Knowing what is happening in the marketing environment cannot be underestimated. Thus, project managers must have a solid and effective marketing intelligence system that can provide fundamental data for decision making. This external data research is the guiding force for every business’ marketing strategy which will lead to accurate marketing and more business opportunities. And with the continuous evolution of technology, the tools for data management are widely available but it is essential to know how to apply Marketing Intelligence to take advantage of these tools. To aid you on which strategy to use that best suits your corporation, read the digital marketing versus traditional marketing article.
Data Collection for Marketing Intelligence
Data collection is the first step in preparing an effective marketing intelligence system. It is not enough to solely look within your company; it is necessary to understand the competition and the consumers. There are numerous ways to collect data legally. However, the sources should be reliable, or else the whole process can be counterproductive. The objective is to understand how consumers and the market perceive your product/service and brand. Here are a few ways of collecting data for intelligent marketing purposes:
- Train and motivate the selling force as they in constant connection with consumers. With a good eye in detail they will provide reliable information on how consumers use your product/service;
- An affiliate program is another source of data collection if used appropriately. Not only do affiliates marketers have close and personal contact with consumers but they also have contact with the competition, thus, motivating them to provide this information can render your company accurate and reliable information.
- Government data sources have trustworthy information about population migration, family structures, economy, etc.
We are in the era of the internet where we can make contact with consumers and study the market and the competition without leaving the office. Internet Marketing Intelligence is the backbone of marketing strategy and it can be used to have a complete insight into the marketplace. Consumers use websites for clients’ complaints, social media platforms, blogs, and forums to give feedback about products/services. There are also websites with reviews which are a good source of information. By understanding why your customers buy/use your product/service, if they are satisfied or not, where would they like improvements, etc., the marketing manager can create a guiding line for a productive marketing strategy.
Marketing Intelligence in action
Information gathered from the above-mentioned sources cannot be taken advantage of if it is not communicated immediately to the marketing managers for decision making. For the whole process to function, it is vital to take action and fast. These insights can lead to creating a new line of products and/or improve existing ones; thus, generating more sales. And a quick reaction to a negative comment, complaint, etc. on social media platforms and public blogs or forums can build more trust in the market place.
The internal information registry provides results data, whereas the marketing intelligent system provides events data. And when the external data is used in the marketing intelligence it helps to perceive where customers or prospects are and when they are active. Furthermore, by learning how and what competitors do, you can differentiate and identify business opportunities by innovating.