How To Use Marketing Intelligence For Your Business?

Table of content:

  • Method to the Madness
  • A perfect guide for marketers
  • Opportunity for India
  • Take data-backed decisions

The definition of a successful marketing initiative might be different for different people, it is contingent on market understanding and people’s opinion. For some, it could be the creativity involved in it while for others it might be the relatability factor. But marketing is not just about being creative. It has more dimensions to it with one focusing on collecting, understanding, and analyzing the market trends. The data should be such that it has the ability to impact the business strategies of the company. Marketing intelligence refers to this collection of data by the company, of the market they wish to enter in order to ensure their and their product’s success in that market. Thereafter the information derived is shared with the relevant departments to leverage the market opportunity for their competitive advantages.

Whenever a company is thinking about launching a new product or entering into a new market, its focus is on analytics for market intelligence which gives them information about the target customers and their demographics, behaviour, spending patterns, competitors, government regulation, etc. All data generated is analyzed to gather actionable insights and then shared as per their requirements. Marketing intelligence efforts has four pillars. These include:

  • Competitor Intelligence: This is all about keeping a track of the competitors and the products that they are offering. Essentially all about keeping a tab on industry trends. All the data related to competitors is collected to analyze their strengths and the weaknesses.
  • Product Intelligence: aim of product intelligence is ensuring that the products being provided by the company meet the quality and the performance standards. The company uses the insight derived by adding new features. All the information collected is used to build a comprehensive understanding of the needs of the target audience and then improve upon the product.
  • Market Intelligence: In this, the focus of the company is on the target market. They try to understand how a product is performing in the existing market as well as its expected performance in the new market where the product is to be launched. This data is collected to know what product for which the market is the most suitable, it can be collected via field trials.
  • Customer Intelligence: Customers are kings and therefore it is important for the companies to keep a check on their needs and the requirements, it’s provides a valuable insight. Since they are the most important stakeholders for a company, efforts are put in by companies to know about their spending patterns, demographics, etc. to analyze the trends in their behavior.

‘Method to the Madness’

Marketing Intelligence helps a company in providing things in line with customer demands and not something that is just a current trend. Flipkart when starting its services in India decided to introduce Cash on Delivery for customers realizing that this is something that will attract more people to the platform. Amazon too had to introduce cash on delivery because that was what the people of the Indian market wanted even when Amazon wasn’t offering this service in any other world market. Here they used market intelligence to create a mark for themselves by adopting a fresh corporate strategy.

So marketing intelligence basically adds ‘Method to the Madness’. The focus of the companies is on proposing the right services that prove beneficial for the customers. This increases the need for investment in marketing intelligence by the companies so that they are able to market their products better. To know the benefits of marketing intelligence, read the article further.

A perfect guide for marketers

Marketing intelligence is a major asset for marketers as it helps them in making informed predictions using available data. All the conversation about location spending, behaviour, demographics, a shift in tastes and preferences of the consumer are noted, and then using data and algorithms marketers can remain up to date with the indirect customer feedback. Things like a better understanding of the market, trend analysis, and the knowledge about the competitor’s work are made available to the marketer which can be used by him for his own benefit.

Once a marketer has gathered good knowledge about his brands, he can use it to gain an advantage over competitors. The marketing intelligence software uses artificial intelligence to derive insights from the data. Now it has become easy for marketers to know about the competitors, the industry-related predictions, key performance indicators of a brand, brand equity, and a lot more things thereby making it a perfect real time guide for marketers.

Opportunity for India

In India, marketing intelligence is not being utilized to its maximum yet. There is a huge potential that still remains untapped which has the ability to impact every market and company. Even today the process of developing a marketing campaign is not well organized even with access to advanced online intelligence. The marketers are still relying on the perception and the ideas of their agencies which in no way are benefitting the customers or the company. Instead, their focus should be on solving the problems and upgrading their level of service.

Take data-backed decisions

Valuable market intelligence provides a business with all the relevant data which can later be used by the company in making better decisions. Everything can be analyzed and understood with data easily. The things that are working can be pushed further and the ones that are not able to strike a chord with the customers can simply be ignored, this can be understood well by conducting surveys for better customer understanding. This will enable marketers in investing time and effort towards beneficial strategies. It even helps them in keeping a track of the trends and then using the insights to make changes to the brand strategy regarding future marketing campaigns. Accurate intelligence supplemented with common sense approach can bring about ground-breaking results for a business.

With continuous changes in the consumer behaviour expected by a business, it becomes important for the marketers and the brands to use marketing intelligence to make the right decisions. What makes a company valuable is it’s ability to remain dynamic and provide a comprehensive range of business services in it’s product domain. The needs of a consumer will differ and if information about all these is available from time to time, a trend can be understood via consistent trend analysis which can help in making better decisions and expanding audience size. Future campaigns of the sales teams and marketing teams can also be guided to cater to a larger audience while optimizing product as per business intelligence.

--

--

--

Unstop (formerly Dare2Compete) enables companies to engage with candidates in the most interactive way to discover, assess, and hire the best talent.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Your content doesn’t deserve a backlink (and what to do about it)

Marketing Strategies From The Top: “Talk More” With Marco Hernandez of Kaizen Social

The Usability Of Your Website Starts With Its Content

👨🏼‍💻 What is UTM Parameter and How to Use it on Petal Merchant Center

Honest CXL growth marketing minidegree review. Part 9/12

Outdated Marketing Strategies Still in use Today Shortly Coming to an End!

I Finally Broke 10k Views On One Blog Post

Five Truths and a Chai

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Unstop

Unstop

Unstop (formerly Dare2Compete) enables companies to engage with candidates in the most interactive way to discover, assess, and hire the best talent.

More from Medium

How much time does it take to instrument your product?

Digital Experience Platform is going to be more critical on web development, Why?

Best Practices for Demand Analysis and Businesses📈

Understanding Multi-Channel Attribution in Ecommerce