The funniest thing about data collection is that getting the data is not a big deal. However, getting accurate data is a very big issue. Market intelligence is the data collected for the purpose of helping businesses to make decisions. Sometimes the data can be wrong and we, therefore, need to know how to get accurate data on emerging trends through social media analytics.
How to improve marketing intelligence
Recruit a sales team.
The sales team is well known for speaking directly with customers and prospects. This means that they have a better understanding of where the competitor’s strength lies and what consumers need most.
Select a group of people to advise customers
Communicating directly with consumers is the best way to know their interests in your products and services. You’ll also get to understand their challenges while using your products, especially through social media analytics. That way, you’ll know the areas that need improvement or modification.
Focus on quality data
You should know where to source data because some sources provide false information.
Use the proper platform for market analytics
The right platform will play a vital role in uncovering the key market information. Be sure to get the best platform. An example of such a platform is the NetBase Quid.
NetBase Quid is a social media analytics platform that relies on artificial intelligence (AI) to give accurate analytics of collected data. This data helps companies to access insights generated from social media analytics and monitoring, social listening, image analysis, crisis response, and competitive analysis. Its main work is to source data across all structured and unstructured data.
Collect customer feedback
Your customers will always give you a clear understanding of their insight about your product. Listen to what they have to say. They are your eyes and ears in the market.
Following the above guidelines will ensure that Market intelligence and social media analytics have originated from data from the whole marketing landscape.
Some of the most common market intelligence tools include:
Google keywords tool
This tool checks how consumers search online for products or services that are similar to yours.
It is a tool that allows you to create online questionnaires as long as you get your participants.
It is a service that connects a company to its target audience. It can do research and give feedback as quickly as possible.
Google Analytics gives you information about how customers are behaving on your website, which products have many views, and what social media channels your customers are responding to.
Most of these tools are found on the internet. Some of them are offered freely and others are premium. You should find, download, and use them to take your business to the next level.
The accuracy of marketing intelligence is solely dependent on the data collected from either online, offline, or external sources. The data should be accurate and UpToDate lest you’ll be misled. Imagine a situation whereby you make decisions based on inaccurate data. This will create a brand disconnect with competitors and your target audience.
You should clearly define the type of data that you are looking for and the role it should play.
Any Market intelligence should be in a position to give information about:
- The sector that the company needs to allocate more resources
- Markets that the company can enter.
- Patterns noticed when customers buy their products
- The best audience that the company should market to.
- Where the company can introduce new or upgraded products.
In today’s business world, market intelligence is crucial for the success of your company. Without it, it will be difficult to develop business strategies that will make you thrive since you don’t know what the market wants in bulk or what they don’t want at all.