NetBase Quid market intelligence is the perfect tool for marketers to use when looking to make better decisions about their next marketing campaign. It helps you do everything from analyzing your competitors’ campaigns to understanding what’s trending in your industry. Marketers can use Quid market intelligence to improve their social marketing and SEO strategy by gaining valuable insights into the world of online conversations about brands, products and services.
The business practice of gathering information about the market to help companies maintain a competitive advantage is referred to as “market intelligence” or MI. It is a crucial business activity that every organization should implement because it helps them understand what is going on in the market, how their competitors are performing and what interests their customers. It is increasingly crucial for businesses looking to get a competitive edge to understand how customers use the internet to find information about what they buy and which companies they purchase from. Below are some of the most common markets intelligence tools available and how businesses can integrate them into their operations:
1. Market Research
Traditional market research is usually conducted offline, while market intelligence tools use an online approach. The main difference between the two types of information is that traditional research data looks at customers’ purchasing intentions and rates their likelihood of purchasing a product or service. At the same time, it focuses more on current customer behaviours.
2. Competitive Intelligence Software
Complex analysis of technical and financial reports is required to understand what is going on in a company’s competitive landscape. A benefit of competitive intelligence tools is that businesses can focus on analyzing wider industry trends rather than getting bogged down by analyzing lengthy reports from different companies in the same field. It also gives businesses access to a comprehensive source for primary research data, which they can regularly access with little to no cost.
3. Social Media Monitoring Tools
Social media monitoring tools are one of the fastest-growing market intelligence tools because they give companies access to real-time conversations taking place over social media channels such as Facebook, Twitter and Instagram. The data collected by many tools can be easily filtered down by geographic location, language is spoken or topic so businesses can drill down to what customers are saying about their products and services in specific areas. It is especially useful for customer service teams to resolve questions or complaints online as quickly as possible.
4. Web Data Mining
Web data mining captures information that has been publicly shared on websites that use well-known web languages like HTML, JavaScript and PHP. This could include product descriptions, company information and even handwritten notes posted online as a result of customer feedback or complaints.
5. Outbound Marketing Analytics
This type of intelligence collects information about customers’ interests based on how they interact with your company via email, phone calls and direct mail marketing campaigns. It is used to track which channels are the most efficient and effective for companies to improve their interactions with customers continuously.
6. Social Media and SEO Intelligence
Google Analytics is one of the most widely used tools for marketers to measure how effective their social media activity has been on their website’s organic search performance. This includes tracking which social media channels are driving more traffic to specific web pages, how much time visitors are spending reading blog posts or product information on your site, and what types of keywords people are using to find you via search engines.
7. Brand Sentiment Analysis
This type of intelligence measures public perception around a company’s brand name on social networks like Twitter, Facebook and Instagram by analyzing customer conversations about your company on these sites. The data can be filtered down so companies can see whether or not customers have positive or negative impressions about your brand. These tools are usually used in conjunction with social media monitoring tools so that companies can get an overview of how their business is perceived online.