As a business owner, you know that staying ahead of the competition is key to success. But what does it take to be successful in today's market? Market intelligence can give you the answers you need to make informed decisions about your business. In this blog post, we'll discuss market intelligence and how it can help you increase your profitability.
What is Market Intelligence?
Such intelligence is the information you obtain about your competitors, products and services, and customers. It can come in many forms (reports, focus groups, surveys), but it generally focuses on customer behavior or trends around your industry.
It's important to understand that this intelligence isn't just about getting information. Instead, it's about using the data you get to make informed decisions about how you position your business, which features and benefits you highlight, what prices you charge for different services, and much more.
What Do Market Intelligence Tools Do?
These tools can help you with many things like:
Pricing Changes
Such intelligence tools can help you assess demand for a new, higher or lower price for a product or service. This is especially useful if you have a wide range of prices for any one product. For example, if you're selling t-shirts online, you might find that it's more profitable to sell the cheaper shirts at $20-$25 each and leave the high quality or designer shirts at $35-$50. Those are still very competitive prices compared to your competition, and they earn you more money per shirt.
Customer Segmentation
Even though there are many different customers out there, most businesses only market to one or two segments that stand out as their priority target audience. If you're not sure which kind of customers buy the most products from your company, then a customer segmentation report can help. It can also help you decide which markets to focus on or what kinds of products to put more time into marketing.
Customer Surveys
You might have a good idea about everybody who buys your product, but do you know what they think about it? Would they be open to purchasing a new product that does the same thing but in another way? Such intelligence tools can help you find out what kind of things your customers would be interested in, which will help you build your product roadmap.
How Can Businesses Start Using Market Intelligence
To start using this intelligence, choose a tool. There are many options, all with different prices and features, so do your research before choosing one. Gather the data you need to make well-informed business decisions by tracking your competitor's ads or promotions, checking their website analytics, reading their latest news releases, and monitoring customer reviews.
Also, try to gather such intelligence about other markets related to your industry. For example, if you're a web developer, then it should also be helpful for you to know what people are looking for in SEO and social media tools and the technical skills needed for those types of jobs.
Once you have gathered enough information, use it to determine your next strategic move. You have many options here, so it just depends on your business and what you want to do. Implement a new marketing strategy, design a new product or service, position yourself differently in the market, etc.
This intelligence gives you the information you need to make intelligent decisions about improving your business. NetBaseQuid is a market intelligence company that can help you better understand your customers' data and intelligence. We can help you achieve your business goals by providing relevant information for your business.
