Marketing Intelligence: How to Sale Any Kind of Product Online Today, Even if You’re Just Starting Out.
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I will try to keep this as short as possible.
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What is marketing intelligence?
Market intelligence can be defined as data or information derived from the market by an organization in which it operates to help determine market segmentation, market penetration, market opportunities, and existing market statistics.
Types of marketing intelligence
Three types of marketing intelligence can take your business to the next level if you master them properly.
Marketing intelligence data collection is divided into four parts:
- Online Survey – This is the easiest and one of the cheapest method of collecting data quickly. Such studies have been associated with unreliable data, but with new tools entering the market, this method has become very popular and reliable for obtaining real-time data quickly. Also, the majority of the target audience already prefers online communication, which is why online surveys are the best method for gathering market information.
- Personal Surveys – These surveys are individual interviews that can be conducted in busy places, such as shopping malls, to gather the necessary information. This also allows you to collect customer feedback as you have the advantage of introducing a product or comparing products and gathering valuable information.
- Telephone Surveys – These surveys are comparatively less expensive as compared to in-person surveys but are costlier than mail surveys. Although, several companies use telemarketing and hence the consumer does not respond well due to constant badgering. Therefore, it gets very difficult to convince the consumer to take the survey, thus reducing response rates, as well as the quality of responses.
- Mail Surveys – These are some of the cheapest ways to conduct surveys, especially to a larger audience. Since the advancement in technology, people have stopped reading paper mails nowadays and hence the response rates for such a method is only 3-15%. However, in areas where technology is still inaccessible, such a method is still dominant to gather the required information from the audience.
Under the mail survey you have:
- Questionnaires – A questionnaire is a series of questions asked in a printed or online format to conduct research. They can be used for qualitative as well as quantitative research and can be used to gather data from a large set of audience.
- Polls – Polls are somewhat like surveys, however, in such a method there is only one question to answer. Since it takes very less time to answer these, the response rate is extremely high.
- Forms – Forms are a set of questions asked by a researcher to collect very specific information required for the task at hand. Such a method does not include questions that will state opinions or feedbacks from the respondent. Etc.
Marketing information is different from marketing intelligence. Information is not useful until it has some meaning to it. Information is nothing but knowledge about a particular topic or product, while intelligence is about meaningful information which can be used to take action. To transform collected data into meaningful intelligence, analysis has to be performed on the collected data. There is various market intelligence software in the market. Such software not only allows you to collect data but also analyze the data using advanced analytical methods. You can search for them and choose the best for your business.
Reports and Presentation
Reports and presentation are an important step in using market intelligence. Reports and visual infographics will enable a company to understand the markets more easily and can answer questions like what do the metrics mean?
What is the importance of marketing intelligence?
Gathering Market Intelligence is a crucial element for executing effective plans for the prosperity of your business. It keeps you more focused, it centres your business goals and provides you with the intelligence to pursue growth opportunities and reduce risk.
How do you get market intelligence?
Here are some ways that you can use to gather market intelligence:
- Get in touch with your sales team: Ask for information from your sales force. …
- Question your channel partners: Get feedback from your channel partners when it comes to product expansion or the sale of a new product.
What does marketing intelligence mean?
Marketing intelligence offers organizations several options to precisely navigate the complexity of the marketing landscape that is unique to the organization. When done correctly, four sides help marketers make successful strategic decisions:
This form of marketing intelligence collects competitive data to provide insights that can be used to more effectively develop business strategies. By understanding which consumer’s competitors choose and why brands can better align marketing efforts to shift products and messages towards ideal consumers.
Product intelligence involves learning about the brand’s products and how those products stack up in the marketplace. By talking to consumers, researching audiences, or engaging them in surveys, organizations can better understand the differentiators and competitive advantages of their products. From there, teams can better tailor products to the consumer’s unique interests and concerns that drive conversions.
The data used for this variant of marketing information revolves around researching markets populated by customers or prospects. Are there trade magazines, books or newspapers that the market reads? Or perhaps organizations of which they are a part? Understanding which areas your audience is most active in can help you identify the right media mix, touchpoints, and media outlets to use and where your products can fit into those elements.
Understanding of the consumer
While most businesses focus on new sales, customer retention and retention are just as important. Depending on the industry, it costs brands on average five times more to acquire a new customer than to keep an existing one. With this in mind, understanding your customers can help you effectively target new customers with lower marketing spend, while also increasing retention rates. Consider the following questions:
Who are your buyers?
Why do they buy from you?
Are they satisfied with the service level?
Are there things that can be improved?
What challenges can your team help them with?
How can the quality of marketing intelligence be improved?
There are 4 steps that marketers can take to clean up the data and develop a data quality strategy.
Step 1: Admit that you have a data quality problem. It is important to recognize that data quality is an ongoing process.
Step 2: Run a database check.
Step 3: Understand your business needs.
Step 4: Secure standardized data.
Is there a marketing intelligence recommendation course?
Yes, there are.
This is a product that uncovers the secret of marketing intelligence, with a step-by-step guide on how to win multiple customers to buy from you.
Inside you will discover some very powerful secrets that you can use to enrich yourself and your customers.
Amazing secrets such as….
- How to use the murderous secrets of “remote seduction” to legally withdraw money from the rich?
- How to Attract (and Retain) Pocket Clients Who Will Bring You Up to 10% of the Profit from Your Business Income!
- How to get the most money from minimal clients or clients in a lazy way?
- A 70-year six-figure “ disruptive marketing ” plan that works no matter what product you’re selling.
- The core desires of every man and woman likely to be your client, and how to easily channel them for financial gain.
- How to Create Incredibly Profitable Joint Ventures Without Spending a Penny.
- 3 Near-Secret Ways to Build a Six-Digit Business from Your Bedroom
- How to Make Money Selling Your Brain Every 30 Days!
- 10 definitive commandments of the money-sucking operation
And much, much more….
Every issue of Marketing Intelligence is unique and different. And every three months they will share ideas with you to make money and business growth strategies to improve your business….
What are the sources of marketing intelligence?
Vendors, customers, competitors, employees, competitors, the Internet, trade shows, seminars, conferences, literature and trade publications are among the important sources of information.
Importance of market intelligence
Market intelligence is essential to the success of any organization because it is the foundation on which all marketing is based. The effective use of market information includes data collection, analysis and end-use of the information. Market intelligence helps you focus on the customer, understand market demand and consumer confidence, collect relevant data in real-time, increase your chances of upsells, reduce risk, capture larger market shares and give your insight. Competitive Advantage. These benefits are critical to the success of any business and therefore market intelligence is one of the most critical elements in executing effective plans for the prosperity of any business.
Several types of marketing intelligence can skyrocket your business and make you sell any kind of product to anybody in the world.