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article imageHow companies should use marketing intelligence

By SimilarWeb     Mar 29, 2021 in Technology
Marketing intelligence (MI) information gathered by a company that is analyzed to identify market opportunities and business strategy. The most important aspect of marketing intelligence is staying ahead of the curve.
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It enables the web traffic to be organized and optimized for your trading. It includes the different strategies to penetrate and develop the impactful metrics to build a comprehensive understanding with its marketing competitors. By using a Marketing intelligence system, marketers are provided with accurate and more precise opportunities to evaluate their future campaigns in a foreign market. It helps companies to scrutinize the most appropriate mode to meet their consumer’s demands. The main objective of marketing intelligence is to understand the state of an industry, its competitive environment, and the needs of the consumer landscape.
Marketing Intelligence is based on various tools that calculate collected information from customer responses. These tools analyze responses and predict results. The mix of data from companies, consumer responses, opposition and the commercial impact on the economy is used in marketing intelligence systems. The integration of data enhances the development of a campaign by prioritizing the needs of the customer based on the collected information. The success of a campaign depends on the evaluation of the collected information. Marketers have to build strategies to identify the customer's profiles, needs, habits and their motives to use the product. The quality of marketing intelligence ensures success.
Today much of the software that helps to collect information is cloud-based, as well as on-premises. The sources of information include web analytics, surveys, call centers, and data gathered during sales conversations. The quality of marketing intelligence is increased when a marketing manager consults relevant publications, books and newspapers, along with data from customers, distributor, suppliers, social media conversation and online forums. Real-time data and trends are used to optimize the marketing intelligence performance. Business intelligence servers will rank the company in online searches and look for opportunities to differentiate and drive customer acquisition.
There are various methodologies that derive marketing intelligence, including focus groups which estimate the sample size for the target market and encourage the discussion of participants. Polls with open-ended questions that can be answered quickly and easily will also lead to better response rates. Questionnaires and forms are also a way to evaluate the opinions of target customers.
Finally, surveys done by mail are the most cost-effective way to analyze and collect information from customers.
The following factors can be used to optimize a marketing strategy for a company:
Trend data allows a company to understand the unmet need of a customer and identify opportunities for the company to satisfy customer needs. Mega trends have an impact on social, economic and political decision-making. While it's possible for macro-economic trends to have negative effects on a customer base, it's critical that companies consider them in order to reach their marketing goals.
Beliefs, norms and values largely influence the taste and preference of the population for the desired product. Marketers have to understand both cultural and social values.
Marketing intelligence is research for the design, analysis and collection of reported data by defining the problem, developing a research plan, collecting and analyzing information, and presenting findings.
In 2009, Kotler discussed the following steps that are to be taken by a company in order to be successful with marketing intelligence:
Train and motivate your sales force: A company's sales force is one of the most important sources to monitor when collecting data from customers. A company should put a training and incentive plan in place for its sales team in order to gather data.
Motivate distributors, retailers, and other intermediaries: Companies should hire specialists to motivate distributors, retailers, and other intermediaries to gather intelligence.
Network externally: Companies must do, or acquire, research and analysis of competitors.
Set up a customer response panel: The best marketing intelligence is gathered directly from customers so an organization should plan to monitor the needs of its customers and collect feedback.
Government data resources: Public resources that report on population trends, demographic characteristics, and industry trends can be used to optimize a marketing strategy.
Get information from external sources: If you don't have first-party data, you can buy data and insight from others.
Online customer feedback systems: Customer reviews are one of the most important inputs. They can be collected using online sites such as chat rooms, blogs, discussion pages, and review boards.

Marketing Intelligence as a toolkit:

Marketing intelligence to train your data should consist of the following components:
Marketing leaders: They use their experience to analyze collected information to optimize a marketing budget.
SEO and content marketers: Search engine optimization tools use algorithms to identify high-ranking keywords used by a target customer base in search engines. Content marketers can use that data to create content.
Affiliate marketers: These groups will provide referral opportunities to strengthen marketing intelligence.
Media buyers: This group will place ads online and with publishers where your target audience spends time.
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