In general, market intelligence is the process of collecting information and data from the market in which a certain organization operates or would like to operate in. This can include the gathering of information related to customer issues, the competition, and the growth potential for certain products and services.
The collection of such data is of utmost importance, which can help organizations understand the market itself. Additionally, the collection of such market data will help with grasping the market segmentation, penetration, and opportunity, as well as the metrics of the market.
Market intelligence can be very helpful to organizations, as it addresses many inquiries in regard to the market. Whether it is an inquiry about the current and potential clients and competitors, it can be useful to determine the internal goals of the company. Market intelligence can also assist in finding and understanding the purchasing patterns of customers in certain markets.
In addition to that, it can help organizations with the proper allocation of their resources and help reduce their waste. Eventually, organizations that have gathered the proper information in the market are the most likely to easily raise their competitive edge.
However, there are certain strategies that organizations can focus on in order to achieve success in outrunning their competitors. One of them is related to an in-depth analysis of the competitor itself. It includes researching the competitors’ business strategy, strengths, weaknesses, their own competitors and the opportunities they get in the market.
Another very successful strategy is focusing on properly evaluating the product of the competitor and its market share. The analysis of the product focuses mainly on its weak and strong sides, as well as the things that can be improved for the product to be more successful.
Last but not least comes the strategy related to the understanding of the purchasing behavior of the customer. It is one of the most difficult patterns to predict and requires more resources, data, and better analytical skills.
Market Intelligence Tools
However, performing so many analyses and researching can be quite time-consuming and also requires storing the information on a hard drive or cloud. Fortunately, these days there is a plethora of tools that can be used online to perform the analysis and store it. Thus, organizations have quite a lot of options to choose from. The most common market intelligence tools are Pentaho, Sisense, G2 Crowd, and Software Advice.
Most of the market intelligence tools are known for collecting public data from various sources that are available online. Usually, they collect various types of information such as search and market trends, competitor trends, product feedback, and consumer customer experience. Some market intelligence tools focus only on a single area and specialize in that. However, there are market intelligence tools that can gather all the information that is needed so that organizations can conduct a better analysis.
The market intelligence tools are acting as keepers of the information and the database that has been gathered. In addition to that, the market intelligence platforms allow organizations to download, review, and analyze information all the time.
The NetBase Quid Market Intelligence Platform
NetBase Quid is a leading-edge market and consumer platform, founded in 2004. This market intelligence platform was created in order to assist organizations in better understanding the complex market patterns and trends.
Additionally, it helps organizations make a stronger connection with their customers by revealing insights on their purchasing behaviors. Furthermore, the platform aims at diving deep within the competitors’ market to get a better understanding of the competition.
It does this by using advanced artificial intelligence, which can process countless sources of information and data. This way, the NetBase Quid platform helps organizations make sound business decisions entirely backed by researched data.
