What to know about Marketing Intelligence?

Cog in the world of economic affairs, marketing intelligence as a whole enables leaders to make strategic decisions, operational, commercial or even technical for the optimization of their structure.

However, marketing intelligence encompasses several points that should be studied, this concerns in particular the study of the market, its environment, i.e. its relationship with third parties, as well as its contribution and role in the company's innovation. SO:

• How can marketing intelligence contribute to organizational success?
• What is its contribution and role in operational innovation?
• To what extent can it be taken into account in the innovation process?

For a good understanding and analysis, in this article we will tell you what you need to know about marketing intelligence. But before we begin, here is Monetized his social network experience? Let's go!!

What is Marketing Intelligence?

Marketing intelligence can be defined as a set of steps or a process that allows obtaining through one or more sources of information knowledge relating to the environmental study of the organization's market. Necessarily, it is set up in the purpose of collecting, collecting, processing, analyzing data transmitted in the company's environment encompassing its market to promote operational decision-making by managers for the continuous improvement and innovation of their structure.

Taking into account a set of factors such as the study of the potential market, the trend or variation of the market, the competition... it is seen as a real informational gold mine in the determination of new commercial objectives or in the improvement previously determined goals.

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How to establish this strategy?

Marketing intelligence is a process of collecting and analyzing data or information that is crucial for a company's market. It can also be seen as a process of monitoring the various players in the company's environment. It allows all the opportunities and risks of the company's markets to be taken into account.

⚡️ Market research

Market research consists of gathering as much information as possible about your target market through knowledge of the elements likely to influence this environment. To do this, you must:

Identify your potential market

It is at least a question of determining the type of market in which the company would like to prosper, of knowing which will be the potential consumers of the articles or services that it will offer as well as those who are not likely to consume, to determine the extent of the targeted market and also determine what are the possible market evolutions (volume and value).

The competitors

 The products offered by companies are constantly in competition with similar products or substitutable products. It is therefore necessary for the company to know which are these direct competitors (those offering the same type of items) and which are these indirect competitors (those offering substitutable items)

Third parties related to the company

 It is a question of knowing its possible customers, suppliers, competitors … because they will play a decisive role throughout the life of the company

⚡️ Understand consumer demand and behavioral trends

 It is a question of questioning in particular the size of the market in terms of volume and quantity, and its evolution. On this occasion, the company must also question the purchasing behavior of consumers, that is to say when they buy, what are their motivations, does the product really meet their needs, etc. .  

⚡️ Target market segmentation  

 Segmenting the targeted market consists of grouping together consumers with homogeneous purchasing habits. Each segment must have the maximum number of individuals to have a profitable market. Depending on the nature of the activity, we distinguish several types of segmentation, notably:

Segmentation by expected benefit	Here we group according to the expectation of the customers in front of the articles
Descriptive segmentation	Here the grouping is done according to the socio-demographic profiles of consumers
Behavioral segmentation	Depending on the behaviors
Segmentation by purchase possibility	The time of purchase (travel, hikes, etc.)
Segmentation by lifestyle	Interests of customers, vip

⚡'Evaluate' your offer and the offer of competing companies 

 As with demand, it is imperative for a company to know what its offers are, their characteristics, as well as what sets them apart from competing companies. The company must know the positioning of its products or items in the hearts of users. In addition, the company must anticipate the competition, analyze their offers by asking key questions, namely:

• What are my competitors offering?
• At what costs?
• What are their trade policies?
• What is their profit margin?

IMPORTANT : certain techniques are recommended for carrying out a market study, we note: (questionnaires, interviews, etc.)

How many types of marketing intelligence are there?

Certain elements are essential to the marketing intelligence mechanism, we note:

Economic intelligence

Business intelligence focuses on potential competitors. It is a monitoring method which consists of analyzing and taking into account the strategies already put in place by competitors as well as the errors they have made in order to take action with the power of anticipation.

This can be done through research on the sites of competing brands, on social networks, etc.

The day before the market

It is very important for a company to properly determine and target its customers because it is the basis that will allow his activity to prosper. The company must therefore know its customers, starting from trends or purchase occasions to their feelings about the articles or products. Why not set up suggestion boxes to find out customer feedback on possible innovations.

The old technology

The more the world evolves, the more technology advances. The company must therefore be aware of the influx of new technologies that will bring innovation to all the products offered.

Emotional monitoring

To be in perfect harmony with its internal and external structure, the company must first take into account the feelings and ideas of internal individuals who collaborate in the functional maintenance of the organization's activities. This is in order to facilitate and enable better communication as well as good decision-making. Secondly, the company must establish a real relationship with its customers with the aim of convincing people of the necessity of the product in their lives.

Innovation

Innovation policy may seem complex and dubious but it remains at least necessary. Marketing intelligence establishes new strategies and sets up new bases favoring the birth of new market opportunities. Marketing intelligence is at the service of innovation. Well-established and determined, marketing intelligence can be a real boon in a process of innovation and bringing new business ideals.

How to use marketing intelligence in an innovation process?

Wanting to innovate is one thing but knowing how to innovate is another. Innovation being a continuous process of improving the products or items offered, it must take into account certain parameters from the market and finally limit the risks linked to this approach. Where does marketing intelligence come in? It will make it possible to collect information relating to the market, namely (changes in purchasing behavior, purchasing fluctuations, etc.) which will be automatically incorporated into the innovation process.

Through this, the company can have a real competitive advantage. It may be necessary to do market tests in order to gather the data in a period of time, to analyze them and finally make real decisions.

Marketing intelligence can provide an overview of the market which is not easy to obtain through monitoring tools alone. Identify market opportunities as well as risks that could be a brake on innovation, obtain a better understanding of its market as well as customer expectations and requirements, learn about new technological advances beneficial to improving the organization.

Conclusion

Marketing intelligence consists of collecting, analyzing and disseminating market information. It is a very demanding process in a process of conquering new markets, launching new products and commercial strategies, and learning about new opportunities. 

It is based on both qualitative and quantitative market studies and also on all elements likely to allow us to understand consumer expectations. It also encompasses several types of monitoring also promoting the collection of information linked to the economic, competitive, technical and even emotional aspects of the markets.