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Product intelligence Product intelligence involves analyzing the quality of your product or service. Customer understanding Customer understanding involves learning more about your current customers and why they buy from you.
How to collect market intelligence While there is no set plan for how companies should gather market intelligence, many do so by performing various forms of high-level analysis.
Your current customers Ajith Sankaran, senior vice president of market intelligence at Blueocean Market Intelligence, said companies often forget that customers are a potential source of data. Surveys If small business owners want to gather their own market research data, they can also consider sending customers online surveys or polls.
Website analytics Dobney also recommended using information to which you already have easy access: your e-commerce analytics.
Don't overlook market intelligence Market intelligence can give you greater insights into your industry and help you identify new opportunities for expansion. Business News Daily Contributing Writer.
Jamie Johnson is a Kansas City-based freelance writer who writes about finance and business. She has also written for the U. Jamie has written about a variety of B2B topics like finance, business funding options and accounting. She also writes about how businesses can grow through effective social media and email marketing strategies. Lead Your Team. Updated Starting a new small business? Find out where to begin and how to Market Research Guide for Business Owners.
Market research is an important part of a business plan and should If you're considering CRM software for your business, these key CRM vs. Marketing Automation: What's the Difference? While CRM and marketing automation seem similar, there are key Consider determining the KPIs of your marketing intelligence that will help illustrate whether or not your efforts are progressing toward your defined goals:. These KPIs are the easiest to determine, as they can be directly measured. They analyze items such as total revenue from your competitors or number of products sold.
Although these are more difficult to measure, qualitative KPIs provide teams with a more cohesive view of marketing and business strategies.
Here, marketers can leverage indicators like customer surveys, quizzes, assessments and comment forums. There are many different methodologies that marketers can use to derive actionable marketing intelligence. Focus groups involve hand-selecting a group of people in an effort to create a sample size of their target market. A moderator asks participants a series of predetermined questions in order to encourage further discussion among the group.
This allows marketers to gain insight into the deeper opinions of their audience, allowing them to make more informed, nuanced decisions about future campaigns. Polls differ from questionnaires and surveys in that they typically focus efforts on a single question. As opposed to open-ended questions that may be included in other methodologies, polls can be answered quickly and easily, leading to a higher response rate.
Field trials are an opportunity for businesses to test different variables around their product or branding by allowing marketing teams to experiment with new initiatives while minimizing waste in advertising. For example, new products may be tested in select stores, or new messaging may be applied to a specific geographic region. Based on how these initiatives perform on a smaller scale, they may be rolled out to a larger audience.
A questionnaire is another way for marketers to reach a large audience size. It can help marketers determine both qualitative and quantitative insights about their customers, and can be conducted both online and offline. Forms are a way for marketers to learn more about their target audience's specific information, often related demographics.
These are usually conducted by a researcher, and the goal is to gain more insights on objective data versus a customer's opinion or general feedback. Mail surveys are a cost-effective way to reach a large audience. While there has been a shift in recent years toward technology resources, this method can still be fruitful for organizations conducting outreach in locations where access to technology may be more scarce.
While marketing intelligence efforts can lead to better campaigns and increased marketing ROI , the actual term is often confused with two different processes: business intelligence and marketing research. While both terms help organizations make informed, data-driven decisions about campaigns, the difference lies in the overall goal of each.
Marketing research focuses solely on the efforts of the specific organization, helping to gain clarity into certain aspects of campaigns without providing insights into any external factors. Market research provides tailored insight into the key customer requirements, loyalty of customers to existing vendors, and other factors, which will impact a firms potential for success in a new or existing market segment.
Data gathering and field resources are the foundation for any Market Intelligence organization. This is the set of individuals, processes, and information services often third party companies such as IDC that provide the basic data on product shipments, competitor profiling, and other data relevant to the market.
A world-class MI organization finds ways to turn the entire organization into one large intelligence-gathering unit. By the use of incentives, education, and existing information infrastructure such as email the entire organization including sales, purchasing, finance, and development can become a source for gathering competitive and market information. For example, one Fortune Company offers its sales people a monetary incentive to turn in competitive tips. As a result, the sales people are always on the lookout for new products in customer sites and resellers locations.
However, gathering the data is not enough. Without rigorous analysis and insightful reporting, the data remains simply.. In order for Market Intelligence to be useful, different types of data market share, competitor product cost data, etc.. The ultimate test of the data and the analysis is whether it provides the right information in order to let the decision makers make decisions with confidence.
For example, reporting to the executive team that the company is gaining market share in a specific market is important. However, that data is only marginally beneficial. And it will only be impactful if it is presented in a concise and well articulated report or presentation. Another key aspect is having the right information infrastructure to support the flow of information in and out of the analytical team and to ensure that the?
For example, often times the data on market share provided by large market data providers such as IDC or DataQuest is not in the right format, or is not defined in such a way as to be useful to the ultimate marketing decision maker.
In this situation, an investment in developing a database to convert the data providers segments into the segments used by the decision-maker is critical. Without this investment in automation, a very experienced Market Analysts must spend considerable time making manual conversions using spreadsheets, pivot tables, and power point slides! This is a very inefficient use of valuable market intelligence resources.
Finally, it is very critical that the Market Intelligence group has access to top decision-makers. This can be a challenge for many reasons.
Often this is due to the decision-makers believing that Market Intelligence has little value relative to their own gut instinct. Sometimes the Market Intelligence organization has historically provided low impact market intelligence and thus has little perceived value with the decision-makers. And in the worse case, it can be the result of missed expectations in the past resulting in low credibility for the Market Intelligence organization. No matter what the current state of the Market Intelligence teams access to decision-makers is, it is possible to improve the situation.
And the more this situation improves, the better the Market Intelligence team will understand the key decision-makers needs. This in turn, will result in better analysis and information being provided to the decision-makers, which in turn will result in greater access to these same decision makers. It is also very important to understand what Market Intelligence is not. Market Intelligence is not a crystal ball into the future!
It is also important to understand that the Market Intelligence agency is not the decision making team. In fact, while the Market Intelligence team needs to have an intimate understanding of the issue at hand, and to know the information needs of the decision-maker, and even provide recommendations and potential outcomes based on those recommendations, they should not be the decision maker.
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