To stay leading in the market, the organization should know the impact of its competitors, the state of its industry and the changing consumer taste or trends as a whole. With the help of this information, marketers can evaluate and develop their tactics and campaign based on their insight and the market industry.
Marketing Intelligence is a marketing dashboard tool that an organization uses to collect data relevant to its market efforts.
Marketing intelligence utilizes multiple sources to accumulate information like sales logs, customer data, surveys, social media metrics, etc. Then this data is used by the company to understand customer problems, competition and opportunities to create new products and services.
Marketing intelligence, a mix of internal data of the organization and the data gathered about your customers, competitors and the entire cultural landscape. It helps you to take action to meet your business goal and understand if your efforts are working or require development or alteration.
Why Marketing Intelligence Matters?
The most recent survey done by Chief Marketing Officer (CMO) found that only 37.7% of CMO’s use data to make marketing decisions which means the remaining 62.3% are guessing what should they be doing.
For running a business successfully, it is important to use marketing intelligence to make strategic data-driven decisions.
- Provide a better understanding of what your customers want and when.
- You can set and run your campaign based on the seasonality of your sales cycle.
- You know when you launch a new version of your product or service people, contacting support will spur. Hence, you can beforehand prepare your staff and documentation.
- Allow you to find out which subject lines from email campaigns get higher open rates. Thus, you can adjust your email campaign based on your analysis.
- Collect relevant, real-time information about what works and what does not work in the market.
- Help you to understand your competitors and the strategy they use to attract new customers. Using this information you, can learn from their success and failure and build your marketing strategy accordingly.
- Enable businesses to identify their target audience for specific products or services using surveys.