Having a market intelligence strategy makes the difference between a business that makes thoughtful decisions and one that navigates with uncertainty. Not for nothing is data collection an increasingly strategic task within companies. However, much of its success lies in the technology implemented to collect a large amount of data, so the choice of these resources should be as informed as possible. Fortunately, making a decision about which tools to use to develop a successful market intelligence analysis requires no more than reviewing the following text below.
Market intelligence is the information or data that an organization obtains from the industry in which it operates, with the objective of determining existing segmentation, penetration, opportunities, and metrics. This concept is vital to understand the state of the market and to gather intelligent information about the competition, which in turn, allows you to be profitable. For example, a company wants to know who the right target audience is for a mobile phone that it will launch soon. A profiling survey can help your business select you based on the type of device you are launching.
How to Optimize Market Intelligence Through Technology?
Today it is impossible to understand our market without the support of technology, as it allows us to make better decisions, understand consumer behavior, and even stay ahead of the competition. The following tools will give you a complete overview of the information you need to know to drive the success of your business:
Big Data Analytics
It processes large volumes of information and offers a wide panorama of options through optimized reports that aid strategic decision-making. These are the facts:
- 5 quintillion bytes of data are produced by Internet users every day
- The 60% of executives globally makes decisions based on Big Data
Artificial intelligence + Machine Learning
They automatically interpret data from various sources. They offer qualitative information about the feelings, and perception of your brand.
- 30% is what the revenue of some industries will increase after the use of AI.
- 3 out of 4 businesses globally are already implementing artificial intelligence in their processes.
This tool structurally safeguards the information collected to later access it quickly and easily.
- 66% of cloud users globally say they use it for their Big Data analysis and business intelligence projects.
- 45% is the reduction of costs of storage and maintenance of technological infrastructure when migrating to the cloud.
Natural Language Process (NLP)
Automatically analyze conversations and interactions with y customers in order to devise better products and operational processes. The chatbots are a great example of this technology.
- The 85% of business interactions with customers are currently using NLP.
- 133% increased conversations initiated by customers with their favorite brands during the pandemic.
- It allows you to learn more about how to conduct sentiment analysis on social media.
Knewin Communication Relevance Indicator brings together 14 variables and 4 dimensions to generate scores for your brand and competitors. Indicator (qualitative + quantitative) that analyzes:
- Most influential sources in the industry
- Source visibility
- How relevant is the published content
- How the publication penetrates the target audience
The possibilities of optimizing your information analysis processes are endless thanks to technology. However, if you want to develop a scalable strategy to the needs of your business, you may need specialized guidance from a company like Netbase Quid.