The modern market place is integrated into the variable complex environments of social media. Intelligence tools are aggressively advancing to help businesses better reach their goals. Effectiveness depends upon as much on preparedness as proper choice selection. Companies will also find that employing nimble and customizable solutions offers the best long-term option.
Even small companies can leverage market intelligence. From regularly visiting a competitors site, to remaining current with industry information, intelligence gathering is, at its core, a commonsense approach. The best tools leverage AI and analytics to connect deeply with all available data.
What is Market Intelligence?
Market intelligence is distinctly different from business intelligence. The most basic difference is that market analysis requires a broader effort. Business intelligence focuses on your company. This alone can be effective, but it does not account for any number of variables that can make or break success. An examination of the entire market is needed to maximize the potential of any company. Furthermore, the modern online environment requires companies to look beyond what their doing to effectively implement strategies.
The Benefits of Intelligence Tools
Examining markets is not a new concept. Though, there are several new tools that are classified as market intelligence that greatly advance the operational paradigm. This includes:
- market opportunities
- overall competitive landscape
With a broad picture of the market, companies can focus on micro-markets specific to their individual operations. Lead generations and customer acquisitions become more intimate. The information generated here dully benefits loyalty. The right tools benefit decisions about marketing strategies, opportunities, penetrations and development. This may include gathering data from:
- news agencies
- relevant organizations
- social media
- RSS feeds
Market intelligence is part of the overall business intelligence process. It aids leaders in making decisions by providing all the available information that may impact operations. Market intelligence deals with variable conditions that are mostly outside of the control of a company.
How Businesses Can Best Utilize Intelligence Tools
Effective competitive intelligence tools center around preparedness. Maintaining the capacity to appropriately respond to emerging market conditions is the best way to stay competitive. This is why your business needs to select the tools that advance a brand’s particular interests. There are three key areas where intelligence tools can be most effective. These are:
- market awareness
- baseline metrics
- crisis planning
Market awareness is essential to any of the aspects of planning a social media campaign as well as the specifics involved in crisis management. Use of intelligence tools to maintain awareness is well-established for increasing overall productivity.
Baseline metrics need constant management. Updates must be religiously implemented. Monitoring and alerts need to be put in place. Without such attention, your company cannot be assured of having the most accurate and timely view of a brand’s health. Properly managing these metrics aid in identifying anomalies before they become problematic. Crisis planning improves with the accuracy of baseline metrics.
NetbaseQuid combines the best of analytics and AI to provide custom intelligence gathering solutions. The recent merger of Netbase analytics and Quid AI introduced practical and unique developmental opportunities. NetbaseQuid is pioneering an industry where data continues to grow by leaps and bounds. This is why custom intelligence solutions are so critical. Not every solution is right for every company. Additionally, the ability to adapt tools to market conditions can often make all the difference in remaining profitable.