Marketing Intelligence(MI) is the relevant external data gathered by a company about a particular market venture to make informed investment decisions. Therefore, it is the initial set of relevant data a company analyses before deciding on marketing strategies. The collection and analysis of this data get done by marketing managers who use different marketing tools.
Marketing Intelligence Tools
Marketing tools are digital software that helps market intelligence managers collect and aggregate relevant information about the market landscape. There exist different categorizations of marketing tools that help marketing managers perform various tasks. These include;
1. Market Trends
Timing means everything in business. Therefore, companies must stay on top of the different market seasonality, emerging customer interests, and new trends. This timeliness helps them remain competitive in the market landscape.
Companies also have to continuously and consistently monitor and measure shifts in customer preference. Being informed of these tides helps them plan strategies that deliver the right marketing information to the right customers and at the right time. To do this, companies can use the following tools.
- Google Alerts: Google alert is a search engine tool that allows you to surf and monitor the web for content on any topic that might concern your business. Google alerts help marketing managers to achieve their business goals. These alerts allow them to monitor whatever gets said about their brand, product category, or other competitors.
- Talkwalker Alerts: Talkwalker Alerts are almost similar to Google alerts. However, Talkwalker also include tweets in their results. Due to these broader search results, Talkwalker expands the insight of marketing managers. Talkwalker also has in-built analytics that filters all the most relevant mentions and sends them via email. These inbuilt analytics prevent this tool from having an alert overload. Additionally, subscription to the entire platform boosts the market research by providing more social insights and listening data.
2. Competitive Landscape
When researching the market environment, it also paramount to analyze the competitors in the market. This analysis of the market competition landscape plays a definitive role in the success of a company. Below are three Marketing intelligence tools that help in researching the competitive landscape.
- Crunchbase: Crunchbase is a platform that allows a marketing manager to access all the information about both public and private companies. It also assists them review industry and market trends. Using Crunchbase base also allows you to spot competitive newcomers entering the market space. This platform allows one to access and evaluate data about familiar competitors. However, there are functions set in place to help managers explore beyond their landscape and discover other competitors.
- Craft: Craft is another Marketing intelligence tool that marketing managers use to unlock all historical insights about other companies. Craft allows you to review and explore how other competitors have been growing and gaining more market share. This aspect helps managers plan for growth, marketing positioning, brand trends, and social presence. Additionally, Craft reports all market research data in real-time. This feature gives a marketing manager up-to-date information about the competitors.
- Market and Competitor News: Since competitors create new content daily, it is crucial to stay updated with all this new content to move ahead. To achieve this advantage, you need a competitive analysis tool like the one below.
This tool is simple and incredibly simple to use. Feedly allows you to stay updated on blogs and publications updated about competing companies. It also has features that permit you to get keyword alerts on any competitor’s products or brands. This aspect allows you to stay ahead of the competition.
Since MI is quite complex, companies like NetBase Quid offer this service to expanding and startup companies. NetBase Quid provides different services that help your company achieve its objective. Examples of these services are:
- Competitive intelligence– NetBase Quid helps you keep track of the competition by using the latest marketing tools. They provide an up-to-date report on all the moves made by your competitors.
- Trend analysis– NetBase Quid also does trend analysis for your company niche and provides a comprehensive report on shifts in the market and customer preference.
In conclusion, growth is the most paramount aspect of any business. Therefore, all companies should put marketing intelligence strategies that will ensure their growth in the business. The best way for this is to hire professional companies that offer this service.