A true business owner has full power to formulate a business plan so that his company can influence the industry niche he is in and become a leader in his market share.
One of the most important aspects that business owners must pay attention to is to have a comprehensive understanding of their competitors (competitor analysis), the state of the industry, and the reach of the business market segmentation.
Well, business owners can understand the concept of marketing intelligence to answer these challenges.
With the information obtained through this business method, business owners and stakeholders can evaluate their business marketing strategy. And the marketing team can optimize their marketing campaign planning in the future (marketing forecast) based on their own insights or from the scope of the industry.
Moreover, according to research on the Dashmote website, company marketers who apply market research, market analysis or marketing analysis, and other analytical processes optimally will experience business growth of up to 39%.
So that your business can develop (business development) in accordance with the initial goals and targets of the business, follow some of the tips for maximizing marketing intelligence in this Marketing article, OK!
What is Digital Marketing Intelligence?
According to The Economic Times, marketing intelligence is external data collected by a company.
External data collected regarding the specific market it will enter.
The information obtained will be very useful for making business decisions according to the market conditions that the business will enter.
For marketing intelligence, the data that is often collected by marketers is quite diverse.
After the relevant data is collected and analyzed, the results will be shared with the company departments that need it.
The purpose of collecting marketing intelligence is of course to increase the ability of businesses to penetrate the market optimally.
That way, business losses can be reduced and the business can grow rapidly in accordance with expectations.
Marketing intelligence can be gathered from various sources.
Some of them are sales, surveys, social media, and much more.
Marketing Intelligence vs Market Research: What’s the Difference?
Based on the above definition, it can be seen that marketing intelligence is different from market research, although both are equally important for business management and the development of certain marketing strategies.
Marketing intelligence focuses on gathering overall data from the market for the company’s operational success. Meanwhile, market research aims to gain insight into customer preferences for brands (brand experience) and products (product insight).
So that the sales force can influence customer purchasing decisions and acquire them (customer acquisition) into buying customers (sales lead).
Thus, the process within MI will include market research results and focus on insights that can be followed up with audience analysis, SWOT analysis, competitor analysis, business intelligence, and web analytics.
Components of Marketing Intelligence
To highlight, marketing intelligence provides companies with the ability and several distinct opportunities to accurately address the complexities of marketing reach and KPIs that are unique to the business. And if you do this marketing intelligence right, then you will need the following four components to help marketers formulate successful strategic decisions. Here’s the explanation.
1. Competitor Intelligence
Basically, competitor intelligence is the process of collecting all relevant data from business competitors (competitive analysis) to help marketers design the best marketing strategies.
In addition, marketers with company stakeholders conduct their own SWOT analysis of the company to understand its current position (brand positioning).
The main purpose of applying competitor intelligence is to determine the reasons customers choose their products and services.
This is because the company will continue to develop in a sustainable manner, so marketers need to collect data about their competitors on a regular basis.
2. Product Intelligence
After analyzing business competition in the market, it is important to look at the production process of a business’ physical product or product intelligence. The goal is to optimize product quality (product-led growth) to meet customer expectations (demand).
In addition, utilizing the collected data on customer behavior and preferences aims to make the necessary changes in the product (product lifecycle). Therefore, make sure that your company’s products provide an excellent customer experience.
3. Market Understanding
For successful sales planning and company operations, you need to understand the market. That is, after producing the product, the company has to analyze whether it will be profitable in the target market or not.
That way, marketing intelligence will help companies collect the data needed for future business planning (business forecasting) and help produce products that are well received in the market (product positioning).
4. Customer Understanding
Understanding customers is the main aspect in building and developing a business (brand extension). Therefore, companies must know the buying patterns, preferences, and reasons of customers in replacing products from certain brands with products of other competing brands.
So, in order for a company to become a market leader, you must create a series of strategies to satisfy customers while engaging with your business products or services (brand engagement).
All this you can easily achieve when marketers can also analyze the market thoroughly.
Tips to Improve Business Marketing Intelligence
To ensure that marketing intelligence can be successfully applied throughout the marketing process, there are a few tips that companies need to follow. The goal is to ensure that your company collects the right intelligence, reaches the right conclusions, and makes the most of the insights generated (leveraging). Here is the explanation.
1. Create a Sales
Team The sales team for B2B and B2C target audiences has a unique position (unique value proposition) to assist marketing intelligence efforts. Therefore, you need to consider all the possibilities of forming a professional sales team in building customer relationships (relationship marketing).
That way, they can talk directly to customers and prospects (direct marketing) easily.
In addition, they will often look into industry trends, competitors’ strengths and weaknesses, and what clients are looking for in a solution (customer advocacy). In addition to the sales team, you can also set up a business advisory board. Its function is to assist the sales team in understanding the interests, needs (demand management), and customer problems (customer pain points).
Where this will have an impact on the creation of brand messaging that has more impact on customers.
2. Focus on Quality Data
Through agreements with external partners or third party services that take advantage of these agreements, companies can access a wide range of data online and offline throughout the marketing mix. Take some quality data sources, for example:
- Customer lists showing geographic location.
- The number of consumers who subscribe to business services, so the data can show the reach of business marketing ads.
- Enterprise attribution data showing customer engagement across customer touchpoints and marketing channels.
- Measurement of brand authority is carried out through studies and third party resources.
3. Use the Right Marketing Analytics Platform The
next tip is to use marketing analytics tools that go beyond modeling the media mix and marketing attribution to give you more insight into your customers. Do customers respond better to ads on TV or social media? Or is there a type of ad that gets the most attention and response from your audience?
Marketers should look for flexible marketing performance tools that can maximize marketing intelligence as well as adapt to changes in the marketplace. This will also ensure that the marketing team makes informed media planning decisions to move forward.
4. Collect Customer Feedback
Reaching today’s customers allows a clearer understanding of perceptions around campaign efforts, customer experience, brand authority, product satisfaction, and more.
With this information, marketing strategies can be more focused on areas that have the potential to bring profit. Consider using tools such as polls, customer satisfaction surveys, and feedback tools to gain customer feedback and brand equity.
That’s a brief explanation of marketing intelligence that you need to understand. For those of you who plan to carry out certain marketing strategies and other marketing methods, you can take advantage of digital marketing agency services to help you develop the best and most effective business plans.
You can also apply other marketing strategies, such as growth hack marketing, inbound marketing, 360 digital marketing, and data driven marketing that will make your company’s growth grow rapidly.