One of the best ways to expand your brand performance with potential customers is through market intelligence. Thanks to the increasing amount of data made available in a digital world, market intelligence allows marketers to make data-driven decisions about their business, rather than relying on gut instinct or feelings.
Market intelligence encompasses a variety of techniques used to gain information about competitors, customers, and the market itself. Some tools for gathering this data include market analysis, customer feedback or surveys, competitor research, and social media. It’s typically time-consuming, but the results can pay dividends if you act on them. Companies that don’t use market intelligence risk wasting their marketing dollars on ineffective advertising.
Here are just a few more benefits of leveraging market intelligence to improve your brand’s performance:
A Clear View of Your Target Market
The most effective marketers know exactly who their target audience is. They can characterize them by their ages, genders, location, and other demographics. They can describe their audience’s traits, what type of entertainment they enjoy, and how they’re most likely to spend their time outside of work.
Most marketers know the importance of defining their target audience, but many derive this persona based on internal discussions, never considering the data they have about who their customers really are. But performing market research allows you to further analyze your customer base so that you can develop quality campaigns that they’ll find interesting and relevant to their needs.
Obtain a Competitive Advantage
Keeping an eye on the competition is crucial, especially if your organization has many competitors. When you regularly review your competitors, you’ll know when they have a fancy new product or service or if their most recent ad is attracting lots of attention.
Research on your competitors can also spark new ideas for your brand. For example, it can help identify inconsistencies in what your competitors offer, and you can service your clients better by filling in these gaps, whether it be through a new pricing strategy or a unique product feature.
More Effective Marketing Campaigns
When you clearly understand your market, customers, and competitors, you’ll be able to better develop marketing strategies that build your brand presence. You can devise ads that reach out to your customers and explain exactly why your product or service suits their needs.
It will also help you to narrow and refine your messaging, making it distinguishable and memorable in the minds of your customers. Over time, they’ll begin associating your company with specific terms.
For instance, consider Apple. Apple built its brand around sleek, well-designed products that are attractive to customers. The company prides itself on user-friendly phones, computers, and smartwatches that are powerful yet pleasing to the eye.
Get Assistance with Market Research Initiatives
Performing market research isn’t always easy. It’s often the result of various strategies you’ll need to experiment with until you find the approach that’s right for your brand.
Fortunately, Net Profit Marketing can help. Reach out to us today to learn more about our market research services.
One of the best ways to expand your brand performance with potential customers is through market intelligence. Thanks to the increasing amount of data made available in a digital world, market intelligence allows marketers to make data-driven decisions about their business, rather than relying on gut instinct or feelings.
Market intelligence encompasses a variety of techniques used to gain information about competitors, customers, and the market itself. Some tools for gathering this data include market analysis, customer feedback or surveys, competitor research, and social media. It’s typically time-consuming, but the results can pay dividends if you act on them. Companies that don’t use market intelligence risk wasting their marketing dollars on ineffective advertising.
Here are just a few more benefits of leveraging market intelligence to improve your brand’s performance:
A Clear View of Your Target Market
The most effective marketers know exactly who their target audience is. They can characterize them by their ages, genders, location, and other demographics. They can describe their audience’s traits, what type of entertainment they enjoy, and how they’re most likely to spend their time outside of work.
Most marketers know the importance of defining their target audience, but many derive this persona based on internal discussions, never considering the data they have about who their customers really are. But performing market research allows you to further analyze your customer base so that you can develop quality campaigns that they’ll find interesting and relevant to their needs.
Obtain a Competitive Advantage
Keeping an eye on the competition is crucial, especially if your organization has many competitors. When you regularly review your competitors, you’ll know when they have a fancy new product or service or if their most recent ad is attracting lots of attention.
Research on your competitors can also spark new ideas for your brand. For example, it can help identify inconsistencies in what your competitors offer, and you can service your clients better by filling in these gaps, whether it be through a new pricing strategy or a unique product feature.
More Effective Marketing Campaigns
When you clearly understand your market, customers, and competitors, you’ll be able to better develop marketing strategies that build your brand presence. You can devise ads that reach out to your customers and explain exactly why your product or service suits their needs.
It will also help you to narrow and refine your messaging, making it distinguishable and memorable in the minds of your customers. Over time, they’ll begin associating your company with specific terms.
For instance, consider Apple. Apple built its brand around sleek, well-designed products that are attractive to customers. The company prides itself on user-friendly phones, computers, and smartwatches that are powerful yet pleasing to the eye.
Get Assistance with Market Research Initiatives
Performing market research isn’t always easy. It’s often the result of various strategies you’ll need to experiment with until you find the approach that’s right for your brand.
Fortunately, Net Profit Marketing can help. Reach out to us today to learn more about our market research services.
Leave a Reply: