Market intelligence is information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate, confident decision-making. Of course, there are different types of business intelligence, depending on the position and the needs of each individual.
Market intelligence helps identify market opportunities, market penetration strategies and market development measures. In other words, business intelligence helps companies and professionals stay competitive!
Business intelligence: competitive intelligence
As the pace of innovation accelerates and markets evolve faster than ever, competitive intelligence has become the key to business success. By understanding and analyzing their entire environment, and seeing the big picture, companies can increase their awareness of what’s going on around them, so they can make informed decisions.
Thanks to competitive intelligence, companies can act in time to react to threats or take advantage of new opportunities. As the amount of sources and data for information gathering increases rapidly, companies are forced to turn to technological tools to automate, improve and accelerate the competitive intelligence process.
Price watch
This type of market intelligence is also applied to the company’s competitors. It’s a technique that enables the company to keep a constant or regular eye on the prices charged by competitors in specific markets.
By setting up a price monitoring cell, you’ll be at the top of the price comparison list, getting more information and constantly adjusting the price to increase sales by always being competitive on price comparison sites, for example. This monitoring can be automated.
Monitoring commercial practices
You’ve worked hard to turn prospects into leads and ultimately into customers. At the end of the sales process, you don’t have to write these customers off and never contact them again. Contacting them and asking for references is an intelligent form of prospecting.
Your customers will know many other people in niches and jobs similar to their own. Chances are, many of them also belong to your target audience. If a customer is willing to refer you to their contacts, it can make a huge difference to your overall sales.
Timing is everything when it comes to customer referrals. They will continue to familiarize themselves with your product or service. Sometimes they’ll even recommend you on their own, but be as proactive as possible in this process, offering them benefits and rewards.
Supplier-oriented business intelligence
Email campaigns are the easiest way to find new customers. Many sales companies rely heavily on e-mail prospecting.
The more personalized your emails are, the better they’ll work. Again, base your emails on your existing customers and find similar databases to which you can send emails.
In the email :
- Describe why you’re sending this email (the prospect’s interest)
- Who you are
- Add relevant content that can help
- Give them a clear and simple action to take (Visit our site, call me…)
Finally, send out follow-up emails in case your prospects don’t respond to the first one. They might respond to the second or tenth, who knows.
Corporate watch
Content marketing is the art of communicating with your customers and prospects without selling. Instead of presenting your products or services, you provide information that brings value to your buyer. By providing valuable, educational information to your customers, you create a level of trust.
People who interact with your company’s content (blog posts, videos, case studies) are often potential prospects. So the more useful content you create, the more qualified leads you’ll attract.
The article you are currently reading is an example of content marketing. We try to provide relevant content to our site visitors so that they try our application Moovago application for sales people.
