Isn’t it disappointing when your business is not growing whereas your competitors are doing much better? Companies have to be on their toes to keep up with the changing market, competitors and consumer needs, which is why it’s essential to keep up with your competition and the industry.
What Exactly is Market Intelligence?
Market intelligence is the collection of information from the consumers and competitors and analyzing that information for your business growth. It is similar to market research, and the terms are often used interchangeably, but it is vital to understand what it entails.
Social media monitoring Tools
For successful 565 collections of data, a company must incorporate certain tools. These tools determine what information is vital for the business, collect the information then deliver it to the relevant persons.
Some of the market intelligence tools are ZoomInfo, ion interactive, TapClicks, among others. There is also NetBase which recently merged with Quid to form NetBase Quid, a consumer and marketing company.
NetBase Quid provides contextual insights about business trends from every piece of collected data. The platform provides relevant information to the business to understand all about consumer needs. According to Senior Vice President Brian Mossop of FleishmanHillard, a public relation and marketing firm, Netbase Quid will provide unparalleled visibility of the industry and competitors.
For market intelligence to be successful, it must answer these type of questions.
- Where should the company’s resources be majorly allocated?
- Which market should the company focus on?
- The type of product or services the consumers are buying?
- The demographic of the consumer in terms of the products and services they need?
Benefits of Social Media Monitoring
For you to gain a holistic view of the market and all the stakeholders involved, you need to include market intelligence solutions in your plans.
Here are some of the benefits of market Intelligence
- You Get a Better View of Relevant Data
In recent years, companies focused on a single approach to marketing which was going by a single customer view. However, most companies and businesses have come to realize that focusing on a single view and drawing conclusion is not a viable solution for a company’s growth. For this reason, market intelligence is seen as the best solution.
- You Will Retain Customers
Without market intelligence, a company can easily lose its customers to its competitors, even with direct interaction from the sales team. But once you have understood your customers and the value they bring to your business, it will be not easy to break the bond. Market intelligence brings you this loyalty by providing you with relevant information about the customers which you can use to your advantage.
- Increase in Sales
You can increase your sales when you know what product or services the customer needs and act upon that information. This is important, especially if your business has multiple products and services. Market intelligence will help you determine what products or services the customers need and predict the sales.
- Improves Operational Efficiency
One of the goals that market intelligence and social media monitoring seeks to achieve is improving the operational efficiency of the business. You’ll get all the relevant information about the gaps in the market, strategies to use and real-time updates.
Market intelligence is a solution for every business struggling to make sales. It’s all about the collection of relevant data about the customers and the competitors and using that information to grow the business.
With the help of market intelligence and social media monitoring tools, a company can get that information from the customers. This information will benefit your company or business in different ways, as mentioned above.