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
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Analyze marketing strategies of your competitor
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Discover new marketing trends
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Nurture prospective clients
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Keep a track on rising data silos