Social media monitoring is something every business needs on the top of its daily “to do” list. Solid market intelligence helps brands keep pace, and even ahead of, ever-changing market conditions. And then, emergent brand opportunities – or emerging crises – happen quickly and you need to be ready to act and capture this insight, as it happens. They rarely announce themselves days ahead of time. And although it’s only one tool in your marketing metrics arsenal, market intelligence is one that you’ll want to keep updated and in good working order for precisely that reason!
To that end, we need to explore what market intelligence is and what it isn’t; and why it’s so important for brand success. Because we see lots of brands wasting time on efforts that do little to move that needle. And we’ll examine foundational elements of exceptional market intelligence efforts, including:
- Consumer experience intelligence
- Product intelligence
- Competitor intelligence
Before we get started though, here are a few statistics we uncovered surrounding market intelligence that you’ll want to keep in mind as we go.
- Decision making is 5x faster for businesses using data analytics for market intelligence.
- Companies that update their competitor intelligence on a daily to weekly basis are 2x more likely to see positive revenue impacts than those who update quarterly to yearly.
- 32% of global consumers will drop a brand they loved after only one bad experience, and 17% of U.S. consumers follow suit.
What Market Intelligence Is
So, what is market intelligence exactly? It’s the brand awareness created through monitoring relevant markets by capturing information surrounding trends, consumers, products and competitors. It’s monitoring relevant sources across the web, and integrating propriety consumer resources to aggregate and analyze all of this structured and unstructured data as a whole. The analysis part is key. It must be handled by the most advanced modeling, preferably powered by next generation artificial intelligence, to extract actionable, accurate insight that forms the basis of strategic decision-making that touches every part of the enterprise.
It’s that stuff Fortune 500 firms are made of. And it offers powerful competitive, consumer and market insight for maximum impact on an ongoing basis. And, as with anything, there’s a right way to do things and a wrong way, which we’ll touch on below.
What Market Intelligence Isn’t
Rock solid market intelligence relies on both depth and breadth of discovery. That said, a market strategy built upon surface insights like random samplings or internet searches is not only lazy, but dangerous. For instance, missing relevant market factors can create bad timing for your rebrand or missed opportunities to one-up the competition.
Inconsistent analyses are nearly just as bad. It’s not sufficient to build a great analysis at just the front and backend of a campaign and call it good. You’ll miss a lot of insight and opportunities to tweak your approach on the fly to maximize your results.
In this day and age, as a business leader you should operate on the presumption that your competition has built their strategies using world class artificial intelligence (AI) and monitor it constantly. If you’re not consistently monitoring yours as well, you can forget keeping up with the competition. Never mind besting them.
Put quite simply, market intelligence isn’t something that most brands do well. Actually, most are bad at it.
Make sure you take advantage of that fact as businesses using data analytics for market intelligence are 5x faster in decision making than those that do not. That difference is the clutch in rapidly changing market situations.
Market Intelligence Must Haves
And what will set you apart from the rest in due diligence is having clearly defined, measurable goals based upon a broad range of key performance indicators (KPI). There’s no such thing as being over-zealous in measuring your KPI’s and they should measure everything from sales revenue to your mcommerce data and everything in between.
Since brand strategies are only as effective as the data they are based upon, top brands rely on powerful next generation artificial intelligence (AI) tools to ensure their strategic efforts stay informed from start to finish.
They also know that nothing will send their KPI’s into the red faster than negative net sentiment left to snowball online unmitigated. Not only that, machine learning allows brands to mine the vastness of the online conversation for relevant insights to get the most from their marketing campaigns.
Think of it as a cushion against the red and a power-up in the green. You’d need an army of employees to do what AI can do in minutes, and smart brands don’t make a move without the intel it provides.
Since robust data analytics are the name of the game in market intelligence, the contextual AI built into our Quid platform extracts meaning from any kind of written content including news, product reviews, company investments and forums. You can even upload your own company data for analysis.
It’s a game-changer in rounding out your market intelligence with strategic insights into your consumer experience, competitor intelligence and both your current and tentative product markets.
Let’s take a look at those in a little more detail.
Consumer Experience Intelligence
The way a consumer experiences your brand, and its products and services can vary widely and often times can be very different from what you think.
This highlights the importance of having a robust AI platform to not only cull your relevant consumer data but present it in a manner that is easily understandable and transparent to a granular level.
And speed is of the essence to ensure everything is going smoothly for your customers as 32% say they’d walk away from a brand they love after one bad experience. But not only is that incentive to keep your consumer experience analysis sharp, it’s also potential pay dirt for when your competition drops the ball.
Depth of actionable insight into consumer experience powered by next generation artificial intelligence does the heavy lifting to propel your brand to the forefront of market intelligence.
The aim of product intelligence is to analyze your product/service to better understand where it measures up in relation to relevant markets. Consistent monitoring of the conversations surrounding your product gives your brand the agility to push into market gaps, sidestep disruptive factors and leverage consumer engagement.
It’s a critical facet of market intelligence that greatly expands the maneuverability of your brand in effective product marketing.
A product analysis is not limited solely to your product but should also include the factors at play in markets related to its production and supply, so your marketing team is swift to act.
For example, if your frozen food company is heavily dependent on sausage, you want to be aware of potential supply disruptions in the pork industry before the competition does so you can have your action plan in place.
And who doesn’t like having a good old-fashioned edge over the competition? The aim of competitor intelligence is to gain insight into their brands, products and consumer engagements and make super-informed decisions.
Keeping your finger to the pulse of the competition coupled with consistent trend analysis puts your brand in position to take advantage of gaps in the market before anyone else notices.
A thorough understanding of your competition’s strengths and weaknesses will allow you to fine tune your marketing to better capture the attention of consumers and increase your brand’s share of voice.
And the Quid platform makes it easy to dial in on the competition using the companies dataset to capture company and investment information.
And the power of contextual AI in the news/blogs dataset allows you to discover the sentiment, traction and trends surrounding your competition. Dig as far into the data as you need so you and your team are confident of your next move and where you sit in the conversational mix.
Whether the other brand missed an opportunity, or is in the midst of a brand crisis, your competitor intelligence analysis will let you know. It’s critical information that allows you to know when to swoop in or avoid a pitfall.
Let’s face it, it’s a lot less costly if a brand can learn from the mistakes of others. That’s a real-life dollars and cents reason to make sure your brand’s competitor intelligence is on point.
That said, a dedicated and consistent approach to each area of market intelligence will pay dividends in the speed of your decision making and consequently your bottom line. There’s no time like the present to make sure your brand is on top of its market intelligence game. Be sure to reach out for a personalized demo and we’ll show you how!