Market Intelligence Services keep fluctuating, and a marketing team needs accurate customer personas to attract high-quality leads to their funnel. To act quickly according to market trends, marketing teams need market intelligence services to stay equipped with relevant data. The most commonly used market intelligence sources are customers, employees, salespeople, competitors, trade fairs, conferences, trade publications, seminars, and literature. Let us see what market intelligence is and how it supports a marketing team.
Understanding Market Intelligence
Market intelligence is a wide-ranging topic that includes all the data a marketing team collects from its sources. The data may cover market trends, customers’ demographics, business competitors, geographic areas, regulations, compliance, etc. The team must derive meaningful insights from the collected data to refine and determine market segments, opportunities, and penetration.
Competitive intelligence, industry intelligence, and product intelligence are also parts of market intelligence services. These together provide a holistic view of the market, enabling the marketing team to see a broader picture, uncover insights, connect the dots, and make data-based decisions for guaranteed success.
How Does a Marketing Team Benefit from Market Intelligence?
Market intelligence empowers a marketing team with relevant data, helping them gain insight and make informed marketing decisions. Let’s see how.
1. Gets a Broader Market Perspective
A robust market intelligence approach gives the marketing team a broader perspective on a regular basis. With such a bird’s-eye view, the marketing team can stay agile in fluctuating market conditions, quickly adjusting when required.
2. Gains the Power of Anticipation
With the power of market intelligence, a marketing team gains insights to monitor, foresee, and act on market opportunities on time, sometimes even before the upcoming market shifts and their impacts. For instance, market intelligence enables a marketing team to suggest to business executives the right time to enter a new market.
3. Gains a Competitive Edge
Competitor intelligence is a type of market intelligence that helps a marketing team see how its marketing strategy stands against the competition. Integration of competitor intelligence supports a marketing team to keep an eye on competitor moves, based on which they can improve their offerings and capture more of the target audience.
4. Identifies the Right Projects to Invest In
When a marketing team works with market intelligence, it can help an organization avoid losses by investing in suitable projects. The best thing is that market intelligence keeps all the information in one place, allowing the marketing team to capture the broader picture of the customers, competitors, and the entire market. That way, the marketing team recommends that the business quickly identify and invest in new products, services, and programs while avoiding resource and time waste.
5. Understands its Target Audience
If a marketing team wants to increase its business’s customer satisfaction, fulfill market demands, and improve the customer retention rate, market intelligence services would be its primary ingredient. It helps them gain a solid understanding of the target customers and audience, based on which they can make more customer-centric decisions.
6. Plans a Product and Service Launch with a Robust Strategy
A new product or service starts with an idea, goes through development and prototyping, and ends in an official launch. Marketing and sales come after that. All these involved steps have a market intelligence strategy behind them.
At each stage, a marketing team must identify its consumer’s problem and develop the product with market-driven characteristics. With marketing intelligence, the marketing team knows when and where its target customers shop and which media they use. Once launched, insights into the market helps a team achieve revenue forecasts, increase profitability, grow sales, and optimize its marketing budget.
7. Improves Operational Efficiency
Optimizing marketing intelligence in a marketing team guarantees money and time savings for the organization. The marketing team members need to spend less time searching for relevant data. Besides that, they can pinpoint gaps in the available information, saving them resources, time, and money spent on redundant market collection and research.
The secret to a successful marketing strategy is gaining powerful insights into the target market and managing them strategically. Market intelligence services help a marketing team connect the dots between its market data and asset so that it can effectively communicate with the relevant stakeholders and help make better business decisions across the organization.