What is Marketing Intelligence?
Marketing Intelligence is the collection of data that a company can perform in order to gain critical insights into the market’s taste and preferences, competition within the market, potential opportunities, and competitive advantages. The data collected can also help companies better perform segmentation within the market and identify places for market penetration. The hope is that market intelligence can help businesses learn about their competitors, similar products, and the market it is working within.
What kind of data should be collected?
For marketing intelligence, both qualitative and quantitative data can be collected by businesses. Qualitative data can take shape in many different forms, including surveys and focus groups. Quantitative data can include sales volume and sales revenue of a competitor.
What are some popular forms of Qualitative data?
Surveys involve compiling a set of questions to gather data on a specific area of interest in which one is attempting to achieve more information. Surveys can help identify specific tastes and preferences through opinions. Surveys exist in many different forms, including online, in-person, by mail, and by telephone.
Polls are similar to surveys but typically only ask one question.
Focus groups represent a group of people meant to represent a larger market. Questions are asked of the participants, and a discussion can partake where opinions and behaviors are observed.
Field Trials occur when a company wants to measure consumer response and behavior to a new idea or product. It is where a business experiments with an idea to understand how the greater market will respond.
Personal Interest
In the future, I plan to go into data analytics which is why I was initially intrigued by the topic of marketing intelligence. I am excited to see how different companies worldwide use marketing intelligence.