Running a successful business today needs one thing- an informed strategy. You can’t function well in a market without proper comprehension of how it operates- from target segments to the competitive landscape- you need to know it all.
Market intelligence is the information you gather about your current market or the ones you plan on tapping into, gaining a thorough understanding of how to strategize and execute.
Most people make the mistake of winging it as they go, but to survive in a business environment that works at a breakneck speed, you need to make more informed business decisions.
In this article, you’ll explore how to build a solid foundation backed by data and coupled with intuition because an either/or situation won’t drive the results you need.
1. Only facts, no assumptions
Marketing intelligence doesn’t just offer more data into markets and audiences; it provides context and perspective. A holistic strategy has insights as its underpinning.
“Start with understanding industry trends and customer behavior, and how you can fit it into your plan to market better and connect with your audience with more depth and authenticity.”
For instance, you can assume a definitive type of messaging will work with your audience. Do you have any competitors in this realm? What kind of messaging are they using? Is it working well for them? Could you take a different stance to position your brand better? Does the data show your TAM will receive it well?
Guesswork will only slow you down when it’s time to sprint.
2. Market Research
Let’s dive straight into some practical takeaways for you to uncover market intelligence. Where do you begin to capture more interest and boost conversions? The answer lies not in the “what” but in the “why”.
It’s easy to understand what your customers do, but the real leverage of market intelligence is to grasp why they do it.
Use focus groups, interviews, surveys, and polls to get real people to answer the specific questions you have for them. You may also use existing market reports and studies to commence your plan, but directly communicating with your prospective customers will open up new possibilities and deepen your understanding of the target market. Ask targeted questions in the form of a questionnaire and look for patterns!
3. Build Cohorts
The second most important move would be to segment your market and audience. Build groups that share similarities, making it easier for you to market each with personalization and control. This is how you subtly prompt them down the funnel toward a purchase decision.
“The best sales and marketing efforts are directed to a particular segment rather than trying to be everything to everyone. That no longer holds a place in a world where customers expect a tailored experience.”
Segmentation is most useful while launching a new product or service in the market, but you can use it even for an existing product/ service to brand and position it better. Once you’ve segmented these market and audience segments, drill down into the details. Build detailed buyer personas and experiment with different messaging to see what sticks.
Wrapping it up!
The thing about market intelligence is that amassing data isn’t enough. The real deal is analyzing and transforming it into actionable insights you can wield to enhance your business model and marketing efforts.
The more specific the details, the clearer the picture gets. The analysis would help you gauge where you stand in the market and how you measure up against your competitors. When coupled with business intelligence, it can take your company to a whole new level of digital savviness. With these two working in sync, you can unleash powerful marketing strategies that align with your customer buying patterns and work out new business opportunities.
The game is on. Now the question is, how well are you going to play it?