In any organization, data works like an important asset. So, without it, companies have to make decisions based on their feelings, which may not be good all the time. That is the main reason why many prefer using marketing intelligence tools.
In fact, they help the modern marketer to turn simple data into valuable information. But, for that to happen, choosing the right tool is the first thing to do. That is why we are here to help with this. Let’s just quickly dive in!
What Is Marketing Intelligence?
Even if some individuals are in the business landscape, sometimes they lack knowing some specific terms like marketing intelligence. So, are you one of them? Wondering what marketing intelligence is? It is all about gathering information from your industry and knowing what are your competitors, customers, partners, suppliers, even regulators.
The goal of investing in market intelligence is clear: minimize risks, make better decisions, and increase the time taken to generate revenues. It ultimately leads to the longevity of your business. In other words, it is the way to constantly maintain your business’s relevance and success in the changing world.
Different Types of Market Intelligence
To better appreciate the marketing intelligence solutions, it is important to learn their types first. Many forms of market intelligence are there. But these are the four main types.
1. Customer Understanding
Customer understanding is nothing but knowing the people to whom you are selling the products or the services.
Why is it important?
Understanding your customers enables targeted marketing, enhances customer experiences, and fosters loyalty. With these insights, businesses can anticipate future needs and offer tailored solutions.
2. Competitor Intelligence
Competitor intelligence is all about identifying your rivals’ plans, weaknesses, and strengths.
Why does it even matter?
You must always keep your eyes on your competitors. This helps the organization be in a position to identify certain opportunities or threats. This way, it helps you plan better, stay ahead, and sharpen your organization’s competitive edge. It means standing out in the marketplace becomes easier.
3. Product Intelligence
Market intelligence is a more focused concept. This analyses the performance of a particular product on the market, as well as the experiences of customers who use it.
Why does it even matter?
The product intelligence makes it possible to determine where you need improvement. It also indicates what sets you apart from the competition. This keeps your products or services catalog relevant and attractive to customers.
4. Market Intelligence
Market intelligence refers to the process of acquiring information on general market conditions. This information is in regard to trends, laws, and potential for expansion.
Why does it even matter?
Market intelligence offers an overall view of the marketplace. It suggests that you get a better view of the ways in which certain trends may affect your marketplace in the future. So this way, it helps businesses make smarter strategic plans.
Best Marketing Intelligence Tools That You Must Know About
Now that you have come this far, you are ready to get your hands on the online marketing intelligence software. This type of software assists you in collecting information about your customers, your competition, and the marketplace. The following are some of the top market intelligence tools you need to know about.
1. G2
G2 contains reviews and ratings of software and business services submitted by users.
Why use this for market intelligence:
The collected data by G2 covers the aspects of competitors’ performance, customers’ satisfaction, and changes in the market. This way, analyzing reviews lets you understand what customers appreciate. Plus, you get to know what has never been offered to them by competitors.
2. Crunchbase
Crunchbase is among the popular marketing intelligence tools that many appreciate. It is a hub of data on companies, start-ups, and funding rounds.
Why use this for market intelligence:
You can use Crunchbase to monitor the industry, know its competitors or find possible partners. It remains the best method for monitoring the market as well as identifying emerging new players.
3. Mixpanel
Mixpanel is the tool that many use to monitor customers’ behavior with their products or services.
Why use this for market intelligence:
Mixpanel offers complete information regarding consumers’ pain points. So, this helps you analyze which features of a particular product are getting popular. Further, you get to know who your potential customers are with just a few clicks.
4. Crayon
Crayon is a competitive intelligence tool that searches and monitors competitor activities on different media platforms.
Why use this for market intelligence:
Crayon assists in tracking changes in the websites of the competitors, their prices, and campaigns. It also alerts the user in real-time on the activities of competitors.
5. Zoho CRM
A Zoho CRM (Customer Relationship Management) system is a tool that deals with customers’ information.
Advantages of using this for market intelligence:
This CRM helps organizations to monitor and record customers’ behavior. Such data enables organizations to plan, market, and manage relationships with customers. It is, therefore, an effective platform for engaging your clientele and enhancing your approaches.
Empower Your Business with the Right Marketing Intelligence Tools
Improves the pace of business with the right marketing intelligence solutions. The right one will always help you understand customer behavior. Using the correct tool, your work becomes easier, and decisions get better as well. Businesses operating with these tools can get the advantage and keep going ahead in the market.
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