Introduction: Market intelligence is the collection of data regarding a company’s competitors, target market, and consumers. This information is collected and reviewed to make informed business decisions. Knowing how to analyze market information is vital in getting an edge over the competition in a world where information is more readily available. The four market intelligence hallmarks are a competitive advantage, product intelligence, marketing understanding, and consumer understanding. This process can be conducted internally by a department devoted to collecting and analyzing market intelligence. However, many companies choose an external company, who are experts at collecting and analyzing complex market data.
Tools: For a growing company that is looking to expand its business, luckily, there are myriad of options when it comes to market intelligence. Below is a list of some of the most helpful tools currently in the market.
NetBase Quid: NetBase Quid is a marketing tool that allows users to analyze data related to social media posts and comments regarding a company or market. Companies can utilize this data to see how consumers feel about a market or product, and then decide whether to enter a product into the marketplace. NetBase Quid offers social media analytics solutions to businesses using Natural Language Processing (NLP) technology. The company can take information such as social media posts, blogs, business filings, consumer reviews, and provide the information to connect with consumers and build brands. NetBase Quid’s artificial intelligence (AI) tools help the business understand consumers and the industry and introduce new products and services. NetBase Quid is a trusted partner with such companies as Coca-Cola, Microsoft, and American Airlines.
Pew Research Center: Another helpful online tool is, Pew Research Center. The site provides interactive tools that allow you to search across an aggregate of news stories and public opinion surveys.
Statista: Statista allows you to search among studies and reports, across more than 150 countries, regarding more than 200 markets and provides market and consumer outlooks.
Crunchbase: Crunchbase relies on information from its online community and has a tool that has an array of information regarding topics like company funding, leadership, investments.
Owler: Owler is a useful website that stores information on 13 million private and public businesses, utilizes crowdsourcing to collect competitor information. This site is especially useful when you are trying to gather information on competitors. The site allows you to create customized news alerts.
Google Think: Google Think can allow users to analyze how your website compares to the competition. Also, it can help a company find new customers based on data related to consumer spending habits.
Moody’s Analytics: Moody’s analytics utilizes Excel, making it easy for businesses to use their platform, which features cashflow and comparative analysis. Also, Moody’s differs from other sites because they focus on credit management.
Conclusion: Market intelligence can help companies find new customers, new markets, and new areas of opportunities. Market intelligence is vital for a company contemplating entering a new marketplace, looking for new customers, or for any company with an eye for growing.
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].