Intelligence in Business
Imagine your business being in a stagnant phase. What can you do to induce growth? How would you know where to start? Well, the answer is ever-present in all the data around you! Using Business Intelligence, primarily Product Intelligence and Market Intelligence, you can derive valuable insights from the data you get from your product and your competitors that form the market.
These valuable insights can then get into action after becoming an integral part of the firm’s decision making. Applying the gathered intelligence into the marketing and product development sectors of the business can induce growth, that too in the right directions.
Product Intelligence, quite simply put, is collection of information (or intelligence) on the product manufactured or sold, leading to innovation. This translates into better customer satisfaction, the ultimate goal. To accelerate towards this target, continuous research of the selling product is essential.
Product Intelligence can mean different things to different companies. It depends on the manufacturing process, the type of product in focus, and its presence in the market. Regardless, having data on various facets of the product can improve the quality and bring about newer and advanced iterations.
Improving Choice and Experience
Competition in the market means that the consumer has a choice. What the customer eventually ends up choosing is based on the experience that the product can provide. The experience of using a product trumps all other factors and makes it the most desired commodity in the market.
If the product improves the customer’s lifestyle significantly, it becomes a pleasant experience, resulting in customer loyalty. Thus loyalty is earned by providing the best user experience out there. According to a Gartner survey, 81% of companies were looking to be able to compete on providing a ‘differentiated customer experience’ back in 2017.
Since the connection with products is based on experience, analyzing it is crucial to improve, and where product intelligence primarily comes in. Other significant benefits include:
- Lower churn rate
- Accelerated product innovation
- Improved competitiveness in the marketplace
- Larger market share
- Streamlined production process
- Better quality control during production
To keep evolving is the aim of the game. In these times with stiff competition, a company cannot afford to remain stagnant by depending on the same product for too long. Staying ahead of competitors to provide a differentiated user experience should be a priority.
Starting With Product Intelligence
- Automated Data Gathering on Product
If behavior data is collected automatically, it is scalable and easy to manage. Generation of reports after automatic configuration of the data is what a firm should seek.
- Consumer Feedback
Feedback from consumers becomes a source for gathering intelligence as well. A firm can also actively seek guidance from users through interviews, surveys, and social media engagement.
- Follow-Up Testing
After collecting data from specific criteria, they can be used to compare further testing on the same fields, only on further iterations of the product model. This improves efficiency, and it is a quick way to start with the next round of analysis.
Don’t Get Left Behind
To sum up, chasing after innovation is the only way to be successful and to sustain in today’s market. Making Product Intelligence a major component of the way the business operates can come in handy and ensures that you are not left behind!
B2B Market Intelligence
B2B Market Intelligence differs from Product Intelligence in the sense that here, competitor data is collected. It is then leveraged for marketing reasons. Understanding how competitors function can be advantageous as it helps streamline marketing efforts and translate them into better lead generation.
Experimentation can be costly. With B2B Marketing Intelligence, one can put these worries to bed. Using market intelligence, a firm can easily squeeze the maximum out of the marketing budget by going for what the analysis suggests. Channels used by top competitors are highly likely to work out, and there is no fear of running out of the budget with risky manoeuvres.
Here is all you need to know to get started with your market intelligence as well as the critical points to keep in mind:
Setting Criteria and Goals
Having set targets makes the job a lot easier. It is advisable to start with a fixed goal in mind, which becomes the purpose of the research. To do this, figuring out the weak areas in everyday workings is crucial. The only way market intelligence can help is to keep the research directed towards the areas of improvement, improving essential fields.
There is a lot of data available. The same goes for all the competitors out there. If there is a set of criteria in place, acquiring the needful is achievable. Comparisons made on certain vital factors is a great way to start. A traditional product comparison table can be an excellent place to start. The aim is to have defined criteria and to direct research efforts in those areas.
These are a few criteria that one can look for:
- General Competitor Intelligence
- Company Name and Website URL
- Distribution Channels
- Market Competitor Intelligence
- Digital Marketing Channels (Search Engine, Social Media, Email Marketing)
- Offline Marketing Channels (Events, Sponsorships, Workshops)
Building a Structure
A structured process brings about stability in a lead generation campaign. Misdirected efforts can lead to a volatile analysis. A streamlined and automated system of collecting information goes a long way. The right prospecting tools can ensure stability and efficiency in collecting market intelligence.
DataFusion Solutions and B2Bturbo: For Your Streamlined Market Intelligence Needs
At DataFusion Solutions, you get the right team for your prospecting needs. Gathering intelligence is much more comfortable. We provide solutions to marketing attributes such as marketing penetration, marketing positioning, and much more, saving your time and efforts while giving you the best results.
B2Bturbo is another platform providing a complete suite of products that can help businesses in marketing and increasing sales, by discovering leads and using automated email campaigns. Whether it be client segregation, better lead generation or chatbot solutions, B2Bturbo has you covered!
Making Faster Decisions: Intelligence and Agility
With comprehensive research about direct and indirect competitors at your fingerprints, your decision-making process will become faster indubitably. Automation of data collection ensures that you speed constantly updating the research and making decisions.
B2B Intelligence makes sure that the decision-making process goes up, giving you that agility in running the workplace. The database becomes the stable platform as you form decisions based on it, enabling you to adapt quickly when the situation demands.
Strategy from Information
The following information are essential to have a more agile business in the future:
- Most profitable accounts in the business sector
These accounts come as clusters, only by cross-tabulating sales revenue profitability by customer alongside the industry sector.
- Competitor Pricing Strategy
The collection of information on this front is possible by sourcing it through the sales team or recruits from competitor businesses.
- Customer Product or Service Purchasing Patterns
Customer purchasing trends can go a long way to assist in forecasting ahead. They can also help in identifying all triggers for consumer purchase. Marketing campaigns will surely benefit from this as they can be applied, keeping in mind the insights derived from purchasing behavior.
Gathering Intelligence: A Game of Patience
Mastering B2B Market Intelligence can take a long time. This is because a company needs to be sure that the highlighted criteria are suitable, the right market avenues are focused on, and the best performing competitors are analyzed. Unless a firm is sure about the right areas it wants to exploit, the benefits may not be satisfactory. Intelligence involves a lot of trial and error. Replicating strategies needs time. The results can vary even with profound analysis, which is why automation of data is necessary, even for product intelligence.