According to Reuters, the global business intelligence market has been estimated to grow $29.48 billion by 2022 and it was $15.64 billion in 2016! Why this staggering growth? Well, according to Forbes, the reason is business intelligence helps to ease business operations, Executive management and increases selling opportunities. More than 60% of business administrators say business intelligence offers a significant competitive advantage.
The stats don’t lie and business intelligence made by professional Marketing Research Company brings in many advantages to do better marketing. Still sceptical about how marketing intelligence tools help in a better advertisement? If yes, then we have compiled some reason that will definitely change your mind.
The 4 Benefits of Marketing Intelligence
Understanding the market: In this fast-moving world, nothing remains consistent. Every day brings in new improvements and changes. This is the reason as a business owner, you must know what’s going on in the marketplace. Are there any chances that the products you’re producing will not make any sales at all, or will they go viral?
The market is volatile, but with efficient marketing intelligence, you can make profits. Hence, marketing intelligence must be the most crucial factor you take into account. If you can’t do it by yourself, well, you can always take help from the Market Research Agency.
Competitive Advantage: Most of the marketers are tapping into marketing intelligence. Marketing intelligence can collect your competitors’ information which can later be used to strengthen your marketing dominance and to develop smart business strategies. If you know why the customer is selecting your competitors, you can personalize your services and products to offer something greater than your competitors so you can retain those prospects. Sounds non-ethical? Well, to survive, you have to make use of this.
Customers Intelligence: Irrespective of what you are selling or how superior your product or service is, you must recognize the needs of customers first. Why? Well, of course, to personalize your marketing approach and to draw more interested customers. The first step to find success is by making use of marketing intelligence tools. These tools are designed to collect essential information to help you tailor-made, your marketing strategy so you can increase customer engagement which will later translate into sales.
Make use of perfect time: Market intelligence also involves the efficient utilization of time. What’s that mean? Well, do you take the time into account when you launch a new product? We hope, you do! Wouldn’t you want to sell lots and make a tremendous profit – but, when is the best time to do so? Marketing Research Company studies market trends with the help of marketing intelligence tools to predict the perfect timing to sell so the business can earn the most out of it.
Let’s say you manufacture Christmas tree- Anyone in their right business sense would like to transport them in stores beginning October rather than January because that’s when people are looking to buy them.
However, if you’re into mobile manufacturing your targeted audience is waiting to purchase all through the year. Therefore, predicting when specifically to launch the product could be a daunting task. That’s why you should hire a Marketing Research Company who knows how to use marketing intelligence tools.
When it comes to Market Intelligence, you’re going to need a dedicated Marketing Research Company that can offer an entire marketing team to look into the upcoming trends. Unicode Solutions, one of the top website designing and Market Research Agency in Delhi, offer experienced, professional and dedicated people to serve your marketing needs at a very reasonable cost. For more information, contact us now.