Are your sales stagnating year-on-year? Or are you unable to beat the competition to become a market leader? Or your initial sales success has flattened out?
No matter the situation you are in, the key element you are missing here is marketing intelligence.
What is Marketing Intelligence or Intelligence Marketing?
Market intelligence is analyzing raw data or information about your industry, your competition, your customer’s preferences and behavior, market conditions, about your products, etc., used for better decision-making.
The data is gathered through various means such as conducting surveys, looking at competitor’s websites, sales logs, customer feedback, etc. In the digitized world, capturing and analyzing such data is easier than manual data gathering.
Thus, with market intelligence, you can turn your sales slump into sales gain. You can retain your customers year-on-year. Also, you can become an industry leader by beating your competition.
Not yet convinced?
Here are seven reasons to convince you that for running a successful business, you must not forget marketing intelligence.
1. Gain Insights About Your Customers
To become a successful business, first, you must understand who your customers are. You need to understand what are your customer’s preferences are, the demographics, geographic location of your customers, and more. Such data will help you design products that are saleable and create marketing campaigns targeting your potential customers. Intelligence marketing allows you to gather such information and analyze it for gaining insights about your customers, thereby boosting your business growth.
2.Know Whether Your Products Need Changes
With every new generation, consumers’ preferences changes. In the digitized world, the preferences are changing so rapidly that keeping up with them is becoming a challenge. But, knowing what the consumers want will help in tweaking your products or bringing out new products that will appeal to the consumers. With the right marketing intelligence solutions, you can gather the necessary information about the consumers’ preferences. By analyzing the data, you can decide on the changes your products need.
3.Gives A Strategic Direction To Your Business
Adopting marketing intelligence solutions will give you insights on various aspects that you might often ignore. With the insights, you can make the decision-making process data-driven rather than depend on intuition and prediction. In essence, you will lower the risks of your business with market intelligence. Take, for example, launching a product with a new design. Without insights, you will be blindly testing the product in the market that might cost you money. With insights from intelligence marketing, you can minimize the risk of product failure and save money.
4.You Can Retain Your Customers
For any business, the bulk of the year-on-year sales is from existing customers. But, retaining your customers every year is a challenge. With the help of marketing intelligence, you can identify the challenges in retaining customers and devise ways to make them loyal customers.
5.Know About Your Competitors and Take Better Decisions
Amidst the cut-throat competition, knowing about your competitors and their customers is an advantage. You can outsell your competitors by knowing about their dissatisfied customers and fulfilling their needs. With enough data, you can increase your customer base by targeting your competitors’ customers.
6.Make Judicious Use of Marketing Resources
Budget is a common constraint for many businesses, especially for small businesses. In such a scenario, utilizing your marketing resources judiciously will help you save money. But, it is not possible without information on where and how to spend your marketing resources. Here lies the importance of market intelligence. By adopting it, you will get insights on where to advertise, which type of promotional material to create, where to spend your marketing money, etc.
7.You Can Set Qualitative Goals For Your Business
Goal setting, whether to boost sales or increase the customer base, is a common practice for businesses. But without marketing intelligence, chances are, you will be setting unrealistic goals. Also, you might not know, without proper understanding, how to achieve these goals in the first place.
For example, if you have set a goal to double your sales, how can you achieve this goal without knowing about your target market’s size and whether the goal is possible in that market.
By adopting marketing intelligence solutions, you can put an end to arbitrary goal setting and set qualitative goals, driven by data.
In this time and age, marketing intelligence thus plays a crucial role in the success of a business. Even small businesses can adopt intelligence marketing to stay ahead of the competition and grow.