What is Market intelligence?
It is the process of gathering and analyzing data to make successful decisions. It includes various information, including competitive analysis, market size, and industry trends. A business might use it to assess its standing in the market against competitors. Or one might use it to research a new opportunity or evaluate possible risks from exposure in a specific geography or industry segment.
One can use NetBase Quid to help in gathering data related to a specific industry sector. For example, if you want to know the number of companies in the Telecom and IT industry or smartphone industry etc., you can use NetBase Quid to find out. The company will be able to determine how large the industry is, how much competition there is in that industry and what are the revenues and profit of each company. NetBase Quid also helps determine the trends in these industries so that companies can adjust to them.
Different Ways a Business Could Use Market Intelligence Tools
Identify growth opportunities.
The business can use intelligence to identify growth opportunities through a new product or service or improve existing products and services. A good tool will give helpful forecasts in the coming years so that the business can position itself optimally in the market.
Identify potential for new markets.
The business could use other companies’ marketing strategies to identify the potential for new markets, especially if its current products are not present in these markets yet. Its tools may also help the business adjust its marketing strategies depending on existing consumer trends and demographics to ensure they are not lost in foreign markets.
The business may use its tools to identify customer needs and preferences and potential competition. By looking at detailed information about competitors, the company can determine how its products compare to those of its competitors and decide what areas it wants to focus on to gain a larger market share.
Identify changes in the marketing environment.
One may use Market intelligence tools to identify changes in demand or customer needs that will affect a company’s products and services and the risks associated with these changes. It will help the business to adjust its marketing strategies accordingly.
Common Tools used and the Benefits of Using Them
Craft is a complex tool that collects and organizes information from various resources, such as press releases, news alerts, blogs, and social media platforms. When used correctly, the craft can help businesses learn how their competitors do business in the market. With this data-driven approach, the company can make informed decisions to stay ahead of competitors.
Ontolo is a customer-centric marketing tool that includes customized customer profiles, real-time analytics, and information from social media sites. It allows businesses to gain valuable insights into their customers and their behavior. Brands widely use data to develop better marketing strategies and improve their products and services.
HubSpot’s software allows users to track leads, automate processes, and provides relevant data. Users can quickly identify which marketing tactics are most successful in acquiring new information. HubSpot also lets users see how their competitors are doing on several metrics.
Crunchbase Pro provides users with all the funding and investment information they need at their fingertips. Crunchbase Pro’s vast database includes investors, companies, board members, and key employees. It is a complete package with an advanced search function allowing users to find out the identities of funders and investors.
Market intelligence tools can be used in various ways by organizations. While some businesses use market intelligence tools to get information about their competitors, others use them for data-driven marketing strategies and sales leads. Regardless of the reason for using such devices, however, businesses stand to gain valuable insights into the market’s trends and developments.