The 21st century witnessed some of the most amusing innovations that revolutionized our way of thinking and in turn our way of living. One such sector where we are making tremendous progress is in the field of marketing.
Before moving directly into the main topic, let us know what marketing is;
Marketing is the overall organizational activity which comprises the following subcategories of activities
Now, what is meant by Marketing Intelligence;
Marketing Intelligence is a collection of data about a specific market, which is gathered and regularly updated by a company, to chalk out a plan about the various decisions associated with entering the new market. It is done when a company is willing to enter a new foreign market and to have a competitive edge over the rival companies.
Marketing Intelligence is a collection of various types of data including
Population Group of a specific market
Details about the available infrastructures
Products in demand by the consumers
Different regulations imposed by the state government.
Why is marketing intelligence required?
For easy understanding, let us consider that the foreign market is like an exam and the marketing intelligence is the required knowledge for passing the test. Unless you prepare well and have proper knowledge about the test, you won’t be able to crack the exam.
So marketing intelligence is a well-organized plan, which is chalked out by considering all the possibilities (including both the positive and negative ones) to ensure that the company does not suffer any major setbacks.
Marketing Intelligence helps a company to analyze the amount of intelligence needed and helps the company in taking better business decisions which are aimed upon improving the overall revenue of the company.
Now, Marketing Intelligence is based upon four main pillars which are
Competitive intelligence: Collection of data about the strengths and weaknesses of the rival companies, for making economically beneficial business decisions.
Product Intelligence: All the information associated with a product which includes the necessity of the product in the market, its demand, and proper quality for overall customer satisfaction.
Knowledge about the market: It involves analyzing the market for the performance of a particular product, and to make necessary changes in the product to increase its overall performance.
Knowledge about the Customers: Ultimately it is the customers for which a company takes all the hassles. Proper knowledge about the demands and requirements of the customers are essential in delivering the right type of product for ensuring complete customer satisfaction, for boosting up overall sales and in turn overall revenue of the company.
Many platforms like Hubspot, Pardot, Leadtime, etc. helps in analyzing the market for collecting highly precise data which helps a company in framing its business decisions.