Market intelligence (or business intelligence) is vital for building brand awareness and increasing sales. It can help you uncover hidden trends and customer needs, as well as provide insight into your competitors.
Market intelligence tools are used to analyze and improve the effectiveness of your marketing and sales efforts. They can help you identify potential opportunities and improve the efficiency of your operations.
There is so much data available, but it is often hard to find ways to combine it in a way that makes sense. Business intelligence tools are designed to take advantage of this data and deliver actionable insight.
Due to the increasing number of data sources and the complexity of their analysis, many businesses are turning to market intelligence tools.
Top Intelligence Marketing Tools
1. NetBase Quid
NetBase Quid is an AI-powered market intelligence platform that combines consumer analysis with business intelligence. With this platform, brands can easily meet their various business intelligence needs.
With NetBase Quid, companies can easily access a wide variety of data sources, including social media, blogs, forums and patents. Through its sentiment analysis capabilities, it can deliver the most accurate and insightful reports.
2. Rival IQ
With Rival IQ, brands can easily compare their social media performance against their competitors. They can also go head to head with the top company in their industry using customizable landscapes.
With multiple tools that allow brands to track their competitors’ activities on multiple social media platforms, such as Facebook, Twitter, Instagram and TikTok, they can get a deeper understanding of their audience. This can help them identify areas of their business that are not being fully utilized.
3. Crunchbase Pro
As an all-in-one solution for lead generation, Crunchbase Pro is an ideal tool for marketing and sales professionals. It allows them to find and connect with qualified leads and manage their entire lead generation process. Aside from lead generation, it also features a variety of other functions that can help speed up the process.
With the ability to alert you to new search data, Crunchbase Pro can help you find and connect with qualified leads. It can also help you identify areas of your business that are not being fully utilized.
How Can Companies Utilize Market Intelligence?
Market intelligence can help businesses identify areas of their operations that are not being utilized properly. It can also help them identify new growth opportunities. Below are some ways that companies can put the information to use.
1. Competitor Intelligence
An effective competitor intelligence program can help you gain valuable insight into your competitors’ weaknesses and strengths. It can also help you identify areas of your business that are not being utilized properly.
A competitive analysis report is typically a regular tool used in most marketing operations to evaluate the level of service that a product provides. It can also help determine the ideal product for a particular market.
2. Product Intelligence
Product intelligence is a process that involves analyzing the quality of a product or service. It can help you improve the efficiency of your manufacturing process.
This type of intelligence is fairly straightforward, as it involves conducting a comprehensive analysis of the various aspects of a product or service. It can also cover the marketing and sales processes of the other products in the market.
3. Market Understanding
Understanding the various markets where you’re selling your product or service can help you determine if there are additional growth opportunities. This type of research can help you identify areas of your business that are performing well.
Through product intelligence and competitive analysis, you can also identify the top performers in the market. This type of research can help you gather end-user intelligence to identify the factors that are driving the demand for your products and services.
4. Customer Understanding
Understanding your current customers is a process that can help you improve the level of satisfaction and retention of those who are buying from you. This type of research can help you identify areas of your business that are underperforming.
A marketing department is often tasked with creating customer personas, which are typically comprised of various details such as their demographics, interests, and problems. These insights can then be used to improve the effectiveness of a company’s operations.
