Today’s market is extremely competitive due to the influence of technology. Companies have to understand the market and stay updated on the ever-changing landscape to survive. With evolving market dynamics, traditional market research models are being thrown out of the window, and more companies are embracing market intelligence tools. Despite the easy availability of data on the internet, many companies are behind on implementing market research and utilizing the available information to grow their businesses. This has seen the failure of many organizations that are unable to keep up with evolving markets.
Benefits of Implementing Market Intelligence
Understanding your market is the key to gaining insights on competitors, customer needs and new innovative ideas in your industry. It can open your eyes to new untapped opportunities and give you a competitive advantage. When properly used, market research will provide you with an overview of your industry’s stakeholders and help you make decisions that will boost your customer satisfaction rate. It also helps your brand stand out. Below are five major benefits of market intelligence:
1. A better look at actionable statistics
Your customers are the reason you are still in business today. Every decision you make for the company will impact your existing and potential customers both directly and indirectly. Companies with customer intelligence can classify their customer according to value. Using marketing analytics tools helps businesses filter and segment customer data into different classifications which allow business leaders have a better view of the actionable data. Armed with this information, business leaders can make decisions that positively impact customer interactions and help the company succeed.
2. Improves your company’s customer-retaining capabilities
Every business is at risk of losing customers to their competitors. Understanding the value your customers bring to your company and working hard to ensure they are satisfied is the key to business success. Market research will help you analyze structured and unstructured data and use the information to retain your customers.
3. Boost product up-selling opportunities
Companies that offer multiple products and services with lots of customers face the problem of not knowing which of their products should target which customer groups. This issue makes sales planning and product improvement a challenging ordeal. Fortunately, market intelligence tools, such as NetBase Quid are here to help. This platform will take all your information sources and sort out all the data and consequently, offer predictive and potential retention and up-sell strategies to improve your sales.
4. Improves business processes
Market research will improve your company’s operational efficiency by giving timely updates, pointing out process gaps and inventing tactics to reduce risks. It is also responsible for driving responsiveness, reliability and consistency across all business processes.
5. Improves agility
Agile businesses can respond to changes in the market on time. This gives them a competitive advantage over their counterparts in the same industry. By using marketing intelligence tools, companies can enjoy first mover’s advantage due to their timely access to the right information, reliable insights and an effectively formulated strategy.
NetBase Quid is an Artificial intelligence-powered marketing intelligence tool that ensures businesses remain relevant in today’s ever-evolving market landscape. It is also a state-of-the-art customer intelligence platform that helps companies understand their customers’ needs. The software uses cutting-edge Artificial Intelligence technology to process raw data, sorting it into useful information. The resulting information is used by business leaders to make smart and informed decisions quickly and accurately. NetBase Quid is a market leader and has been a trusted partner of some of the world’s major brands such as Coca-Cola, American Airlines, United Airlines, Microsoft and Wunderman.