The market demands that companies become smarter. But do you know what that means? Organizations that use intelligence are those that know how to use their resources better and gain competitiveness based on one of the most important assets today: data.
In marketing , data is essential to create more efficient
strategies, improve the consumer experience and build competitive advantages in the market.
However, we are now talking about Marketing Intelligence, one of the most important areas of business intelligence , which covers all the strategies to transform data into business intelligence.
In this article, we will cover what Marketing Intelligence is and how you can adopt it in your company to get more results from your strategies. Keep reading to the end and learn!
- What is Marketing Intelligence?
- What are the areas of Marketing Intelligence?
- What is the importance of Marketing Intelligence?
- What are the benefits of implementing Marketing Intelligence?
- Tools for Marketing Intelligence
- How to apply Marketing Intelligence?
What is Marketing Intelligence?
Marketing Intelligence is the set of processes and techniques for using data to optimize strategies and obtain better results in the marketing area.
The main intention is to structure information to support marketing decisions, so that the company faces fewer risks, takes advantage of market opportunities, understands the consumer better and, therefore, is more competitive.
To achieve this, companies need a marketing intelligence system that has tools and strategies for collecting, processing and analyzing data .
While intelligence is the responsibility of a marketing department, with dedicated professionals and specific tools, the success of its implementation depends on the adherence of the entire team.
What are the areas of Marketing Intelligence?
To help you understand how Marketing Intelligence works, we will now present the main areas that can be part of this system.
It’s important to note that these areas can and should work together to generate more intelligence for marketing, rather than operating in silos.
Furthermore, you are not limited to these areas that we are going to present. You can apply intelligence to a variety of marketing strategies.
Find out what they are:
Competitive intelligence
Competitive intelligence is the set of data collection and analysis processes focused on competitors, in order to differentiate and highlight the business in the market.
To do this, the organization must look at its nigeria phone number list internal processes to understand its situation, and at the external forces that act in the macroenvironment and the microenvironment (in your business) to identify market movements and prepare for them.
The main methods used in the competitive i overview of cold calling ntelligence system are the SWOT analysis and Porter’s 5 forces , which allow a complete sector analysis to be carried out.
Product Intelligence
Data can be used to improve product development t lack data o provide a better customer experience or strategies around the product, such as pricing, distribution and promotion.
According to the 2020 Product Intelligence Report , companies that use product intelligence tools are 5.5 times more likely to see revenue growth above 25% annually than those that don’t.