How Market Intelligence Can Help Your Business

3

Generally, market intelligence is a term that describes gathering information about a company’s market. The information can include customer monitoring, competitive analysis, and trends.

Competitive analysis

Performing competitive analysis as part of your market intelligence is a useful tool for any business at any stage of its life cycle. It can help you evaluate your current marketplace, identify new trends, and determine which strategies are most likely to work. You can use this information to make important strategic decisions and avoid costly mistakes.

Before you begin a competitive analysis, it’s important to know what you’re trying to achieve. Whether you’re looking to boost sales or improve your product, the right data can give you the insights you need to increase your bottom line. It’s also a good idea to look at the competition’s strengths and weaknesses.

One of the most basic steps in a competitor analysis is identifying the competitors in your niche. It’s a good idea to research the top three or four, as they’ll provide the most helpful information.

Besides your own company’s strengths and weaknesses, you should also take the time to analyze the competition’s products, pricing, and marketing strategy. This can help you formulate a more effective and comprehensive strategy for your business.

Product Intelligence

Investing in product intelligence provides companies with a competitive advantage. This can help companies launch products at the right time and price. It can also identify at-risk customers when usage begins to wane. It can help companies improve their conversion rates, retain their customers, and iterate and innovate with speed.

Businesses need to understand the market they are operating. This can be done by conducting market research. This entails collecting data from competitors and the target market. This information can be used to develop strategies for future marketing campaigns. It can also help companies understand the opinions of the target market. It can also help companies create more targeted marketing campaigns for new users.

In addition to market research, businesses can use analytics to better understand the behavior of their customers. This can help them find answers to questions such as, “How often do consumers make purchases?” and “Do consumers purchase based on product quality?” It can also help them determine if a product is truly the best fit for their customers.

Commodities Intelligence

Founded in May 2018 and backed by Zall Smartcomm, a China-based company that has launched several e-commerce platforms across the globe, the Commodities Intelligence Centre is a one-stop shopping portal for traders of all stripes. It has a suite of applications that includes trade matchmaking, supply chain logistics, and global trade compliance, among others. In fact, the company boasts of a 20% spike in online transactions at the end of the first quarter of the year.

The Commodities Intelligence Centre has partnered with the best of the best in the industry to deliver a slew of cutting-edge eCommerce solutions. The company has recently announced the launch of Singapore’s first physical commodity B2B e-trading platform. The company aims to simplify the complexities of doing business, while at the same time boosting the efficiency of trading and logistics. In addition to Singapore’s eCommerce flagship, the company has announced plans to roll out e-commerce solutions for other countries in Asia, including Indonesia and Vietnam.

Cross-marketing

Whether you are a startup or a big corporation, cross-marketing as part of market intelligence can help you boost brand awareness and sales. To be successful requires a commitment from both parties. In addition to increasing brand awareness, cross-marketing as part of market intelligence helps you identify customers at risk of churning, or moving from one brand to another.

Cross-marketing as part of market intelligence can be done through various media channels. For example, you may create a joint product release or co-host special events with a competitor. You can also partner with other companies to offer exclusive discounts and benefits to your customers.

To start off a cross-marketing campaign, you should first identify your target audience. You can then research your customer base to determine what they are looking for. This will help you develop more targeted products. You can also look at your competitor’s consumer base to see what they are doing.

The next step is to formulate a proposal. This should include your marketing strategy, the marketing strategy of the partner, as well as the timeframes for each party.

Comments are closed, but trackbacks and pingbacks are open.