As a marketer, market intelligence tools can be your best friend. Marketers need market intelligence to decide which of their marketing campaigns are working and which ones aren’t. There are many different types of intelligence tools, and some marketers use one type while others may use three or four different types for different purposes.
This article will discuss the benefits of using intelligence tools on both the macro and micro levels and how to use these tools to position businesses to succeed in today’s competitive landscape.
Track Market Trends
Intelligence tools can help marketers track market trends. Marketers need to know what products or services their target consumers are currently using and those they may be interested in purchasing. Businesses can continue to produce and market items that meet market demand.
The market intelligence tool industry is expansive. There’s a solution for any size company. It depends on how much information marketers want about markets and which type of market data they prefer e.g., free vs. premium.
This level of market research helps businesses identify future growth opportunities by understanding potential problems with current products/services, emerging needs/trends among customers, etc.
Discover New Opportunities
Marketers can also use intelligence tools to discover new opportunities. For example, market researchers may find a lack of demand for a product or service that previously had a high market share and was considered “mainstream” by consumers. This signals an opportunity for marketers who produce the discontinued items to develop more innovative products/services with higher-quality materials, etc., to gain market share.
This requires market research on what other types of goods/services are currently being demanded at similar price points and how this demand has changed over time e.g., is there greater interest among customers regarding certain features? Marketers need all of this information to position themselves appropriately before entering into new market niches.
Monitor Competitors
Marketing professionals can also use market tools to monitor competitors. This helps marketers stay ahead of the curve and get a better idea of what their competition is doing, such as new product/service launches, marketing campaigns, promotional activities e.g., discounts, etc.
They need this information because businesses don’t operate in silos; they rely on market research and consumer insights when developing products or services that meet market demand and set themselves apart from the competition. Marketers must understand competitive positioning before making strategic decisions about marketing goods/services to consumers if an item doesn’t perform well against its competitor(s).
This level of market monitoring allows companies to strategically position themselves with respect to market demand and how it’s being met.
Assess Risks
Marketers can also use intelligence tools to assess risks. For example, they may find that a product/service in their industry is experiencing price erosion due to market saturation and increased competition. This signals an opportunity for marketers to offer discounts or incentives to boost sales of this particular item or service before it’s too late e.g., when market demand stops growing.
This market research helps businesses identify potential problems with current products/services, emerging needs/trends among customers, etc. These factors play into the success of any marketing campaign targeted toward consumers over time. Marketing professionals need access to multiple sources of information about market conditions to make prudent decisions regarding market demand and market trends.
About NetBase Quid
NetBase is a market intelligence platform that provides access to multiple sources of information about companies, people, and products/services. Market researchers use Quid’s technology to monitor the impact of marketing efforts on social media channels e.g., Twitter, blogs, forums, etc.
This helps marketers gain deeper insights into how their competitors are positioning themselves with respect to market demand and how it’s being met across various digital properties, including websites, mobile apps, forums, or online communities where consumers share opinions about brands they love or hate.
