In competitive markets, small businesses are either exploited or made feel neglected by large marketing tech companies. According to a Salesforce Report, around 90% of the business population represents small and medium-sized businesses(SMEs). Though the number of employees is less than 500, SMEs are responsible for maximum job creation. So, why not take advantage of AI to gain status and recognition in the market?
Considerable rewards only come by taking calculated risks. SMEs need to get a better hang of market opportunities, penetration strategy, and market development metrics. Small biz owners can take risks and succeed relentlessly with market intelligence tools at their disposal.
Tune in as you get in-depth knowledge of why market intelligence is a must for your small business-
Small businesses can be anything from an e-commerce website to brick-and-mortar services. But what is the first thing to do when entering a potential business?
Research is about accessing relevant pieces of information and connecting the dots. It is humanly possible but not efficient. Competitive Intelligence tools ensure fact-based research across multiple industries. Not just that, it allows a multi-level approach to give a focused insight. But not to forget, the data collection methods can make or mar the end goal of a research.
You can have all the voluminous information about competitors and markets. But, the strenuous task is to centralize and refine. Small businesses can unravel such complex problems in minutes. Market Intelligence platforms are capable of creating a searchable repository and streamlining the business process.
Intelligence is only valued when it reaches the right audience at the right time. A one-size-fits-all attitude in businesses won’t take your business far in the age of personalization.
That is where the distribution of the information plays an indispensable role. Market intelligence platforms trace down long-term strategy with areas of business distribution. That includes platform funding, talent, and resource distribution.
Before going ahead, it is important to understand that business intelligence and market intelligence are not the same things. Business intelligence focuses deeply on a company’s internal growth and performance. Whereas, market intelligence is everything to do with market trends, competitors, and external factors impacting a business.
Market intelligence deals with two thorough insights any business might need.
- Market Insights adhering to the understanding of customer and market trends. Market trends imply market volume analysis, opportunities, risks, and shares. Customer trends include product information, customer service & experience, customer loyalty, and awareness.
- Competitive insights categorize into Competitive intelligence and product intelligence. Competitive Intelligence focuses on organizational strategies, acquisitions, investments, and key executive profiles. Product intelligence includes pricing, promotions, cost structures, and specification comparisons.
Having in-depth knowledge of these systems, small businesses should invest in suitable market intelligence platforms according to their needs. Choosing the right platform becomes easy when the decision is well-informed.
By arranging data in the right place, small businesses understand the position they stand at. Measurable growth is crucial for future success. It’s obvious to place your bets at the right when you have leverage on the data.
With the inclusion of AI and ML, you can improve the efficiency of your company operations. From improving sales numbers to creating campaigns for brand awareness, small businesses can have it all. According to a Visual Objects survey, around 70% of small businesses plan to invest in social media advertising in 2022. But is it something that your business needs too? By having a suited market intelligence platform in place, small biz owners can ditch mob mentality and make the difference they want.
Companies recognize new opportunities in the market. With new products and segments, there’s a chance to understand customers better without wasting time and money. All you need to do is keep a close watch through these market intelligence tools. Small businesses can opt to make changes in their products and services according to this information. It makes your marketing approach clever and gets you the confidence you need to sustain a business.
Artificial intelligence is a boon, and human intelligence excels at utilizing it properly. Though there is an ocean of information out there, it is critical to effectively refine and distribute the data. By using Market intelligence, businesses have in-depth perspectives with proprietary research. These inputs enhance cutting-edge thought leadership with a competitive analysis of various sectors of the economy.
So without further ado, start looking for market intelligence platforms that suit your business the best!