When a company invests in research and development, it does so with an eye for profitability; this profitability comes from designing products that its customers will like or designing processes that reduce costs. Good market intelligence means companies can go back to their investors (or themselves) with proof that they are doing good work: sales numbers, customer feedback, and lower-cost production methods. It helps companies understand what customers want before they even think about it themselves; a company can sell out of stocks before demand increases.
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What These Tools Do
1. Market Forecasting
They can inform management about the future demand for a product. It is done by looking at what features customers are asking for or what new products are being launched. A company might use market intelligence tools like Google Trends to get an idea of how often a particular word is searched on the company website or how often it has been searched in recent years. Such tools can also allow the company to determine if there is a new trend in products, services, or purchasing habits.
2. Customer Satisfaction Surveys
Businesses widely use customer satisfaction surveys as a part of their market intelligence. A survey could look at how often customers buy based on price alone or on more detailed factors like product reviews and customer service. Some web-based market intelligence tools can even email customers asking if they would be interested in participating in a survey.
3. Word of Mouth Information
Word-of-mouth information can be gathered through social media and internet blogs, although this can cause problems if the company is too pushy. Traditional methods like letters to opinion-makers and interviews with leading experts can also do it. For example, if a company wants to launch a new set of golf clubs, it could interview professional golfers, or if it tried to establish a fashion range, it could talk to fashion experts.
How Businesses Can Get Started Using Market Intelligence.
1. Use Keywords
Use a keyword search tool on the internet to find out what people are searching for. Google Trends is an excellent place to start. When using Google Trends, the user can enter the name of the product or service and see what comes up when people search for it. Doing this can help identify trends in customers’ interests and preferences.
2. Check Web Search Data From Keyword Search Tools
A good way to find out what customers want is by checking web search data from keyword search tools like Google Trends, HotBot, Lycos, AltaVista, Direct Hit, or Ask Jeeves.
3. Check The Decibel Effect
Although this can be frustrating, it can be helpful if you have the patience to play around with word suggestions. The decibel effect was discovered by a speech pathologist, Susan Marenco, who noticed that people often change their attitudes or emotions when listening to music or reading literature. The decibel scale measures the audio signal level at which a person’s attitude changes.
It allows a company to plan its marketing strategies year-round based on what customers have told them they have to have. It is essential if the company has limited resources and must spend time and money testing new products or services. It also helps companies to make informed decisions about future prices, stock levels, and marketing campaigns.
A simple market intelligence tool that most management teams use surveys. Data is collected from customers, partners, and employees for appreciation of the brand’s products or services, for feedback on how the product needs improvement, and for providing feedback on how satisfied the brand has been with its products.