NetBase Quid – Market intelligence and Why it is Vital for Businesses
Market intelligence is the information businesses acquire from the market they want to operate or operates to determine market penetration, existing market metrics, and market opportunity. It is a vital feature that helps businesses gather competitor intelligence and recognize the market’s state to be productive.
However, market intelligence is not similar to business intelligence. While business intelligence focuses on internal factors like processes, headcount, and billing rates, the other focuses on the organization and external factors that give the market’s general view. However, integrating the two processes will help a business understand how particular market conditions affect corporate performance.
Advantages of Market Intelligence
It has multiple benefits. It not only helps an organization differentiate their products from competitors, but it also provides them with vital information for their brand success. Here are other advantages it offers:
1. Increase in Sales Process
Companies have multiple products and target audiences and have a hard time identifying which product targets a specific group. The process helps determine market dissection, which allows businesses to know which product fits a particular group.
2. Enhance Process Competence
The process boosts the overall business efficiency and effectiveness by identifying market gaps, providing businesses with concurrent analytics and data, and clarifying how to develop robust strategies.
3. General Market View
A clear understanding of the market is essential to a business and leads it to success. The process involves gathering real-time information from the market and understanding behaviors, customers, and trends, helping companies meet market demand and stand out in the competition.
Why Market Intelligence is Vital to Businesses
The process is essential for business success as it is a marketing foundation. It also helps businesses apprehend the market demand, be consumer-centric, acquire high market shares, boost sales opportunities, and offer competitive advantages. The benefits are essential for any business success. Thus, the process is a vital component that helps businesses to execute efficient plans for their prosperity. Here are other reasons why the process is crucial for any business.
1. To Know the Target Audience
Gathering information with the process helps businesses understand their customer preferences and specific needs. Conducting surveys also help businesses select their target audience that fits particular products.
2. To Gauge Products
Through conducting surveys, one will understand market trends and the demand for individual specifications and features in a product. The information help companies assess their products and make well-informed decisions.
3. To Conduct Competitor Analysis
In today’s business environment, conducting surveys to collect information about your competitors is vital. With the knowledge, businesses understand their competitors’ weaknesses and strengths, adjust their products to meet specific customer needs, and invent strategies based on their competitors’ position.
4. To Understand their Position in the Market
Gathering market information through surveys helps one have an in-depth understanding of the market. It gives you insight into the market demand, your target audience, and your competitors’ information. Evaluating the information helps businesses understand their position in the market and make the right strategies.
Market Intelligence Tools and How Businesses Use Them
These tools help businesses collect and analyze the acquired information to gauge their market position. The information includes marketing trends and search engines, funding and financial rounds, analysis, and competitive information.
NetBase Quid is a marketing intelligence platform that uses the available data from multiple sources and offers businesses a database to view the market and its target consumers. It pulls the information from various intelligence tools like SEO tools, Web Analytics, and contact center software.
Multiple intelligence tools can enhance existing contacts and sync user’s CRM to acquire records of new information. This is vital to businesses as it helps them understand how search preferences change, understand what their competitors do differently, and know where their potential lies.