Market Intelligence and Why is it Important for Businesses
Businesses need to stay on top of the latest market trends to remain competitive in their respective industries. You need to understand the market trends and changes that are taking place. The importance of this cannot be overstated, especially for business owners and managers.
It involves collecting, analyzing, and interpreting market information to stay informed about trends in your industry, competitors, customer trends, and more. It can help you understand your customers, including their buying habits, concerns, and problems. It can also help you learn more about your competitors and how they are doing business.
NetBase Quid is a market intelligence platform that uses artificial intelligence to rapidly deliver new insights on consumers, market trends, and competitors. Brands and analysts rely on NetBase Quid to gain insight into the competition. From a product’s usage to competitors’ product offerings, the information is there to help win.
Some of the services offered by NetBase Quid include:
Offering consumer insights
Social media analysis
Improving crisis management
The Importance of Market Intelligence
Understanding Customer Needs
This is key when it comes to planning your business operations. This will allow you to create products and services that address these needs and cater to your market. They can be convenience, speed, affordability, and ease of use.
Defining your Target Market
This will help you comprehend your customers’ needs and identify the products and services that address those needs. It will also help you in finding new potential customers. In market research, you’ll have to place your customers’ demographics, income levels, and spending habits to define your target market. With the help of market research and surveys, you can identify an array of data about your customers and their needs.
Finding New Opportunities
With a better knowledge of your customers’ needs and their demographics, you can now identify opportunities that are relevant to them.
Responding to Changes in the Market
Understanding the trends in the market and spotting new opportunities will help you respond to market changes. This will allow you to identify new opportunities and keep your business forefront of recent trends.
Market Intelligence Tools
Google Consumer Surveys to collect data from a large number of respondents.
BuzzSumo is a tool that allows you to understand the best-performing content from across the internet.
Crayon Intel Free monitors competitors
Fun page Karma deals with social media intelligence.
Visualizing is used to track the site changes of competitors.
Tips for Market Research
When creating your market research, it’s essential to keep in mind the following tips:
Understand your target audience as well as you know your products.
Incorporate qualitative research into your quantitative approach.
Don’t limit your research to one geographical location.
Be consistent with your research. It’s easy to get distracted by other tasks, and it can be challenging to find the time to conduct research consistently.
Create a feedback loop. As you collect data, give it some context by creating a feedback loop.
Make your research available to your team. It’s easy to think that your study is only helpful to you, but it can be beneficial to share your data with your team members to help them understand their customers better.
Market intelligence is a combination of elements that make up your competitive advantage. It helps you learn about your customers, their needs and desires, and how they play into the products and services you offer. Essentially, it’s extracting insights and data from your database and using it to inform your marketing strategy.