A business can use market intelligence in many ways. They can research their current products and look for emerging markets they may not be aware of. Market intelligence tools help companies track everything happening with their product or service, especially in areas where they are not physically present (i.e., online).
Companies use MA to monitor what their competitors are doing and get ideas for new products and services they may provide. Businesses can understand the industry better and make more informed decisions about what they should do. Market intelligence tools allow them to gather data that will help them decide if a market is worth entering and whether or not there is a need for certain goods or services.
MA tools help companies find out everything going on with their products and services. They can keep track of what is happening online, and they may not monitor it all themselves. Based on this data, they can also research what their competitors are up to and get ideas for new products or services. Businesses use market intelligence to understand better the industry they are in, giving them more information to make better decisions.
Below are several types of market intelligence tools:
- Market research surveys
- Competitor analysis tools
- Trending topic tracking tools
- Industry comparison tools
- Social media monitoring tools
- Market analysis/forecasting tools
Market research surveys are questionnaires, typically online or by phone, asking customers about their preferences and opinions. Market researchers use this information to help them decide whether or not to move forward with a project and how they can make it better for the target audience. Surveys can also be used as part of a product launch plan or promotion to determine if the product is something that customers are interested in.
Once a business has this data, they can improve their products and services by better meeting their target market’s needs. They may also decide whether or not they want to continue making that type of product based on information gathered from the survey. If they find low demand for their product and services, they can decide to either stop production or focus on a different part of the market that has higher demand.
Competitor analysis tools provide information about how another business’ products and services stack up to your own. Market intelligence tools usually use data from various sources such as public records, surveys, and patents to provide customers with a breakdown of their competition. This data can include financial information such as annual revenue and net income and product/service information like the number of employees and patents held.
Trending topic tracking tools track what is happening in different markets and industries via social media. They gather all this data from online sources such as blogs, forums, and social media sites. They can track what is happening now and provide historical information going back anywhere from a few days to several years.
Industry comparison tools allow companies to compare their products or services with those offered by other businesses in the same industry. These tools generally use data from similar sources as competitor analysis tools to provide information on competitors and include other types of data, such as market trends.
Social media monitoring tools use online sources to track conversations about brands or products. Companies use this information to understand what people are saying about their brand and have an idea of how they are perceived online. They can see if people are talking about them positively or negatively. They may also use the information to correct any wrong impressions that people may have based on what they see online.
These tools provide new data that companies can use to make better decisions about their products and services. They also help people see how they stack up against competitors in the marketplace while providing information about what is trending online. These tools’ information lets businesses make informed decisions, positioning them to succeed and get ahead of competitors.