Market trends, consumer needs, innovation, and prices are not constant in the business ecosystem. These factors are set to change at one time or another. This means that companies must be ready to change tact to keep up and stay ahead. To achieve this, businesses and organizations must be up to date with the changes and challenges affecting the business world. Having an informed brand awareness, consumer wants, competition, and overall market conditions are crucial in formulating strategies that favor your business and drive revenue. This strategy is called market intelligence, and it’s critical for the success of any brand. The most fundamental elements of market intelligence include:
● Customer experience intelligence
● Product intelligence
● Competition intelligence
Definition of Market Research
Market research is the process of establishing a product’s viability through a detailed survey of the brand, potential consumers, and the overall market conditions. Usually, market research is done manually through interactions and discussions with consumers. However, social media is a perfect resource for acquiring market intelligence through research in this digital marketing era. It helps businesses grasp the concepts of doing business in the 21st century by understanding what the consumer wants, how to meet those wants, and maintaining a competitive edge against other industry players. This is a process that requires articulate planning, expertise, and the use of technology. To this end, tech marketing companies like NetBase Quid provide sophisticated marketing research services to businesses without the necessary marketing tools and technology.
About NetBase Quid
NetBase Quid is a tech company that assists businesses and organizations to overcome the daunting task of manual market research. It employs Artificial intelligence and analytics to provide instant solutions regarding marketing trends. The company collects and analyzes data from social media sites, which businesses use to make informed decisions for their brands. The data explores every aspect of the market conditions in terms of product preferences by consumers, innovation, and competition. NetBase Quid is proudly affiliated with top brands such as:
● American Airlines
● Hyundai Motors
Components of Effective Marketing
Statistics indicate that market intelligence is crucial in decision making and that businesses that employ data analytics are highly likely to be five times ahead of the rest. Companies that capitalize on competitor intelligence regularly are more likely to impact their profits than those which don’t. The same statistics also report that over 30% of global consumers will ditch a famous brand after a single negative experience.
Consumer experience: Understanding what consumers want or what they hate about your product is vital in improving your product and brand image quality. It helps you make the necessary changes in your products to meet customer expectations and maintain their loyalty.
Product intelligence: A solid, in-depth market research on products helps ascertain how products perform on the market. It drives up the innovation of new ideas on improving both existing and new products to meet consumer preferences. When your products meet customer expectations, your revenue is set to improve. At the same time, product intelligence helps you observe market trends, determining when to increase or decrease production.
Competitor Intelligence: Knowing who your competitors and what motivates them help inspire new concepts for your brand. What are some new tactics your competitors are using to gain a better advantage? Why do consumers prefer a particular product? Which strategies can you implement to stay ahead? By answering and analyzing these questions, you will understand your competitors’ strengths and weaknesses, capitalize on their weaknesses, and remain at the top.