With most marketing moving to a digital platform in 2021, the need for market intelligence in businesses both large and small is growing to maintain their success. Trying to decipher the data gathered through market intelligence can be overwhelming, especially since this data is used to make important decisions for the business overall. With a market intelligence expert like NetBase Quid, you can get a breakdown of this data to fit your needs and assist you with making the right business decisions for success in 2021.
What is Market Intelligence?
Market intelligence references the different data gathered for your business, such as trends within your business and those of competitors in the same industry. This collection of data determines what is working in your marketing strategies and what isn’t. More specifically,
if you want to develop new goals for the new year, market intelligence lets you know what is working for your competitors so that you can boost your own marketing campaign for success. For starters, market intelligence takes an audit of your current marketing practices and compares them to successful competitors in your industry. With this data, you know what strategies are working and what new campaigns need to be implemented to maximize your leads.
Create Campaign Strategies
Now that market intelligence has given you data to use, developing campaign strategies is the next step for success. The data gathered gives a detailed insight into the audience that you are seeking out and where they can be found. Lots of data focus on social media platforms and generating campaigns where your audience is spending time. These campaigns focus on combining your business with the interest of your audience so that they gravitate to your social media profiles and online website for more information. This data can also track customers of competitors who may not be satisfied with their experience and looking to do business with someone new.
Maintain Suppliers Relationships
Because you have this real-time data to determine trends and demands, you can develop a stronger relationship with your suppliers to meet that customer demand that is growing substantially. If your current supplier is not able to meet the demand and goals, you have the data you need to seek out a more stable supplier relationship that is reliable and can meet the demand for your business.
Boost Customer Satisfaction
With market intelligence, you are able to determine what your customers like and what they don’t. This data gives you a unique opportunity to boost customer satisfaction and customer retention. A happy customer will leave positive reviews for potential customers and also spread the news about their positive experience, further generating new leads for your business. Furthermore, market intelligence will give you insight if customers start to have negative feelings and give you an opportunity to correct the problem before you lose your customers and maintain that level of satisfaction.
One of the biggest benefits of market is the ability to monitor your business’ brand health through the gathering of this data and analysis. Knowing how your audience views your brand is critical as you move forward with your marketing strategy. Good brand health means that your customers and audience recognize your brand no matter the platform it is found.
NetBase Quid Can Help You With Your Market Intelligence
Trying to gather different types of data for your business and competitors can be time-consuming on your own. When you partner with market intelligence experts such as NetBase Quid, they take on the heavy lifting of auditing and gathering the data for your market intelligence. They break it down for you to understand and use for decision making. If you have custom intelligence you would like for our team to gather, visit us online today for more information.