Market intelligence is essential to any company’s success and covers how you can gather information about your target market more effectively. This has evolved from a manual arm of marketing processes into an interruption-free automated process that enhances customer service by providing detailed feedback on how customers respond to company initiatives. Businesses use these tools to gather market intelligence about customers’ needs to make decisions and understand the demand for their products or services.
1. Competitive Intelligence Tool
This tool allows that company to see how their competitors are doing to identify their service weaknesses and improve their product. Competitive Intelligence is critical when companies seek to determine whether they have a competitive advantage. This tool can be used to gain insights into how competitors could create a better product or service and their pricing and promotion policies. It can also help develop a company’s marketing plan, sales strategy, and product design.
2. Customer Intelligence Tool
This tool is used to gather all the information about your customer base to improve market-specific services better. Customer Intelligence can collect information like demographics, income, location, spending, and lifestyle. Customer Intelligence is also used to determine customers’ perception of your product. Customer Intelligence helps in improving marketing strategies and promotions and also helps in the development of new products.
3. Social Media Listening Tools
Social Media Listening is the process of keeping track of social networks and social media pages such as Twitter, Facebook, LinkedIn, and YouTube. It is used to gather feedback from customers and prospects to help improve the success of a product or service. Social Media Listening help in better identifying hot topics in the market, understanding trends about your product or service, and also helps in providing feedback for the company’s new launches. The best Social Media Listening tools are:
4. Business Analytics Tools
This tool is used to collect data from many sources to analyze the data and identify the opportunities within it. Business Analytics is used to gather information about internal business processes and also for customer feedback. It is also used for performance management, strategy development, and risk monitoring.
5. Trend Intelligence Tools
Trend Analysis is a critical tool that helps understand the market’s interest and how the product or service can meet customers’ expectations. Trend Analysis creates a marketing strategy by gathering customer insights to get feedback. It helps in identifying current trends and also helps in assessing future trends. The market intelligence automated tool can be used to analyze customer trends, and it helps in understanding the need of customers accordingly.
6. Web Scraping and Data Execution Tools
Web Scraping is the process of obtaining data from the web. Web scraping is used to extract raw data from a website, and it can be used to gather information like email addresses, contact numbers, and geographical locations. Web scraping tools are used to collect information quickly and save a lot of time when extracting data. It also provides accurate data without any human biographyer intervention.
7. How NetbaseQuid can Help With Market Intelligence
NetbaseQuid can help your business with a tool that helps gather data from multiple sources. It automatically gathers information and manages the process of collecting & storing it. Companies can gather all the data in an organized manner without any human intervention. NetbaseQuid is a custom-built software designed to work with your business needs and also has a flexible architecture to adjust per your company’s requirements. Find out more:
Businesses can use the above tools to gather market strategies more effectively and improve their product and services to meet customers’ expectations. Market Intelligence tools provide a better understanding of the customer’s needs and deliver valuable information to enhance a company’s business. With the help of market intelligence tools, businesses can profitably achieve their goals.