Marketing intelligence must act as a guide for your teams' decisions. By collecting and analyzing contextual data on customer and industry trends and behaviors, marketers can gain a holistic understanding of what works and what doesn't. You can collect market information by viewing sales records, customer data, and surveys and reviewing social media metrics. Market intelligence is a great way to identify the current position of your product or service relative to the current market.
The digital shift creates more ways to collect market information and more opportunities for automation.
Business intelligence
refers to specific data about a company, while market intelligence analyzes general trends. In a world governed by algorithms, SEJ provides relevant and timely information for SEOs, marketers and entrepreneurs to optimize and grow their businesses and careers. Today, marketing refers to a broad set of procedures that help ensure that a company's services and products receive the necessary attention and positive interactions from consumers.Market intelligence can provide you with a broader view of your industry and help you identify new opportunities for expansion. Market understanding is your perception of the different markets in which you sell your product or service. Market research, on the other hand, involves an in-depth analysis of the consumers who constitute the core of this market and the behavioral trends that differentiate them. Market intelligence is a sure-fire way to help you determine how and to whom to direct your marketing efforts.
Companies will also continue to invest in the development of cloud technology, as relocating marketing intelligence systems to the cloud can improve the efficiency and agility of related procedures. You could perform a competitor analysis to understand which are the most prominent brands or perform a market mapping exercise to detect a gap in the market. Market intelligence is often comprised of existing information (and widely available data) to help brands better understand the competitive landscape in which they operate. Therefore, market intelligence is based on a wide variety of data that informs companies about all aspects of market conditions, such as consumer opinion, and provides similar information relevant to the company.
Alternatively, cloud services such as Oracle and Birst can help you easily share business intelligence between units. When equipped with stronger marketing intelligence and high-quality leads, marketers can significantly improve conversion rates. It can also be used to identify the pros and cons of expanding into new markets and what opportunities or risk factors are associated with it. The above key differences should make it easier to determine the type of intelligence data your company might need at any given time.
