Are you planning to launch a new product or service into the market? Or do you want to expand your business by breaking into new industries? Would you like to adapt your marketing campaigns according to changing consumer preferences and market conditions?
Is your answer to any of these questions a thunderous “yes”? Then it’s high time you start using a market intelligence platform to better understand your industry, competitors, and customers.
Market intelligence data is crucial for your company’s growth, whether you’re running a bootstrapped startup or a global conglomerate. Simply put, it’s all the data and information you collect to gain a deeper understanding of specific market segments or industries. It’s the key to scaling operations and attracting new customers.
Even if you aren’t using a market intelligence platform, you’ve likely already collected market intelligence data in the form of customer surveys and social media polls.
In this blog post, we’ll take a closer look at the business benefits of using market intelligence. Also, we’ll explore a few valuable ways to collect and analyze market intelligence data. Let’s dive right in.
Market intelligence is an umbrella term that covers the following aspects:
- Competitor analysis
- Product intelligence
- Market understanding
- Customer understanding
The most obvious benefit of market intelligence is that it eliminates guesswork and intuition in business decisions. Instead, you can make smarter decisions based on concrete data about consumer preferences and market trends.
It’s crucial considering that more than 33% of organizations will start using decision intelligence by 2023. So, if you aren’t using market intelligence data yet, you’ll get left behind your competitors.
Besides smarter decision-making, market intelligence data offers the following benefits.
If you’re running a business, you already know the importance of understanding the latest market conditions. A robust market intelligence platform helps you identify market trends in real-time.
You develop a deeper understanding of what’s working in your industry. Also, you can leverage emerging consumer or product trends that’ll take the market by storm. That, in turn, helps you identify new business opportunities and revenue streams.
Competitor analysis is an integral part of market intelligence. It provides you with a deeper insight into your competitors’ strategies, from marketing and customer relationships to product development. Also, it helps you identify gaps in their products or services.
You can use all that information to improve your marketing campaigns and communication. Also, you can harness untapped business opportunities by launching new products or services that address your competitors’ shortcomings.
Market intelligence gives you a deeper insight into consumer behavior and purchase habits. You can identify precise factors that influence your target consumers’ purchase decisions right now. Also, you can get a fair idea of their evolving needs and tweak your marketing campaigns to strike a chord with them.
Similarly, you can devise data-driven strategies to nurture prospects and leads at every stage of the sales funnel. That, in turn, improves conversion rates and skyrockets your revenue. Also, you can use consumer intelligence data to build lasting relationships with customers, thus winning their loyalty and maximizing the return on investment (ROI) of your marketing campaigns.
The power-packed combination of market trends, competitor intelligence, and customer understanding helps you improve your products to meet the latest market demands.
That, in turn, helps you establish product-market fit and ultimately generates more sales and revenue.
Now that you’ve realized its importance, you must be yearning to get your hands on a market intelligence platform. A modern market intelligence tool will help you better understand your industry, analyze various market segments, and assess your competitors’ strategies.
Additionally, you can use the following techniques to collect and use market intelligence data.
If you’ve got an existing customer base, you can encourage them to participate in online surveys. Outline questions that’ll help you understand their needs, preferences, and pain points. You can use tools like Jotform or Google Forms to collect responses.
Similarly, you can use social media platforms like Twitter, Instagram, and Facebook to conduct audience polls. It’s an excellent way to understand your audience’s views and opinions on different topics.
Email a feedback questionnaire to your existing customers for a better idea of their purchase experience.
It’ll help you identify gaps in your products/services and the overall customer experience.
Website analytics tools provide you with a wealth of information about potential and existing customers. You can use website analytics data to understand how visitors interact with different elements on your web pages, while some platforms even offer insights into traffic patterns on your competitors’ sites.
This data can also give you a fair idea of a customer’s journey from the moment they land on your website.
If you want to build a thriving business in 2022, you can’t ignore the importance of market intelligence data. It helps you gain a competitive edge by harnessing the latest market trends and staying up-to-speed on consumer preferences. Use a reliable market intelligence platform to collect data and actionable insights about market segments, competitors, and consumers.