Marketing intelligence includes the procedures and data sources used to obtain information from the business environment for decision making. This information can be external or internal. This data usually pertains to various political, economical, technological and sociocultural elements. It also can include information on customer demographics and competitors. Small-company managers usually collect marketing intelligence data either by themselves or through various research or government agencies. Learn more about market intelligence by clicking: adsmediabrokers.com.
Small companies often want to determine how they are faring in certain markets. Hence, they may order secondary research reports from companies like Nielsen or Forrester Research. One important component of market data is market share, which tells a company what percentage of the market it controls in both units and dollars. Small-business owners also can use the data to determine whether there’s room for growth in certain markets.
Another type of marketing intelligence is competitive information. Business owners usually use industry reports, articles, newsletters and personal observation to study their competitors. They may also collect competitive brochures or study their websites. Small companies use competitive information to learn more about competitors’ investments, organizational changes and strategies. They may also purchase competitive products to study various features and technology. Marketers may also study competitive information to determine the types of customers they serve.
Marketing managers also use market intelligence they obtain from customers. This information goes far behind the typical name, address and emails of customers. For example, a marketing manager may have detailed information about key customers, including their average age, income, education and what they typically spend per visit. This allows companies to create profiles of typical customers, characteristics they use to target other noncustomer consumers.
Using Competitive Intelligence
Small companies often use competitive intelligence to conduct analyses of strengths, weaknesses, opportunities and threats (SWOT). A company usually uses a SWOT analysis to compare its strengths and weaknesses against key competitors. It then uses those advantages to identify various opportunities in the marketplace. For example, a plumbing company may have stronger distribution channels in place. It may then use those distribution channels, including showrooms and retail stores, to get more product exposure. Similarly, a small company strong in customer service may include that fact on websites, brochures and other printed materials.