Market intelligence tools tell you how to proceed with every major decision you make about your business. What do your consumers want? How have sales been trending? What’s needed to make your next marketing campaign a success? When you have more data at your fingertips, you can be more successful because you can maintain a competitive edge.
Understanding the ways to use marketing intelligence tools is critical. Don’t assume that there’s only one way to use a tool. Below are seven ways you can be more successful with the data that you analyze.
1. Define Your Target Consumer
What do you really know about your target consumer? You can’t market to everyone. Who is really buying your product? What are their buying patterns and behaviors? With the right market intelligence tools, you can home in on who really matters.
It’s a good idea to get in the habit of creating buyer personas for each target audience that you have. It can help you to develop more insight into the “average” customer. This will, in turn, make it easier to develop marketing strategies that pay off.
2. Innovate Your Products
Product roadmaps tell you how your products have developed over time – and where you see them going. As you learn about various trends, it can help you to be more innovative. Consider actual buyer habits. Consider what they’re searching for. You may be able to modify your products so that they’re able to play into what consumers really want. In the process, you can push right past the competition.
3. Position Yourself Effectively
How are you going to differentiate yourself from the competition? When you use data to tell you about your competition, it can make it easier for you to create a unique value proposition. All sorts of tools will tell you about competitor messaging. It can ensure that you position yourself in a way that proves you’re different instead of riding the coattails of the real innovators of the industry.
4. Calculate Your Effectiveness
Data tells you whether you need to keep with your existing strategy or change courses. If you’re not using data analytics to guide your everyday operations, you could be locked into strategies that aren’t working for you.
5. Create Better Content
The content you place on your website and across your online presence matters. You need to show up in search engines and ensure that your messages are resonating with your target audience. By using market intelligence tools, you can be sure that your content is based on the topics that are trending.
6. Capture More Information
The more information you collect, the better. The problem is that most businesses have blind spots in the information that is collected. This may skew the overall picture you have of the way your customers behave or how your industry is becoming more innovative.
7. Paint a Picture of Your Data
It’s not always about the data but how it’s presented to you. Some of the tools are capable of showing the data to you in a way that is easier to understand. You don’t want spreadsheets of raw data. Instead, you want it presented in bar graphs, pie charts, and even scatter plots so that you can digest the data and work with it more effectively.
Common Tools to Get the Job Done
Implementing the various tools to provide you with competitive market intelligence is critical. Some of the most common tools being used include:
- Crunchbase: A way to obtain competitor information
- Talkwalker: An aggregate of news and social media conversations
- Similarweb: A way to compare your website’s performance against your competitors’ websites
- MOAT: A quick way to see digital advertisements presented by competitors
- Microsoft Power BI: Get up to the minute analytics to drive the decisions you make
NetBase Quid is another tool that you can use, which is capable of offering intelligence for your business. It can help you with such things as brand health, campaign strategies, trend analytics, and more.
When you embrace market intelligence tools, it can ensure you have more information about what’s going on. You no longer have to make uninformed decisions. Now, every decision can be calculated to give you the best possible outcome.