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Marketing Intelligence | Using Marketing Intelligence to Grow Your Business

Marketing intelligence for business

Marketing Intelligence | Using Marketing Intelligence to Grow Your Business

Marketing Intelligence

Marketing intelligence consists of the collection, processing and dissemination of information on products and markets. It is closely linked to the launch of new products and the detection of new markets.

It is based on:

Targeted information that scrutinizes new events in the seller / customer and supplier relationship as well as competitors, is at the center of this challenge. Monitoring is based on monitoring the key players who have an impact on commercial development: monitoring the conditions of access to markets, key players, changes in the environment and the rules of the game, innovation, offers and new products and services.

From the regular repetition of this conscious and targeted commercial watch, as well as the feedback of field information from the sales forces, “market intelligence” is born.

To carry out effective monitoring, you have to know what to watch: define specific priorities and objectives.

Related topic ? Behavioral Economics and How to Apply it to your Customer Relationship

The importance of Marketing Intelligence

How to Improve a Company’s Marketing Intelligence System

Previously, marketers analyzed limited amounts of data at irregular intervals without looking to the future. They will review the performance of a new product launch or campaign after 30 days, often too late to be able to make changes that can directly impact business results.

When it comes to measuring brand visibility and customer affinity, the main approach is often limited to focus groups that are held once or twice a year. This tactic is no longer sufficient. Leverage your data with marketing intelligence. Let’s take a look at how marketing intelligence can help your company or business.

Get a complete view of your campaigns

The Challenge: When driving growth is your goal, you need a complete view of how your campaigns are performing, in real time and across channels and markets. You can’t afford to compartmentalize your data when trying to get a big picture of your customers. But without the right tools, data integration can be a complicated and time-consuming process.

The solution: With marketing intelligence tools like Datorama, you can seamlessly connect your data, regardless of its source, and display it in a single dashboard. This dashboard provides you with valuable insight and information to set business goals.

Create budget transparency

The challenge: you need to understand exactly how your budget is spent across the board. Transparency in your business is essential: customers and industry demand it. This is not an easy task, especially if you manage multiple business units, dozens of channels, and hundreds of product lines across many countries. With traditional tools, you need time, technical expertise, and investment to meet this great challenge.

The solution: Marketing intelligence gives you the ability to bring your data together in an automated fashion, so you can see exactly what is happening at all levels of your performance indicators, whether it’s return on investment, growth or loyalty. With tools like Datorama, you have everything you need to hold your budget spending accountable and account for the money spent on marketing.

Get everyone on the same vision and mission

The challenge: developing a marketing measurement and analysis system is not an isolated project. You need the collaboration of teams at all levels and in all departments of your business.

The solution: While many teams work in their own corner, marketing intelligence creates a powerful connection between them. Thus, a marketer, whatever their role and function, can bring together the data, ideas and discussions that lead to meaningful results. The team is more data-driven and works transparently to provide the best experience for your customers and drive business growth.

Control the growth of your business

The challenge: you have to be able to make decisions in real time.

The solution: With a holistic view of marketing activities and an adequate measurement system in place, marketing intelligence tools allow you to manage the growth of your business. You can use AI-powered insights to tailor campaigns and allocated budgets in real time to achieve the best possible performance. Are you creating a large-scale TV commercial? You will have immediate visibility into the level of engagement and metrics across all channels. If the campaign works, you can instantly boost strategy. Otherwise, you can change course immediately. Marketing intelligence puts you in the driver’s seat, allowing you to focus all decisions around business results.

Example of Marketing Intelligence

For example, A telecommunications company needs to monitor the prices of competitive mobile phones in the same segment. A price drop in the competitor product can mean the company is introducing a new model in the market.

Japanese automotive companies were able to capture the US markets and even dominate them using competitor intelligence. Understanding the need for high quality, fuel-efficient cars led them to strategize and penetrate the US market successfully.

A comprehensive market research can give valuable insights to a brand, for instance, the target market is age 20-40, upper-middle-class family and the trend in the market is for Crossfit training to get fit and healthy. A particular gym can use this information and provide services specific to this requirement enabling them to penetrate the market much faster than the usual gyms.

Sources: PinterPandai, Marketing Evolution, Business News Daily

Photo credit: Pixabay

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