Companies should be ready to act upon crises and brand opportunities when they emerge as they can rarely be predicted. Therefore, to keep pace and be ahead of the market conditions, they should embrace market intelligence. Many brands put much effort into things that require little intelligence. The following are statistics researched by brands that use market intelligence.
- Brands that use data analytics are five times faster in decision-making compared to those that don’t.
- Regular updating competitor intelligence has twice as positive revenue impacts compared to brands that update annually.
- One bad experience may cause 32 percent of clients to drop the brand, and 17 percent of the US will follow.
What is Market Intelligence?
Market Intelligence creates brand awareness by tracking appropriate markets to get information on competitors, trends, and consumer products. It entails tracking and integrating sources on the web to analyze and aggregate all unstructured and structured data. An advanced model, especially next-generation AI, needs to be handled to extract accurate and actionable awareness for a strategic decision.
Rock-solid intelligence requires discovery that is deep and wide. Strategies whose foundations are internet searches or random samplings are lazy and dangerous. As a result, brands miss relevant market strands leading to missed opportunities in beating the competition or create inopportune moments for the brand.
Inconsistent analysis is equally bad as it may lead the brand to miss opportunities and insights to approach maximum results. Therefore, leaders should operate on competition strategies that use superior artificial intelligence and constantly monitor them. Monitoring them helps keep up with the competition.
Market Intelligence Essentials
Brands should have measurable and clearly defined key performance indicators (KPI) to be ahead in due diligence. It should measure everything between sales revenue and m-commerce data. It is effective for brands that use powerful AI tools leading to informed strategic efforts from the beginning to the end. Negative net sentiment left online unmitigated will make the KPI unprofitable. Machine learning also helps a brand mine the immense online conversation to get relevant insights on their marketing campaigns.
To keep up the game in market intelligence for robust data analytics, NetBase Quid, a platform that fuels market and consumer intelligence, has a contextual AI that extracts meaning in any content such as forums, company investments, products reviews, and news. It has made it possible for companies to upload their data for analysis. It revolves around competitor intelligence, consumer experience, and tentative and current market products.
1. Competitor Intelligence
Competitor intelligence focuses on getting brands, products, and consumer engagement insights to help make informed decision-making. In addition to consistent trend analysis, it keeps brands on top of the competition and occupying market gaps before everyone else. A thorough understanding of weaknesses and strengths in the competition is needed to capture consumers’ attention and increase the brand’s voice. Another important factor of competitor intelligence is price monitoring. You can’t set the right pricing strategy if you don’t pay attention to your competitors’ actions, can you?
2. Consumer Experience Intelligence
Consumer experiences on the brands’ products and services may vary and sometimes be different. Hence it’s important to have a robust AI platform to obtain relevant consumer data transparently and comprehensively. Since 32 percent tend to walk away after a bad experience, speed is essential for smooth running. These incentives keep the analysis sharp and a potential bottom line if the brand’s competition messes up.
3. Product Intelligence
Product intelligence analyses products and services to understand how they relate to the relevant markets. It is not limited to the product but also includes market factors concerning production and supply. Monitoring conversations on the products consistently allows the brand to leverage consumer engagement, avoid disruptive factors and acquire gaps in the market. If you want to get best laundry services then you can visit this site cheap laundry services singapore.