Market intelligence is a term used to describe the process of gathering and analyzing information about your competitors, customers, and industry. Market intelligence tools provide businesses with data that can be used for marketing campaigns, product development, strategy planning, and more.
In this article, we will discuss six ways to get started with market intelligence for your business.
1. Setting Your Market Research Goals
Having clear goals for what information you’re looking for can help guide each step of the research process. MI tools, such as Google Trends, provide easy access to data that can be used in several ways depending on your business’s needs.
Trends is a handy tool because it allows users to see how search volume has changed over time within specific geographic regions. Brands can use this information when deciding where their marketing dollars should be spent. They can also use it when developing expansion strategies by seeing if demand increases in key areas they are considering opening a branch.
2. Identifying the Metrics You Want to Measure
Market intelligence tools are great for collecting data, but it’s important to have your goals in mind so you can decide which metrics are most useful. Market research is precious when done well because the insights gathered give businesses a competitive edge that cannot be obtained by simply using Google Trends or another MI tool.
For example, if your company sells clothing made from sustainable materials and one of your goals is increasing sales, you may want to look at how much consumers worldwide are searching for “sustainable” compared with other search terms like “organic cotton.” This information will help you make better marketing decisions on where to spend money and what types of products or services customers want.
3. Using Market Intelligence Tools to Track Your Competitors
These tools can be used to track your competitors’ marketing campaigns, product releases, and other initiatives.
By tracking this data over time, companies can gain insight into trends in consumer behavior. This helps them create better strategies engaging customers while also helping them predict how consumers will react to various marketing campaigns.
4. Gathering Data on Your Market
To stay competitive, you need to know as much as possible about your market. This is why gathering data on the industry and potential customers is important. MI tools can help provide a lot of useful information that helps businesses make better marketing decisions.
Market research shows how long consumers are spending at various websites in your space. This information provides insights into what sites users feel are most helpful or relevant for their needs. Marketers can use this insight when creating content campaigns because they will have a better idea of where it would be best spent based on consumer behavior patterns. MI tools can provide this information and more.
5. Evaluate the Information Gathered
Once you have gathered your data, it’s important to evaluate it and make decisions based on the insights provided. MI tools provide businesses with valuable information that can be used in numerous ways depending on what you are looking for.
Transform the data into information the company can use to make decisions and achieve its marketing goals.
6. Put the insights into Action
Put the information gathered into action. You can select a team or hire a professional to manage your MI and decide how it should be used.
Handling market intelligence is a daunting task. Therefore, you need an organization to perform this task on your behalf. It would be best to choose NetbaseQuid since they are reliable and give you accurate data because they use advanced technology to classify data. This will enable you to make the right decisions.