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MARKET INTELLIGENCE STAND OUT WITH DATA MONITORING INTRODUCTION...... 3 WHAT IS INTELLIGENCE?...... 4 WHY MARKET INTELLIGENCE MATTERS...... 5 WHAT ARE THE MAIN TYPES OF MARKET INTELLIGENCE?...... 9 HOW TO MONITOR DATA FOR YOUR ...... 12 WHAT ARE THE KEY BENEFITS OF MARKET INTELLIGENCE?...... 15 HOW TO USE MARKET INTELLIGENCE IN PRACTICE...... 19 WHY AN INTELLIGENCE PLATFORM FOR DATA MONITORING MATTERS...... 23 CONCLUSION...... 24 ABOUT ROCK CONTENT...... 26 3

Employing this strategy, those responsible for the image are able to collect, analyze and interpret important data.

With these data, it’s possible to forecast trends and identify weaknesses within the business and its competitors, leading to the development of more efficient approaches.

To perform this type of monitoring, it’s important to know how to exploit the massive volume of that exists on the internet and apply technology to streamline Introduction the process.

Do you want to find out more on this topic? In this ebook, Market Intelligence is a strategy which makes use we will take an in-depth look at the definition of Market of internal and external data to improve a brand’s Intelligence, its advantages and variations. performance. This involves aspects such as improving products according to consumers’ expectations and ensuring In addition, we will explore some key tips for you competitiveness in the market. to successfully apply these ideas. Check them out! 4

What is Market There is no indication that Luhn was attempting to improve Intelligence? the competitive performance of companies: his objective was to help scientists understand how to manage the rapid development of post-war technology. As previously mentioned, Market Intelligence is an approach which aims to develop a business strategy guided However, his concepts began to be used by large and small by the collection and analysis of data. Its current relevance companies alike, achieving general acceptance in the 1980s. is immeasurable, but it’s important to keep in mind that it’s a business practice that has been around for years. Naturally, market intelligence processes are continuing to change with the The term was first used in the 1950s by Hans Peter Luhn, transformation of digital technologies. a US-based German researcher. Hans published the article “A System”, outlining relatively However, independent of the means and objectives, the advanced concepts for the time, including automated data ultimate goal remains the same: to make it possible to collect capture systems. and analyze data to improve strategic decisions. 5

Why Market Intelligence Matters

The success of any entrepreneurial endeavor depends, In practice, Market Intelligence works by organizing among other factors, on the capacity of its leaders to make and crossing data. Big Data has grown to become a huge strategic decisions. differential in companies’ daily routine. Essentially, look to make use of data intelligence to find relevant information, So, if Market Intelligence is a way to improve this practice, determine inputs for planning and structure efficient actions. its importance is pretty clear, right?

MI can be employed by different professional sectors, If well executed, Market Intelligence serves including Intelligence, , , Customer as a competitive advantage for . Relations or Services, but always takes into account identifying new business situations. After all, those who are more agile in identifying problems can more effectively find and execute solutions. Therefore, Market Intelligence is crucial for brands looking to achieve better results. For example, during a brand image crisis, IM is able to monitor the competitive environment and define broader scenarios A deep analysis of the data forms the foundation for any for future decisions, both within and beyond specific niches. project, due to their structural nature. With data in hand, it is possible to identify the information, responses or indicators Next, we will highlight 3 advantages that prove the importance each brand requires. of Market Intelligence. 6

1. INSIGHTS ON CONSUMERS’ PROFILES AND BEHAVIOR

Marketing is key to business success. Efforts to build This allows you to make more effective decisions, closer relationships between the brand and customers in addition to facilitating the design of marketing are more important than ever. campaigns and content for social networks to attract and retain the public. After all, the experience a company offers, starting with its very first interaction with the consumer, greatly influences Further data can also indicate which the ultimate purchase decisions of a modern audience. offers attract the most customers, the advertising efforts with the greatest And improving this experience is only possible through impact and even the retail display that the collection and analysis of relevant data. attracts the most attention within a store.

The use of Market Intelligence in marketing, especially by With such a wealth of information, it is possible to analyzing social networks, allows you to learn about the optimize your and marketing, leading main characteristics and behaviors of your audience. to a closer alignment with the business objectives. 7

One of its objectives is to accurately identify threats and opportunities in the market, a task made easier through Marketing Intelligence.

