Albert Einstein once said, “a clever person solves a problem, but a wise person avoids it.” However, in business management, your wisdom depends on the level of your marketing intelligence. Marketing intelligence is the driving force of wise business decisions.
Marketing Intelligence is the complete process of collection of data from the market of a company. These data and development metrics are then analyzed and combined for making crucial business decisions.
Let’s take a glance at what marketing intelligence is and how you can learn it, for turning your enterprise from surviving to thriving.
1. Introduction
Among the most important aspects that impact an organization’s ability to stay ahead of the market is having a comprehensive understanding of its competitors, the scenario of its industry, and the varying consumer landscape as a whole. With this information, marketers evaluate their tactics and optimize future campaigns depending on their insights and also from the entire industry.
2. What is Marketing Intelligence?
Marketing intelligence is the process collecting data and algorithms that are collected on a daily basis which relate to the marketing strategies of a company. Once this data is collected, it can be analyzed accurately and efficiently that helps in better decision-making methods of marketing campaigns. Marketing intelligence assists numerous marketing goals, at an advanced level, whereas it is also used to inform decisions relating to competitors, consumer trends and behavior, and products.
Marketing Intelligence is the information collected daily from the market of a company by a digital marketing services company. These data and development metrics are then analyzed and combined for making crucial business decisions, like understanding important market opportunities and recognizing market penetration strategies that allow the business to boost its revenue eventually.
On the other hand, when we talk of competitive intelligence, we mean analyzing the data collected by the study of the company’s competition.
3. How to Create a Marketing Intelligence Methodology?
Here are the steps you must follow for creating a marketing intelligence methodology— these are essential for capturing traffic, audience attention, and proving that your company’s investment is getting them a return.
3.1 Choose Competitors For Benchmarking
Conduct a SWOT analysis for determining your strengths, weaknesses and recognizing opportunities. Once you have a clear vision of your company’s market position, you must go forward to conducting a nice study of your competition. This shall help you in gaining insights into their strengths and weaknesses. A competitor analysis shall provide accurate market positioning and execution of the correct strategies for attracting customers. Moreover, their mistakes teach you lessons and make you understand what must be done so that mistakes are not repeated.
3.2 Choose Metrics to Measure
Defining your marketing strategies and goals. The goals you outline must be brand and performance-based. Brand-based goals concentrate on audience insights like demographics, consumer behavior, and digital trends. Set key performance indicators (KPIs) for tracking the success and progress of these targets.
3.3 Gather Audience & Competitor Intelligence Data
The next step is identifying the sources which help the organization in gathering audience and competitor intelligence data. You may use digital analytics tools like Google Analytics, Facebook Audience Insights, and other third-party tools for doing so.
Moreover, it is also essential to pay attention to enterprise data collection solutions provided by renowned marketing intelligence data collectors like Gartner, IDC, or Forrester. Many companies often hesitate from spending huge amounts of cash on data collection and mostly depend on DIY in-house ways of gathering marketing intelligence.
3.4 Design An Audience & Competitive Analysis
The next step is identifying the sources by which the organization gathers competitor and audience intelligence data. You may also use digital analytics tools such as Google Analytics, Facebook Audience Insights, and other third-party tools.
3.5 Share Marketing Insights Throughout The Organization
The method of gaining marketing intelligence must always be focused on generating useful insights. This information is the basis of decision-making. Thus, it is essential to pay great attention to the methods used for sharing insights.
3.6 Turn Data Into Action & And Results
The most crucial step in the marketing intelligence methodology is to turn data into workable results. There is no use in creating dashboards and lengthy reports if they finally end up being stored somewhere. Earlier we discussed the necessity of giving recommendations for supporting the marketing tactics.
4. What Is the Importance of Marketing Intelligence?
Marketing intelligence must work as the guiding tool for your teams’ decision-making process. By gathering and optimizing contextual data related to customer and industry trends and behaviors, marketers can earn an understanding of the working of everything. This provides businesses an edge over competitors, and educates them about the target audience, and evaluates insights into their various products. A digital marketing service provider must have following features-
5. Marketing Intelligence Types:-
5.1 Focus groups
Focus groups include hand-picking a group of people for creating a sample size of their target market. A moderator demands participants a series of predetermined queries for encouraging further discussion among the group. This enables marketers to gain insight into the deeper aspects of their audience, which allows them to make more informed, nuanced decisions regarding future campaigns.
5.2 Polls
Polls differ from questionnaires and surveys in which they especially concentrate on efforts on each question. As opposed to open-ended queries that might be included in other processes, polls can be answered rapidly and simply, which leads to a higher response rate.
5.3 Field Trials
Field trials are an opportunity for businesses for testing various variables relating to their product or branding which allows marketing teams to experiment with new initiatives while reducing waste. For example, new products might be tested in select stores, or new messaging may be applied to a specific geographic area.
5.4 Questionnaire
A questionnaire is another way for marketers to increase market reach among audiences. It helps marketers in determining both qualitative and quantitative insights about their users and can be conducted both offline and online.
5.5 Forms
Forms are a way for marketers for learning more about their target audience's particular details, generally related demographics. These are generally conducted by a researcher, and the target is to gain more insights on objective data in comparison to a customer's opinion and feedback.
5.6 Mail Surveys
Mail surveys are a cost-efficient way of reaching a bigger audience. While there has been a transition recently towards technology resources, this method is still very useful for organizations that conduct outreach in locations where access to technology is very less.
Related Article: Digital Marketing Trends to watch out for in 2021
6. AIS Technolabs helps to Ensure your business success
At AIS Technolabs, we have a team of experts who are highly experienced in marketing intelligence and tactics. We have sorted out all the factors and important steps that must be taken that affect marketing intelligence. Hence, choosing us for taking your business to the next level is a very fruitful and advisable option. Check out our website to have a glance at our works and projects and get the best digital marketing services.
7. Conclusion
The process of developing marketing intelligence for your business is a very crucial step. We have talked about earlier that marketing Intelligence is the information collected daily from a company’s market. The data and metrics collected can be very useful for a business. It helps a business like yours in taking the right business decisions. It helps your team to identify critical market opportunities and helps you in figuring out market penetration strategies that help in boosting your company’s annual revenue. Make sure to follow these steps for succeeding with marketing intelligence in 2021 and reach out to our experts for any kind of queries.
