Well, it’s been like this from the beginning: every successful person or idea that ever existed wouldn’t have made it without successful marketing. Therefore, I firmly believe that everyone who wishes to take complete control of their lives needs to learn marketing, and more importantly, update their marketing knowledge according to time. And this is the digital era.
This article aims to discuss how market intelligence can help marketers, businesses, and even new entrepreneurs move ahead in the right direction. The topic may be a little advanced for new marketers/entrepreneurs who have just entered the digital business world, but you can quickly grasp it once you understand the entry-level marketing terms, which you can nail in a matter of a few days, by the way. So let’s dive into the digital world.
You probably know that it’s impossible to achieve targeted sales if your campaigns fail to convert. Therefore, one of the most crucial elements in marketing is targeting the right audience. For instance, no one entertains the emails or landing pages that don’t fit their interests, which obviously means your marketing messages will be snubbed if they don’t reach the right audience. In addition, an in-depth understanding of the competitors, products/services, and the market is equally crucial for successful long-term marketing activities. It allows you to target the right customers with the right strategy. After all, with only 50 milliseconds to win over your audience, you don’t have the discount to throw your marketing dart in the dark.
Don’t worry! Market intelligence can help you achieve all the correct elements you need to plan a perfect marketing strategy. So let’s begin with what market intelligence stands for.
What is market intelligence?
It’s a no-brainer that collecting and analyzing contextual data can provide marketers with a complete perspective of what’s working and what’s not.
Market intelligence is a method of gathering, monitoring, and analyzing appropriate data to make an informed decision about business strategies. It not only helps you correctly identify your target market but also understand what’s happening in your niche. In addition, it will allow you to recognize what’s hot and what’s not as well as make correct forecasting of future activities.
Many companies and agencies claim market intelligence is a tough job because you’ll need to dive too deep into the data sea and collect detailed information on everything that matters. But in reality, it’s not rocket science. You just need to identify your position and understand what you need so that you can continuously monitor data that can make a difference. Of course, you have to follow certain methods and allocate some time for it.
How can market intelligence help your business?
Imagine consistently delivering informed business decisions based on facts. No kidding! Market intelligence provides you with a wide range of information to guide you through planning a proper strategy. Since appropriate documentation and analysis of day-to-day data is crucial in putting you one step ahead in the competition, there are various ways market intelligence can help you. You can gather market intelligence in four basic steps, which are
- Competitor intelligence
- Product intelligence
- Marketing understanding, and
- Consumer understanding
These four elements offer you detailed and crucial information about everything that will ultimately affect your business to help you make meaningful and effective decisions. In addition, they will benefit you in the following ways, leading to better sales and winning over the competition.
- A better understanding of your buyer persona
An in-depth analysis of a buyer persona is one of the crucial processes of any effective marketing strategy. Failing to understand the target customer properly will lead to a failed campaign. Therefore, marketers try to understand every aspect of their buyer personas, including who they are, what they like, how they spend money, where they hang out the most, etc. Market intelligence takes this to the next level.
According to new market research, acquiring a new customer is five times more expensive than retaining an existing one. It’s the reason why you should understand your audience better.
Market Intelligence provides you with an in-depth knowledge of your customer’s behavior through extensive data collection. It will help you to put your money where it works and reduce waste. Like mentioned at the beginning of the article, you wouldn’t want to email or redirect your PPC campaign to people who are irrelevant to your offerings. Without a doubt, targeting the right audience will improve the conversion rate and cut down unnecessary costs.
- An improved insight of your competitors
We should admit that we all want to know about our competitors as much as possible to make our move accordingly. But you may feel somewhere that only scouring your competitor’s websites wouldn’t provide you with enough insights that you always craved for? So here’s what will push you further: market intelligence.
Improved competitor intelligence will allow you to understand your positioning in the market and help with your SWOT analysis regarding your rivals. Furthermore, constant monitoring of your competitors will allow you to identify the opportunities before anyone locates them. After all, you wouldn’t want to know about your competitor’s next move along with the whole world, do you?
- In-depth analysis of your market
You need to know many things before proceeding to decide the next steps about your products and services. For example, you may want to expand your products to a new market, or you’re looking for new markets that’ll benefit from your offer. Or, maybe you want to make future moves based on the forecasts. Without its in-depth analysis, planning an unbeatable move in the market is very hard, if not impossible.
Market intelligence provides you with all the necessary and detailed data that can play a crucial role in planning for the future in your market. Once you understand the essential elements, it may not be as hard to proceed confidently.
- Excellent internal evaluation
Whether it be about your product or the system within your organization, improved internal intelligence can help you identify all the little details you need to focus on, which you would otherwise neglect. These little details can be crucial for the success of your business. For instance, if you aren’t aware of your inefficient resources, it can affect your product or service’s performance in the market in the form of cost or user experience.
Data has always been crucial for businesses to succeed, and it has never been a better time to access it. As more businesses benefit from market intelligence, the future belongs to those who incorporate it in their strategy. It’s always better to plan based on facts rather than assumptions.