Acquiring more and even more knowledge about your industry inspires growth. For marketers, the more you know about competitors, the target audience, the more effective the positioning will turn out to be.
With adequate information, conversion and growth will come at a lesser price.
Market Intelligence represents one of the most powerful tools for increasing Return on Investment (ROI). With market Intelligence, you’re almost behind the scenes, connecting with your audience, generating leads, and causing lucrative sales.
Let’s take us the world of market intelligence.
First, what is Market Intelligence?
Market Intelligence is not the same as business intelligence. If you are collecting data from multiple sources to provide insights into your company’s status in the market, you are doing market Intelligence.
Market intelligence assesses a number of different factors responsible for determining the success rate of your company. It looks at customer data, challenges in the industry, competitor information, consumer problems, trends related to the produxt the company has launched.
Using a market Intelligence platform like Culture Intelligence by RED | for Africa, the marketer can combine various data points, including customer data, surveys, purchasing information, to determine the next stage in the marketing campaign.
No company exists in a vacuum, so competitor comparison is important for pricing and structure, and the kind of audience you are likely to appeal to in your business strategy.
Market Intelligence gives marketers a 360-degree view of effective positioning, which can help determine next step opportunities. In fact, it gives a closer view of things like market changes in demand, and trends which may be influencing customers.
The analysis of information helps marketers determine new approaches to marketing campaigns. For instance, if a brand understands it position in the soap market, it can target people a diverse range of people including low and middle income consumers.
Marketing heads need to highlight the key USPs of their product in the most engaging way to attract potential customers. It allows business leaders step into the shoes of their customers and find out what kind of benefits are most appealing to them.
Ultimately, market Intelligence is a powerful tool and helps marketers understand their position in the current industry, and how to leverage new opportunities.
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