What is Market intelligence?
It is the science of gathering and analyzing information about buyers, sellers, and companies to create a more detailed picture of the market. Marketers use this knowledge to understand their customers’ wants and how their competitors compete. In other words, it’s data that helps businesses better understand their own space and what they can do to reach new customers. NetBaseQuid is a company that helps brands, entrepreneurs, and service providers understand the research from a different perspective.
Things That market intelligence tools Do
1. Track mentions online
By using social listening, you can track all your brand mentions online and also use it to uncover negative and positive reviews of your brand and see if there is any mention of competitors, this way, you can monitor how your market is adopting or reacting to your product.
2. Monitor the competition
It helps you track what the competitors are doing, how widespread their business is, and how well their marketing campaigns are doing and help you get a better understanding of them, thus helping you with planning for new tactics to tackle them.
3. Understand the values of your customers
It helps you understand the market by gathering information on people who were in touch with your product. You can also see who came back to buy, use the service, or go to a competitor’s site. It thus helps you clearly understand what makes your customers tick and how you can convince them to do things differently, but it is functional.
4. Get a broader perspective on the market
You can use the intelligence tool to get an entirely new perspective on your market and see things from a different point of view. It helps you see something that you may not have noticed before and enables you to create new ideas for marketing and products by giving you a complete outlook on what is happening in the market.
Ways How Businesses Start Using Market Intelligence Tools
1. Post a question on social media
There are certain websites like decisivs.com that help companies reach out to their audience and get answers to their questions regarding how the market is reacting to their product or service. The best part is that the audience can see that you are using an intelligence tool and efficiently answer your questions if your post has been compelling enough.
2. Use the tools to discover new trends
There are certain websites like gooddata.com that help you track the reactions to various trends in the industry. By looking at what people say about a trend or fad, you can quickly tell if it is growing or dying out and then plan accordingly by either continuing to use it or changing it entirely. To put it in perspective, many brands have used this tool to plan out their marketing strategies effectively and gain customer trust by using authentic research data that they have received using intelligence tools.
3. Use the data for planning
Websites like netbase.com help you track how the market is reacting to your product or service by giving you a complete analysis of all the reviews and social interactions. Thus, using intelligence tools like this can give you a new perspective on how your work is being viewed and how people react to it.
4. Use it for planning marketing campaigns
Using these market intelligence tools, you can tell which ones have the most significant impact and change them accordingly to create more buzz around your product or service. Thus, this tool helps you plan relevant marketing strategies that you can also use in the future.
5. Use it to collect information
Some websites help you gather information on your target audience by asking them what they think about your product or service, how aware they are about it, and all their likes and dislikes. It helps you get a complete idea of your market and what they want.
Market intelligence tools provide detailed insight into the market’s reaction to your brand and what they like, dislike, or ask for. Thus, you can use tactics relevant to the market rather than those the company has developed in-house. The best part is that it helps your brand better understand its customers and how they react to different marketing strategies and products. Using market intelligence tools, you can effectively target customers to sell more of your products or services.
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