With the data collected, it is possible to predict trends within groups, keep track of your competitors and anticipate changes external to the company.

For example, Marketing Intelligence can improve the search 2. IDENTIFY THREATS for new opportunities by identifying regions more likely to AND OPPORTUNITIES adopt the solution your business offers.

Business management demands strategic forward thinking. Demographic data from social networks, in turn, may It is necessary to always be one step ahead of the indicate that a particular neighborhood prefers your product competition in order to take advantage of upcoming over a competitor. opportunities and be prepared in the face of threats. Thus, you can orient your corporate strategy and logistics So it’s not an accident that a SWOT analysis is one of to strengthen the brand’s presence in that specific region, the most common analytical models among companies. leveraging these results. 8

3. LEARN FROM YOUR COMPETITION’S MISTAKES

The third advantage of Market Intelligence is the chance The same idea can be used when exploring new markets. for your business to learn from your competition’s mistakes If you are considering entering a region, for example, you can (and successes). analyze the paths taken by other companies.

By employing benchmarking, you can closely follow what If a company has been successful, you can steps other participants in the market are taking and measure identify the approach they have used and the effectiveness of your actions. emulate it, adapted to your context.

This can be used in different contexts, such as in through On the other hand, if other competitors have tried to enter social media. When monitoring the engagement of each competitor’s post, it’s easy to see the publications that had a market and were unsuccessful, you can look at the factors the greatest impact on an audience and those that received that led to their failure. Thus, your company has a larger negative reactions. By mapping these results, you can and more solid foundation to decide whether to make the optimize your own digital strategy. investment to enter a market. 9

What are the Main Types of Market Intelligence?

As you have seen, Market Intelligence covers a variety of areas and leads to benefits when applied to your . By focusing on the different approaches and their objectives, we can see 4 types of Market Intelligence. 10

COMPETITIVE STRATEGIC PREDICTIVE INTELLIGENCE INTELLIGENCE INTELLIGENCE

Market Intelligence default This approach looks for Here, the difference lies in a deeper emphasizes products and services information to describe the focus on understanding the market. offered in a specific production niche. business environment more comprehensively. Predictive Intelligence monitors devices The idea is to observe the behavior and subjects that are of interest to of consumers and competitors and The intention is to create solid an , to anticipate the establish strategic actions based strategies based on a broad range likelihood of relevant issues, such as on them. of internal and external data. threats or opportunities.

In a way, it is a more reactive approach, which responds according to market trends. 11

DATA INTELLIGENCE

Data intelligence aims to organize information and integrate it with software systems.

In this way, data will be analyzed and interpreted to aid in important brand decisions and actions.

To do this, it is important to have automated tools, such as Knewin’s data monitoring and analysis solutions.

Collecting and monitoring data is essential for the success of MI. In the next topic, we’ll go into detail on how you can monitor information for your business. 12

After gathering and evaluating references, a brand will define a plan for how to collect information, whether internal or external.

Collectors, collection points and the key events to be analyzed also require the approval of the responsible stakeholders.

To ensure a smooth workflow, it’s always How to Monitor Data important to remember the necessity to maintain balance when organizing the for Your Business phases of the .

Data monitoring involves planning, collecting, There are 4 fundamental points that allow good data analyzing and sharing data and information. monitoring. We will address each below. 13

1. TEAM 2. PRACTICE

However well you have structured your strategy, it won’t work without With the team properly trained, it’s time having the trained professionals to meet your company’s demands. to put data monitoring into practice.

It is worth remembering that, although experts in data analysis and Naturally, the first step is intelligence are essential for your strategy, professionals from other to define the strategy, setting areas should also be involved. goals, identifyingindicators and assigning tasks to each Professionals from communication, marketing and sales play of the professionals involved. an essential role in the process, offering insights to adapt the data collection procedure according to the company’s focus and objectives. During this stage, you must also define which tools, process and information It’s also important that the team responsible have efficient storage resources you will use. internal communication. For an initiative to be implemented Feedback from salespeople, for example, is essential for the successfully, it’s necessary to understand marketing team to evaluate the effectiveness of campaigns. its relevance. Any efforts need to be Working together is essential to keep the data mapping process established within a culture focused on optimized on a consistent basis. the proper use of information. 14

