Data is everything today, especially when it comes to any business or enterprise marketing efforts. Organizations collect data for analysis. Once analysed, the data is used to make informed business decisions concerning the organization’s consumer behaviour, products, competitors, etc. Marketing intelligence refers to utilizing this daily-collected data in a way that is relevant to the organization.
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Guides an Organisation: Think of marketing intelligence as the guiding force behind your organisation’s decisions. Considering marketing intelligence involves the collection and analysis of data, it considers how consumers behave in terms of their purchasing power. This data is relevant as it helps companies influence and educate consumers, understand advantages over competitors, and evaluate trending insights and market dynamics.
Paves the way for Future Goal Setting: Organisations that have a vision and set goals in advance have a mover advantage over others to boost their marketing efforts and understand the consumer landscape. Marketing intelligence allows businesses to define information clearly, making it easier for an organisation to use the data as part of its future business projections.
Helps Determine Organisational KPIs: Since KPIs can be measured directly (on a quantitative or qualitative basis), marketers leverage market intelligence to understand their business strategies more cohesively.
Market intelligence can be gathered through several forms of information – from understanding competitors and conducting a SWOT analysis on their business, to analysing your own products and services to learn how well-performing they are. Businesses also use a mix of market and consumer understanding to figure out how well their business is performing – whether it can be expanded to other territories, or how can a business acquire more customers.
Conducting market intelligence can typically be done in many ways – through polls, surveys, focus groups, A/B testing, observations, interviews, using analytics to track competitor data etc. Businesses generally use CRM or CMS systems to easily access and analyse this information.
Since the primary goal of market intelligence is to navigate a business’ complexities and its marketing landscape, marketers can make the following strategic decisions using this resource –
Market research refers to finding information and studying a market instead of market intelligence, where existing data available to a company is thoroughly studied and analysed to derive conclusions.
According to most marketers, the prime difference between market intelligence and market research is the goal. While market research is undertaken to learn more about customers and their preferences, market intelligence focuses on the business itself, with a view to develop marketing and business strategies.
Market Intelligence | Market Research |
Focuses on gathering data across a variety of business processes and functions. | Focuses on the efforts undertaken by a specific organisation. |
Helps optimize overall organizational efficiency. | Helps gain clarity about a business, without focusing on deriving insights associated with external factors. |
To successfully derive data from across a business landscape, companies need to undertake strategies and steps to ensure that they are collecting the right information and data, arriving at optimum business decisions, and leveraging these insights to their highest potential. This can be done in the following ways –
Businesses spend time understanding the differences between both these concepts – while each has potential to impact the overall revenue, it comes down to the form of data collection and analysing, as required by the business, to be undertaken.
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