Business

Knowing Your Market: Market Intelligence

What do you want to know about your market? Whether it’s predicting the future of your industry, knowing what people are looking for when they come to your NetBaseQuid website, or seeing how much money is in the pot so that you can make a sound business decision – market intelligence has something for you. Market intelligence is information collected and analyzed by experts who have deep knowledge of their industry. Competitive analysis, customer feedback surveys, online research – these are just some of the things that go into understanding what drives consumers and businesses alike. Tools for achieving market intelligence include;

Market research

Study market characteristics and trends, including identifying customers’ wants and buying habits; analysis was undertaken to aid marketing decision-making.

When it comes to getting information about your target audience, there is no substitute for taking a good look at what they’re doing online (and maybe even off). This can be done by creating surveys or interviewing existing customers. There are also tools like Google’s Keyword Planner that you can use to get an idea of how people might be searching for something in particular.

Business intelligence

A system for making business decisions using information about the past, present, and future. (marketing) an analysis of data that can be used to support marketing decision-making; “the company’s acquisition of customer insight is one of its greatest assets” synonyms: market research, market study, survey; More financial forecasting.

Customer Feedback Surveys

Once you’ve conducted your competitive analysis or googled the crap out of something key to understanding your target audience, which has given you a lot more valuable insight than what any analyst could have told you in half an hour. It’s time to ask them! Customer feedback surveys are not just significant ways to get people talking about whatever you’re selling, but they are also a great way to see how you stack up against your competitors.

Online research

Research conducted using the Internet as a source of information; “he did some online shopping to find their sizes” synonyms: internet research, web surfing, googling; More (marketing) the process of gathering and interpreting data about consumers or customers through statistical analysis and other marketing techniques.

Internet Research – The beauty of this one is that it’s free! Many great tools are available for marketers who want to understand more about what people think when they’re not talking directly to them. This can be used for all sorts of things such as market intelligence and just simple demographics like age groupings or gender breakdowns which you can then use in conjunction with your customer feedback surveys or competitive analysis for a complete picture of your market.

Competitive analysis

A detailed examination of the strengths and weaknesses of competitors; “MacDonald’s is known for its competitive analysis” synonyms: market research, study, survey; More (marketing) a process by which organizations identify their most significant competitors and analyze both their capabilities and possible strategies. It can be beneficial to get an idea of what your competition looks like on paper before taking them head-on in the marketplace. Understanding who they are targeting, how much business they’re getting from that group, what you have that separates you from all the rest. It makes perfect sense! After all, why go after something if there isn’t even enough demand or budget to support it? This is where doing your market research will pay off.

Web analytics

Statistics and logs kept analyzing the number of visitors, traffic sources, pages they visited on a website. (marketing) an analysis of data that can be used to support marketing decision-making; “the company’s acquisition of customer insight is one of its greatest assets” synonyms: market research, market study, survey; More The process by which we measure how effective our marketing efforts are working so we can constantly improve them for better results in future campaigns or product launches. This ties into web analytics but goes further than just analyzing who your customers might be right now based on what you know about their demographics and psychographic.

Sanket Goyal
the authorSanket Goyal