The Importance Of Market Intelligence For CMOs
as seen in: B2B Marketing Insider
For CMOs (chief marketing officers), market intelligence about their consumer base is an exceedingly important part of developing positive customer relationships, increasing leads, and creating a life-long customer base. Equally as important as watching your customers, though, is keeping an even closer eye on the actions of your competitors.
What is Market Intelligence?
Market intelligence, as its name implies, is simply the intelligence – or information – about a business’s particular market. For example, the geographic location of a business, the particular demographics of a consumer base, or any other information that’s relevant to a company’s market is market intelligence.
Gathering Competitive Intelligence
Gathering market intelligence about your competitors, or competitive intelligence, is an important part of knowing how your own business fits into the market and how you can better meet customers’ needs. Gathering competitive intelligence includes monitoring your competition’s advertising strategies and the effect of those strategies, how your competition’s products and services are priced, and how their businesses are faring overall.
Tools for Maintaining Effective Market Intelligence
Remember, market intelligence is multifaceted – it includes information about customers, data about room for growth in a market, market share, competitive intelligence, and more. While each type of marketing intelligence is completely different, all are important for managing client happiness and feedback, setting prices, developing content, and designing and implementing business strategies. The following provides a list of tools and resources for gathering and maintaining effective marketing intelligence:
Wiser- Wiser is one of the best services on the market for competitive analysis, and provides CMOs with the ability to view a detailed history of product pricing for your competitors, gauge whether your prices are too high or too low based on the competition’s, set your own pricing strategy, adjust your product prices easily, and more. Wiser’s flagship product is WisePricer, a semi-automatic dynamic pricing engine, and WiseDynamic, a fully automated solution.
BrainJuicer – BrainJuicer describes themselves as an “unconventional agency” that is “reinventing market research.” BrainJuicer conducts marketing intelligence about what motivates people, what drives the decision making process, how behavior economics plays a role in business success, how to facilitate change in businesses, and ultimately how to use human nature to the advantage of your business. Great emotional advertising leads to greater effectiveness & efficiency; most of all, it’s what makes brands famous. Using the BrainJuicer FaceTrace® technology, they can measure what people are feeling, how strongly they’re feeling it, the reasons why & predict likely commercial impact.
SiteAlerts– If you want to find out what your competitors are using when it comes to technology, such as what e-commerce platform or mail provider plugins are being utilized, SiteAlerts can help. What’s cool about SiteAlerts is that not only can you discover competitor technology, but you can also see the traffic that your competitors get, where that traffic comes from, what keywords they rank for, and how their social media strategy is faring.
The Importance of Market Intelligence
Gathering market intelligence is an extremely important aspect of business success. By keeping you more focused; centering your business goals on your consumer; collecting relevant, real information about what works and what doesn’t; providing you with the intelligence to pursue growth opportunities; and reducing your risk, gathering market intelligence may be the most crucial element of your executing effective plans for your business’s prosperity.
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