it is nobody’s fault. The market is always on the move. Therefore, companies and enterprises at large need to think about how to up their game when it comes to business. That’s where Market intelligence comes in.

Market intelligence is the activity through which a company gathers information about its market. This information helps in responding effectively to market trends. Acquiring the data is not a big issue, but getting accurate data is. The data collected can sometimes be wrong or inaccurate. Therefore, you need to know the best ways to source accurate data.

Components of Marketing Intelligence

Marketing intelligence has four major components. The first one involves understanding your customers’ needs and what they prefer most. Here, you’ll need to know who buys from you and why, the challenges they face, and how your team can help them. Additionally, you need some manual outreach service to understand how well your site ranks in Google.

Secondly, you need to understand the market size and your share in that particular market. After you know your position in the market, you need competitor intelligence that will help you become better. The last component is product intelligence. You need to gather information about products from your competitor or other products in the market to improve on yours.

Common Market Intelligence Tools

Few of the most common marketing intelligence tools are the Google keywords tool that checks how people search online for services or products similar to yours, and KeySurvey that helps you in creating online questionnaires for your customers to fill. However, the latter only works if you can reach your participants.

The other tool is Google Analytics which shows you how your consumers behave on your website, which products are viewed the most, and what media platforms your clients are responding to. Most of these tools are available on the internet. While some are offered freely, others have to be purchased.

How to Improve Marketing Intelligence

The first thing you should do to improve the level of your marketing intelligence is to hire a sales team. The sales team speaks directly with customers and potential customers in the market. This means that they understand the competitors better than business owners do. They also understand which products have high demand in the market.

Secondly, choose a few people to advise your customers. Sharing directly with consumers is one of the most effective ways to understand their level of interest in your products and services. You’ll also know the problems they encounter when using products from your store. Therefore, you’ll get a clear picture of the key areas that need to be improved.

Why is Market Intelligence Vital?

With the unending changes in the global market today, companies need to do everything to keep up with these changes. Advancements in technology have changed how customers interact with companies. Therefore, to understand what your customers want, you need current analytical methods. Additionally, the data collection methods you use need to be accurate.

It will be tricky to excel in the market if you do not know what customer needs are. Customer needs will keep changing, and if you are not aware of these changes, other companies will, and they will satisfy the consumer on your behalf. Market intelligence will give you a competitive edge in the market. That makes it a vital component in every business.