Market intelligence is the gathering of necessary information to an organizations market trends consumers who are already on board and the targeted audience as well as the competitors at each stage of business. The information is then filtered and analyzed in order to come up with accurate decisions when creating the strategies that tackle the basic penetration strategies, market development and the overall opportunity to do business in a specific market.
The processes involved in market intelligence are directly attributed to the company’s external ecosystem. They mainly include going through online sources such as company websites news sites, social media analytics and RSS feeds. The intelligence is used to come up with an overall picture on how the venture is going to start and sustain itself. May it be a short term marketing campaign or a long term business plan market intelligence is very important in order to yield the desired results. When gathering this information it is required that the sources are relevant and accurate in order to come up with proper research that will help create a basis for the best strategy to approach the desired market.
In this article we are going to break down the value of social media to form a competitive intelligence in the market. Most of the time, the companies have already established their target audiences even before going into a deep dive to gather information about the audience. With that said, the strategy must be fluid enough to capture more than just the age of the desired audience. With social media analytics, a lot more is gathered in order to send out effective communication to attract the audience in real time. The first thing social media analytics assists in is the behavior of the audience. This mainly entails what they like doing, examples of events they like attending and how you can collaborate with the said audiences as third party marketers for your brand.
Social media analytics also help you build your communication around the trending topics they engage. However, this is a volatile area since bombarding them with information around the said topics should be tailored in a way that the brand stands out and it’s not seen as trying too much. The target audience will always communicate about brand preferences. That way you can come up with ways to improve your product. This mainly happens through unfiltered competitor analysis from the audience.
A perfect example is two outlets that sell chicken and one tweet says outlet A has better seasoning than outlet B. That’s competitor analysis from someone who is not hired by any of the brands. Using various social media tools and platforms you can also view the passion the audiences talk about the products, it makes it easy to know where a specific brand can be placed in terms of performance ultimately from the market intelligence gathered from social media. It puts the products in question in context of day to day conversations on social media.
After gathering the intelligence from the market and filtering it you are able to come up with the desired strategy changes which will ultimately help in getting the desired results. The improvement of the overall products from the packaging to the quality of the end products are also affected when the information is filtered and verified. With market intelligence, the said company can easily come up with the most effective social media platform to send out information on and how the language will be used to easily relate with the audiences day to day life activities.
In conclusion it is important to note that market intelligence is very important when coming up with strategies that help move the business forward.