Market intelligence is the process of gathering and analyzing information about a target market to formulate strategies that can be used for the long-term benefit of your organization. Market intelligence includes various activities, including marketing research, market analysis, and competitor analysis. The more accurate and complete this data you have, the better decisions you will make. Hire NetbaseQuid, a leader in the market and competitive intelligence, for optimal results.
Ways Organizations Can Use Market Intelligence Tools
1. Market Research
Market research is a vital element in determining what products or services should be developed, where they should be developed, and how they should be marketed. This involves conducting primary (consumer) interviews and secondary (market or industry analyses) reviews and audits, as well as using available statistics from government agencies, trade associations, and third-party firms.
2. Competitive Analysis
Competitive analysis helps an organization identify its competitors’ strengths and weaknesses to better position itself against them in the marketplace. It also gives your company insight into ways it can improve on its own offerings by understanding those offered by its competition.
3. Pricing Strategies
Pricing strategies help an organization determine which prices and discounts will attract customers while still meeting their needs and expectations. In addition to assessing the customer’s willingness to pay, competitive pricing strategies may include considering the costs of making and delivering a product or service as well as the value provided by such features as warranty protection, quality assurance, brand recognition, superior design, and high customer satisfaction ratings.
4. Positioning Strategies
A firm may use market intelligence tools to determine if it is positioned properly within a particular niche. For example, suppose a corporation wants to develop video games. In that case, it could conduct research to determine whether there is enough demand for such games to justify an investment in game development.
Common Market Intelligence Tools
Most companies rely on surveys to obtain feedback from potential customers regarding their buying habits. Surveys are valuable because they allow executives to gain insights into how consumers perceive their businesses and products, as well as where improvements might need to be made to ensure profitable growth.
2. Focus Group
Another commonly used tool for conducting MI is focus groups. A focus group involves gathering opinions from a group of people about any number of topics to collect data regarding their interests, attitudes, and perceptions. Focus groups have become more affordable and easier to implement through the advent of Web 2.0 software platforms.
An interview is another method of gathering information via direct communication with customers or employees. Interviews enable corporations to learn about consumer desires, preferences, and behavior which ultimately allows for improved product designs, marketing plans, and overall business strategy.
Questionnaires are usually one of the first forms of market intelligence utilized by firms due to their relatively low cost, ease of implementation, and speed at obtaining results. They also provide companies with valuable information regarding customer concerns, consumer sentiment, and industry trends. Questionnaires can be administered through e-mail, snail mail, phone, or fax, depending on the company’s preference.
Advantages Companies Get For Using These Tools
Increased Productivity: These tools can significantly increase productivity by offering more efficient ways to gather information. Marketers can save time and money by eliminating expensive and inefficient methods of monitoring competition and market conditions.
Save Money: Because these techniques are less expensive than traditional methods like public opinion polls, corporate financial managers often feel confident committing resources to them without concern over return on investment.
Build Customer Relationships: By utilizing these tools, marketers can build relationships with influential customers and prospective consumers, thus helping to cultivate future sales.
Increased Sales and Lead Generation: Since these techniques typically take only minutes to complete, companies can use them when they would not normally conduct business. This makes them an ideal lead generation technique.
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