Market intelligence is an important aspect of any business. Market research and market analytics can help you make better decisions about your product or service offerings, pricing strategy, and more. Intelligence tools come in many different forms and offer a range of benefits for businesses.
In this article, we will discuss what market intelligence is all about, how to use it effectively in your business, and some of the top-of-the-line tools that are out there.
What Is Market Intelligence?
It refers to the information that is gathered about your market or industry. Market research and analytics can help you understand what’s happening with competitors, customers, potential clients, suppliers – basically any aspect of your business related to its products or services.
How To Use It Effectively in Your Business
Intelligence is beneficial for businesses in the early stages of their development or expanding into new market areas. Market research can help you understand what customers need and expect from your company.
Market analytics will show you where your strengths lie compared with competitors, which products/services are popular (and not so much), how well potential clients like your brand…the list goes on.
Market tools are also beneficial for businesses that want to improve their sales pipeline. Intelligence can give you insight into your customers’ needs and how they feel about your product or service offerings.
There are many different methods that you could use to gather intelligence. Still, some of the best (and most popular) include social media research, online advertising analysis, traditional surveys/focus groups/interviews.
Top-of-the-Line Market Intelligence Tools
There are dozens of market tools out there. Some may be more suitable for your business than others, depending on what you need and how much money you want to spend.
Here is a list of popular and reliable tools you should consider:
Market Samurai is a web-based intelligence tool that provides you with all of the information you need to understand what’s happening in your industry. Market Samurai uses its own proprietary search engine technology and external data from other research tools and social media outlets to help give you a comprehensive understanding of how the marketplace looks right now.
You can use Market Samurai for keyword research, competitor analysis, product comparison. Basically any aspect of marketing/selling online products or services.
HubSpot is a great tool for businesses looking to use intelligence in their marketing efforts. Market research and analytics can help you understand how well your company compares with competitors, what products are selling the most, who makes up your target audience…the list goes on.
Market reports show where opportunities exist – both online and offline – which allows you to make more informed decisions about future strategies, goals, etc., so that your business grows at its optimal rate.
Market Research Reports
Market research firms conduct surveys, interviews, focus groups, and more to understand what’s happening with your industry right now. You can pick up one of these reports on the web or at many local bookstores for prices that vary based on company size and report length/type (consumer vs. business).
If you choose this option, make sure you work closely with your marketing team to reflect their insights into any new strategies or changes later.
Market Share Reports
Marketing share reports provide you with information about the market shares of different companies in your industry. The more prominent a company, product, or service is within its sector, the higher percentage of total sales it will have.
Market share data can be used to compare and contrast key aspects of businesses that are doing well vs. not so much to determine why customers prefer one over another – and how this could apply to your business.
Market research firms also conduct these studies for consumer purchases rather than business-to-consumer (B-to-C) markets when looking at things like brand loyalty or purchasing patterns from certain demographics/regions.
About NetBase Quid
NetBase is a market intelligence tool that can help you understand what’s happening in your industry right now. Market research and analytics give you the information needed to make better decisions about future strategies, goals, marketing campaigns…you name it.
You can use NetBase to get insights into your industry, competitors, and customers. Market intelligence can help you understand how well your company compares with others in the market right now so that you can make more informed decisions for future strategies or goals.