Market intelligence is a vital tool that helps brands maintain pace, and even ahead of the unstable market conditions. It might be the only tool in your arsenal, but it is one that you will need to have your razor sharp. Monitoring the awareness of the prospective brand – or emerging issues- is something all brands need on the top of their regular ‘to-do’ list.
With that said, we need to explore the exact meaning of market intelligence and why it is so essential for a brand’s success. Because we notice several brands wasting their time on efforts that do less to change that needle. And we will also check into fundamental components of superior market intelligence, including:
- Competitor intelligence,
- Product intelligence
- And, consumer experience intelligence
Market intelligence is the brand awareness generated through monitoring significant markets by collecting details surrounding trends, competitors, products, and consumers. It monitors significant sources across the internet and incorporates propriety client resources to analyze and aggregate all of this unstructured and structured information as a whole. The analysis section is the key and should be handled by the most innovative modeling, preferably fueled by next-generation AI (Artificial Intelligence), to mine accurate, actionable insights that create the foundation of deliberate decision-making that focuses on every part of the business.
It is that thing Fortune 500 industries are made of. It provides an influential consumer, market, and competitive insight for maximum influence on a constant basis.
The social media analytics digital platform NetBase merges with Quid, a leader in Artificial Driven text analytics, to form NetBase Quid. The integrated market and consumer intelligence online platform will deliver powerful insights that show enterprise trends from across all sorts of unstructured and structured data. It offers access to millions of essential resources- from consumer reviews, social media posts, product reviews, patent applications, to forums, and blogs of business filings- which can be combined, visualized, and analyzed in order to get market and consumer insights.
Elements
Product intelligence
The goal of product intelligence is to provide an analysis of your brand to better monitor where it features up in relation to significant markets. Constant monitoring of the discussions around your service or product offers your brand the quickness to push in market gaps, leverage customer engagement, and sidestep disruptive factors.
It is an important feature that significantly increases your business’s maneuverability in operational product marketing. The product analysis is not restricted solely to your service or product but must also include the factors at competitive markets related to its supply and production so that your marketing agents are swift to act.
For instance, if your food company is largely dependent on sausages, you need to be aware of possible supply interferences in the pork production before the rivalry does so you can have your action strategy in place.
Consumer experience intelligence
How a customer experiences your brand, and its services and product can vary greatly and can be different from your thoughts at times. This pinpoints the significance of having a solid Artificial Intelligence platform to cull your consumer information and present it in a transparent and easily understandable way to a granular level.
Depth of operational consumer insight powered by NetBase Quid performs the heavy lifting to push your brand to the lead of intelligence.
Competitor intelligence
Competitive intelligence aims to earn actionable insight into their products, brands, and customer engagements and generate super-informed decisions. A clear understanding of your competition’s weaknesses and strengths will let you fine tune your marketing to perfectly capture the consumers’ attention and raise the share of voice of your brand.
Bottom line
A consistent and dedicated approach to every aspect of market intelligence will pay dividends in the swiftness of your decision-making and subsequently your bottom line. There is no time like the present to ensure your products and services are on top of the market intelligence game.
