Market intelligence is the business-critical information needed to make decisions in the modern global economy. The need for a company to have insight into what other companies are doing, and plans they have for the future, is paramount. The more information a company has about its competitors, the easier it will be to formulate strategies that give them an edge.
NetBase Quid is a competitive intelligence solution that allows users to access the latest, most up-to-date information about companies and competitors. NetBase Quid’s unique technology can monitor online conversations, social media sites and news sources, collating all of the relevant content into one place. It allows companies to easily see everything being said about them and their industry, giving them the information, they need to make strategic decisions.
What is Market Intelligence?
Business intelligence is classified as the information a company needs to decide its competitors. This knowledge is needed to help companies stay ahead of the competition and prevent making moves that will hurt their bottom line. Market intelligence allows companies to see what competitors are doing in business, financials, and product development. Additionally, it keeps track of customers’ reactions and how they’re responding to competitors’ products/services. Companies that have access to this type of information can make strategic decisions based on their competitors’ performance.
Why is Marketing Intelligence Important?
A company’s success can depend on its ability to monitor competitor activity. A company that knows how its competition is performing and pricing its products has an advantage over the competition. This information can help them determine what they should be doing within their own business to stay ahead of the game. This type of information allows a company to implement strategies that will boost sales, cut costs, and improve market share. Without it, a company may fall behind its competitors or lose ground in the industry.
Types of Marketing Intelligence
There are a variety of different types of business intelligence. A company can monitor the following:
“Focus groups” are small groups of people that meet to participate in a survey. To conduct this type of business intelligence, a company will send out surveys to a limited number of people. These focus groups are only used for research and development purposes. They have no other purpose than to gather the information used for marketing and analysis.
Companies can also conduct polls or surveys to get the pulse of their consumer base. They will gather information by asking questions based on consumer preferences, buying habits and reactions to new products. The information gained from these polls can help a company meet its consumers’ needs better.
Field trials are tests done in the field. The purpose of conducting field trials is to test new ideas about how a product will work before implementing them in the market. These “tests” are not meant to gather research but rather to learn which showed promise and didn’t.
Questionnaires are an excellent way for companies to collect information from their customers. Companies will ask their customers how they feel about a particular product or service. This method allows the company to get feedback and send it back to their developers, allowing them to make changes that will improve the performance of their product.
The ability to monitor competitors is critical to staying in the game. It allows companies to make strategic business decisions based on their competitor’s performance. NetBase Quid makes it easy for a company to gain access to up-to-date information about their competition, leading them to strategic advantages over their competitors.