What is Marketing Intelligence Data and How to Use it in 2023?

Source: Digital Journal

 

In a more concrete sense, market intelligence data directs a company to the community, research and analysis, and communication of relevant data to the target market segments to predict the future and to make decisions based on that.

What is market intelligence data, and how is it used in this fast-paced technological world, is a widely asked question. Read on to understand more about it.  

 

 

Types of Market Intelligence Data With Examples

 

Market intelligence data can be collected using various methods, including quantitative and qualitative. One of the widely used methods is data collected by the following:

 

• Quizzes, questionnaires, and surveys
• Focus sessions
• Direct observation

 

The information gathered through quantitative data collection techniques can be used to:

 

• conduct market research;
• test theories or hypotheses;
• understand your target audience;
• identify broad patterns;
• reach crucial judgments and increase sales.

 

Documentation of the sales process is super necessary here as it guides you after analyzing the data. 

 

Quizzes, Questionnaires, And Surveys

 

Survey researches are one of the easiest methods to collect data.

It uses a set of simple questions to obtain information from the target market and analyze it to provide valuable market intelligence data.

 

The more significant number of participants is directly proportional to the reliability of the end answer. You can take a survey in so many different ways, but before that, you should be clear on your chosen approach.

 

Approach 1: Online quizzes and closed-ended surveys use questions with predefined answer possibilities as their basis. There are two primary categories of closed-ended surveys: interval/ratio questions and categorical questions.

 

Approach 2: Open-ended surveys and questionnaires are the exact opposite of closed-ended ones. Closed-ended surveys present respondents with predetermined answer alternatives they must select, but open-ended surveys give respondents much more latitude and flexibility in how they respond.

 

For instance, a laptop manufacturer needs to know the position of other laptop manufacturers in the market. Research is fundamental whether the brand already exists or is looking to penetrate the market. 

 

You may find out more about your competitors’ market share, best-selling items, and product characteristics by conducting a competition analysis survey.

With this information, your brand can choose the ideal customers, features, and prices to increase its market share.

 

Directly Observed

 

Direct observation is one of the easiest yet trickiest methods. You will need a remarkable eye to focus and observe the data from existing collections.

Here, the data collector adopts an active role, capturing notes, video/audio recordings, photos, and other types of data while participating in the environment where the subjects of their observation are present.

 

For instance, to better understand the behavior of the customers who walk in, a jewelry shop has cameras installed in their stores.

These cameras continuously record and may be examined later. The method is widely used by businesses having offline shops. 

 

When the records are observed, the brand can gain business insight into the target market’s unintentional buying habits or attitudes.

Direct observation of market data intelligence can also be collected using social media profiles.

 

For instance, you can gain insights from your Instagram’s “Get Insights” dashboard and find the best time to post on Instagram.

Instagram and Facebook algorithms help when you post at the most ideal time for your brand profile. It will help your posts to appear higher on your follower’s news feeds.

 

Posting at the ideal time makes your chances of getting viral on Facebook. After careful observation, you can choose to turn off comments that don’t benefit your social brand.

It would be beneficial if you learned how to turn off comments on a Facebook post.

 

Focus Sessions

 

The focus group data-gathering approach is an interview method. Regardless, in this case, we have a group conversation rather than a one-on-one interview.

Focus groups can be beneficial when there are more people, funds, or time for one-on-one interviews or when you need to simulate a specific social setting to collect information on people’s attitudes and behaviors.

 

For instance, a focus group is asked about their ideas to determine what software features on a tablet would be best for them. When the question is put out, the group will talk among themselves.

At this point, the company will learn which proportions and features are most popular on the market and the multiple reasons behind them. 

 

Out of this, you will be able to understand the features, screen type, color, UI/UX, operating system speed, pricing, etc., that works the best.

It can give market data intelligence and business insights into which area to finance and help the crew use this understanding to improve market share.

 

 

Why Should You Use Market Intelligence Data?

 

Data from market intelligence forces companies to set their brands apart from those of their competitors and aids by providing vital information for survival and growth.

 

The following are some of the crucial components of market intelligence data: 

 

• A global perspective on the market
• Customer loyalty
• Enhance sales process and increase process effectiveness
• Provides a competitive edge
• You must be aware of your place in the market

 

For any organization to perform a neat market intelligence analysis that will help them grow requires five essential components:

 

1. Field and data sources
2. A team with the skills for combining data analysis
3. A document of the plan
4. Information delivery, storage, processing, and distribution technologies and platforms
5. Access to and support from top management

 

How To Use Market Intelligence Data In 2022

 

Market intelligence is a current trend among various businesses and brands. It serves as a vital resource for businesses irrespective of their size.

Market intelligence data includes three key activities: competition intelligence, product intelligence, and target market analysis.

Source: Global Marketing Professor

 

Competitive Advantage

 

Important!!! One intelligent way to use market intelligence data is to stand your competitive advantage.

Small businesses frequently use competitive intelligence to analyze their strengths, weaknesses, opportunities, and threats (SWOT). 

 

Then, it makes use of those advantages to spot other business prospects. For instance, an HVAC business might have better distribution systems in place.

Then, to increase product visibility, it can employ distribution channels, such as showrooms and retail outlets. 

 

A corporation typically conducts a SWOT analysis to evaluate its advantages and disadvantages concerning its main rivals.

Similarly, a small business with excellent customer service might mention this on its website, brochures, and other printed materials.

 

Businesses use competitive intelligence to learn more about their rivals’ investments, organizational changes, and business strategies.

They might also buy rival products to research their features and technologies. Marketers may investigate competitor data to ascertain the kinds of customers they cater to.

 

Product Intelligence

 

Important!!! For many software and product-based businesses, the superior force of market data intelligence is obtaining a precise picture of how consumers use their products.

Product intelligence data can provide basic details about a product, such as the number of daily active users, the most popular features, and any faults customers encounter. 

 

Your product users are depositing useful information in sources and systems other than your product. This extra information is necessary to understand how your clients interact with your product.

With it, you may begin deriving more significant insights that have an influence on the business and go beyond simple consumption data, like

 

• What is the best feature that the customers like?
• What is the USP of the product or software?
• Which features should be included?
• What are the characteristics that should be evolved?
• What new feature could drive revenue?
• Which user insights can the marketing team use?

 

Understanding Consumer Market

 

Important! You can better understand the market by gathering market intelligence data through surveys.

The analysis helps you with the information required on the consumers, competitors’ position, your brand’s position, level of your awareness, demand and supply in the market, and much more. 

 

An organization can know its place among its competitors. Understanding this plays a major role in developing social media and other strategies.

The organization can comprehend its consumers’ needs by analyzing market data intelligence. Using surveys, enterprises can narrow the target market for particular products and services.

 

 

In Conclusion

 

In conclusion, with the help of market intelligence data, your brand can be more customer-focused by understanding market demands and consumer opinions.

When your brand gathers timely relevant data, it increases the need for your best-selling opportunities, lower risks, increases market share, and gets you over the competitive edge. 

 

Market intelligence data serves as the foundation upon which all marketing is established. Any brand needs to achieve a successful position.

Gathering data, researching, analyzing, and directing all the information is necessary for valuable market intelligence.