Any information gathered or collected by a company from the market it either desires or operates in is referred to as market intelligence. It is vital in determining the existing market metrics, penetration and opportunities in the market, and market segmentation. Through this intelligence, business owners have learned how to navigate in the existing markets competitively and gather rival intelligence vital in helping a business thrive and grow to greater heights.
For instance, a firm intends to launch a brand-new mobile phone which has not been on the market; it will use market intelligence to determine the most appropriate audience for the phone. The company will have to use a survey to determine how many people prefer that phone type. Assume phone this company intends to launch a phone meant specifically for gaming; then, it will have to carry out a survey to determine how many people prefer the phone. Through this information, the company will know who to focus on hence reducing expenses. It is also important to understand that market intelligence differs from business intelligence in that the latter focuses on factors like processes and billing rates. The intelligence of markets is closely related to market research.
Marketing Intelligence Tools
Here is a list of competitive marketing intelligence tools vital in tracking and monitoring your rivals’ various aspects.
Crayon Intel Free
Intel Free is a type of intelligence tool used in monitoring your rivals’ design changes and content. One of the benefits of using the Crayon platform is that it helps a business owner clearly understand what the competitor does. You also receive your rivals’ video content and blog posts. Through this software, a company can track several companies they are rivalling with. You do not need to pay to use this type of tool.
If you want to get a clear picture of any website, follow is the appropriate tool. Several businesses that have used this tool confess to growing to greater heights. Follow helps you access your competitor’s demographics, display advertising, search engine optimization, affiliate marketing, and display advertising.
SimilarWeb.com is one of the top-ranked intelligence tools. It is well known for tracking rivals website’s traffic. This tool is integral in learning what your competitors don’t, learning new trends, knowing what your customers need that you don’t offer, and getting new business partners. This is one of the software solutions that are simple to use. A click of a button is enough to give you an insight into any site’s statistics.
The Quantcast platform is renowned for data mining and undertaking intelligence in the market. Through this platform, you will be able to insight into your competitor’s geographical and demographic profiles. You will also know the academic level, gender, age, brand preferences, shopping habits, and more. Business owners often use this software platform and brand marketers to make well-analyzed decisions.
How Businesses Can Get started Using the Intelligence Tools
The following steps will guide you on how to use an intelligence tool. First, you need to know how to select rivals for benchmarking, metrics to measure, collect your rival and client intelligence data, design competitive & customer analysis, share marketing insights, and turn your ideas to life.
About NetBase Quid
NetBase Quid is a consumer and marketing intelligent company that has played a significant role in several businesses’ growth. Through consumer intelligence, business owners can have a clear insight into their competitors and consumers. Several firms have benefited from NetBaseQuid is marketing intelligence. The firms has the right intelligence tools that make the process a success.