5 Steps to Improve Market Intelligence for Your Business Growth

Market Intelligence

Are you getting disappointed by slow sales, or the competition is outpacing you? The secret lies in being on your toes to think on proper ways of attracting, serving, and retaining the customers. You will need to acquire the market intelligence to have a clear picture of what the market trend is. NetBase Quid uses internal and external data to understand the state of different markets and its position within it. The process involves the use of surveys and customer feedback to gain insights. You observe your competitors, compare the product and public data, and understand how your products will fit into the marketplace. Let’s get started.

Parts of Market Intelligence

  1. Product Intelligence

The act involves taking more in-depth steps in discovering the brand’s products within the market. You can gather the information by polling target audiences, surveys, or speaking to the consumers directly. As such, you can create the team to align the product to specific consumer interests.

  1. Competitive Advantage

Here, you will gather competitors’ data to get insights that you can involve in building business strategies. It would be best if you also understood the consumers who will choose your competitors. You should create brands that will target ideal customers.

  1. Marketing Understanding

You should collect the data that revolves around examining the marketplaces, saturated by the customers. Find out if the market reads industry journals, books, or magazines. You should understand the areas where your targeted audience is ever active and determine if the product can fit there.

  1. Consumer Insights

You should understand that your clients are assets in identifying new customers to boost the retention rate with less market spend. Typically, it will cost the brand at least five times to get a new customer rather than retain the existing one.

How to Improve Market Intelligence

You should take various steps to gather the right data and make informed conclusions. Here are ways of improving the process.

  1. Establish Sales Teams

You should use both B2B and B2C audiences for your marketing intelligence efforts. As the sales teams speak to the consumers directly, they will have an in-depth understanding of the industry trends. They also identify the strengths and weaknesses of the competitors and the expectations of the clients.

  1. Create a Customer Advisory Board

You should establish such a board to make links with the customers. By doing so, the company will understand the needs, challenges, and interests of the clients. As such, it will create more impactful communication.

  1. Have a Quality Data

The organization should acquire marketing data both from online and offline sources. They can be from a subscriber that will indicate the geographical location. Furthermore, it may also be from a radio broadcast range, among others.

  1. Use the Right Marketing Tool Platform

One should use the correct marketing tool that will shed more light on what resonates with customers. You will also learn if they respond better on social media advertisements or TV ads. You should also learn the creative ways that the audience will respond to them. You will acquire crucial information if you use the right marketing tool.

  1. Customer Feedback

You will get the right perception of the customers as you make your campaigns. Focus marketing strategies on the platform of strength. You can consider using tools like surveys, polls, and feedback prompts.

Market intelligence will give you the right information on market trends. Your organization should employ the correct marketing tools to develop strategies to give them an edge over their competitors. Any institution that yearns for growth should have a great understanding of the market to know what the consumers want. By understanding consumer expectations, you adjust to meet their needs and grow your business.