Essential investment in improving your marketing performance is marketing intelligence. It frequently loses sight of its core value by being bogged down in complexity, which is where many B2C businesses struggle. There are challenges to cross, such as figuring out where the data will come from, assessing its reliability, identifying precisely what needs to be examined, employing a team to do the research and develop insights, and— maybe most crucially—making sure that those findings are put into practice.
If your business spends money on marketing intelligence, you better have a well-defined approach in place.
How to Gather Market Intelligence?
The following are some methods for gathering market intelligence:
Contact your sales team:
Ask your sales team for information. Your sales team will engage with your consumers the most and may provide you with up-to-date information regarding changes made to your products, successful marketing tactics employed, and new items that customers are searching for in the market. Such criticism is realistic and valuable. You might ask your sales staff to conduct routine market surveys to acquire meaningful market knowledge.
Consult with your channel partners:
When considering product growth or selling a new product, solicit input from your channel partners. Your channel partners may advise you on the items your company should focus on next, the products that will sell better in the market, and the products that can be ready for stock. They may also offer suggestions for enhancing your present marketing tactics. After all, channel dealers are pursuing your business’s internal clients. You may learn a lot about the industry by asking them for their opinion.
The next stage is to gather market intelligence from your rivals’ sales representatives and channel partners after getting in touch with your channel partners and sales representatives. You might request that your product manager monitor the competition. Strategies should be reviewed carefully as they change. Building a network and strong business ties might be helpful in this situation since your product managers can use them to get market intelligence.
Try market research outsourcing:
When it comes to acquiring market intelligence, outside assistance may be helpful. You may get in touch with a supplier of market research services who will oversee compiling competition and market research data. You will be better able to make data-based judgments and implement winning tactics if you have access to the most recent market intelligence.
Make use of social media:
Social media monitoring may determine what customers think of a product, what they expect, and whether their demands are being satisfied. You may get immediate information about what consumers are saying about your brand or product by searching Twitter. If you do not have the time, you may use a social media monitoring service provider who can help you map out various social media networks. They can influence clients’ opinions (blogs, comments, forum posts, Twitter posts, etc.) through engagement.
To sum it up…
The techniques mentioned above can be used to get market intelligence. Such in-depth industry knowledge may aid in the development and establishment of your brand’s reputation among your stakeholders and external/internal clients.
Do you want your firm to succeed in the new normal? Connect with SG Analytics, a renowned market intelligence firm.