Evolving technologies and changing business models are compelling business owners to rely on new methodologies like marketing intelligence. Marketing Intelligence involves the compilation of information relevant to the consumer, business competitors, and market trends. Besides, it helps business owners to make profitable data-driven decisions to stay ahead in the competitive global market. According to emarketer.com nearly half of the respondents revealed that implementing marketing intelligence helped them to improve customer satisfaction which in turn, enhanced customer relationships and retention of existing customers. For better understanding refer below-mentioned statistics.
The significance of marketing intelligence
Business owners make use of marketing intelligence to get an insight into marketing trends, as it helps them to enter a new market or expand their business. On the other hand, it curtails the chances of making poor decisions provides by providing accurate information on customer needs as well as market trends. It even helps business owners to customize their products and services to satisfy the customer needs. Ultimately, marketing intelligence guides business owners to build a distinct identity in the global market. Thus, marketing intelligence plays a crucial role in crafting essential business strategies that pave the way to success.
Role of marketing intelligence in achieving smarter marketing
In this data-driven marketing world, marketing intelligence acts as a boon for data experts who struggle with big data, aggregate data from various sources, design algorithms and so on. Marketing Intelligence provides valuable information that benefits the business in various aspects. Let’s dig further and understand the importance of marketing intelligence with the help of the following strategies:
Identify new prospects
The initial step of the business marketer is to identify a new prospect, as it helps to reach more customers in a short period. Although there are many channels to reach them but identifying the prospect is still a challenging task for every business marketer. As they have to invest more resources, budget as well as time to collect these data. However, marketing intelligence resolves this issue by providing customer’s behavior and relevant details that help avid business marketers within a short period at an economical cost.
Analyze marketing strategies of your competitor
In this global market, it is beneficial to keep a track on the competitor’s business strategies and their pitfalls. This helps to understand the customer needs and marketing trends, but collecting these data sets is too tedious and time-consuming. Here comes the need of marketing intelligence, which compiles business data of your competitor and provides accurate information. Infact, it helps business marketers to design an effective marketing strategy for better marketing results.
Discover new marketing trends
Technologies and business models change as per customer’s requirements, as there is no end for their demand, you cannot expect a decline in the evolution of technologies and marketing trends. Likewise, marketing trends change with changing technologies and business models. Hence, it is very important for business marketers to find new marketing trends to reach their prospects. However, marketing intelligence plays a key role in identifying new marketing trends since, it outlines valuable information to ease the business marketer’s job.
Nurture prospective clients
Business marketers mainly focus on generating high-quality leads and nurturing them at regular intervals. According to a HubSpot survey, nearly 65% of businesses say that generating traffic and leads are their biggest challenge. Well, they can make use of marketing intelligence to design an effective marketing strategy that drives more traffic and generates leads on a larger scale. It provides vital information to nourish your customer at regular intervals because poor customer services can result in the loss of a customer in turn, causing a poor sales conversion rate. Luckily, marketing intelligence steps in to assist business owners in providing enhanced customer experience. Thus, helping them to nurture prospective clients at regular intervals throughout the customer’s journey.
Keep a track on rising data silos
As the company grows, there is a chance for the occurrence of data silos because different teams work in isolation and restrict sharing of data between the teams. Today, most of the business marketers fail to enhance customer journey due to poor customer data. Specifically, the rise of data silos between marketing and sales teams blocks the flow of customer data. However, marketing intelligence resolves the issues related to data silos and manages to avoid the occurrence of data silos. Keeping track on the rise of data silos will often benefit organizations to meet their common business goals to stay ahead in the competitive business world.
Eventually, marketing intelligence helps business owners to gather relevant business information to make strong data-driven decisions for a better future. Hence, business marketers can rely on marketing intelligence in designing business strategies to stay ahead in the competitive business world.