3. ANALYSIS 4. TECHNOLOGY

Considered the key to your Market Intelligence strategy, any analysis Finally, Market Intelligence won’t work can only occur after teams and objectives have been defined. without utilizing technology for at least some of the stages involved. Depending on the nature and goals of the company, analysis can take place in a continuous manner or at specific intervals. For example, digital tools are essential to effectively collect data on a large scale. In addition, the analysis can either be performed manually or automated with technology. One example of such a tool to facilitate MI is Knewin’s platform for capturing and Keep in mind that there is not one correct way to perform your analysis, analyzing internal or external data, such as since priorities and observations vary on a company to company news and social networks. basis. However, employing technology streamlines the process and increases your team’s productivity. During analysis, technology can be used to quickly cross-check data and share them In general, analyses aim to offer relevant insights on a company’s with the required departments automatically. strategic performance, specifically how to develop marketing campaigns or new products. A creative approach to implementing technology allows for a variety of solutions However, this process should focus on future goals and not past or to improve your data monitoring and make present actions, which should simply serve as sources of information. more accurate business decisions. 15 What are the Key Benefits of Market Intelligence? 16

When discussing the importance of Market Intelligence in After all, by using data, you are able to invest resources strengthening a brand image, there are some clear benefits. efficiently, for example, ensuring your ad campaign is reaching the right audience. Using MI principles, it’s possible to better understand consumers and, as a result, construct a strategy to generate This naturally results in an increase in greater impact. conversion rates, leading to a greater return on investment. Through effective data monitoring, you have access to the relevant information that will allow you to more precisely We also mentioned the possibility of identifying threats and define your ideal audience or which path your business opportunities that could impact your business, such as a new strategy should follow. competitor entering the market or discovering a niche with insufficient supply for the current demand. These effects extend beyond creating advertising actions or establishing more efficient communication In addition, Market Intelligence allows you to learn from with your audience. competitors’ mistakes and successes.

Your whole company benefits when the actions are guided Now that we’ve seen an overview of the benefits, let’s focus by accurate data. on some of the specifics. 17

1. CAPACITY FOR INNOVATION

Any product or service on the market has a life cycle, ending in decline.

So, it’s fair to assume that the only way to keep your company relevant is to constantly be looking for ways to innovate, whether by launching new products or making changes to existing solutions.

Innovation doesn’t happen by accident.

It is a process that demands a structured approach to analysis and interpretation, possible only through Market Intelligence.

With data monitoring, you receive valuable insights that augment the capacity of your business to innovate. 18

2. INCREASED TEAM 3. FACILITATE CONSUMERS’ PRODUCTIVITY DELIGHT

When supplied with the data Market Intelligence Through Data Intelligence, it’s possible to better provides, internal teams tend to experience a understand consumer behavior, especially when it productivity leap. comes to the use of social networks.

For starters, MI insights are not restricted to the Based on brand mentions, products and topics of environment outside of the company, but can also interest, it’s possible to understand your company’s provide improvements for internal business strengths and weaknesses and identify which triggers processes. may be causing dissatisfaction in the relationship between your brand and consumers. In this way, management can resolve bottlenecks, identify the most efficient practices in employees’ routines and guarantee that they maintain a high standard of quality. 19

How to Use Market Intelligence in Practice

Well, as you’ve made it this far, you already know what Market Intelligence is and how it works. We’ve also seen the main benefits that MI can achieve and the4 essential points for efficient data monitoring: team, practice, analysis and technology.

Now, let’s explore some valuable tips for you to put the strategy into practice in your company. Read on! 20

1. DEVELOP A DATA 2. WORK WITH PRIMARY CULTURE AND SECONDARY DATA

An organization’s culture is the set of In order for your strategy to cover all that you need, a variety of data captured from rituals, values, norms and beliefs that orient different sources is essential. employees and the internal environment. Knowing how to deal with both primary and secondary data is a must. Let’s take a look? Effective internal communication is essential Secondary data is what you can gather through your company’s channels. to ensure that all are on the Contact information collected on landing pages or purchase preferences recorded same page. by e-commerce platforms are common examples.

To implement a strategy focused on Market In addition to this information, secondary data includes newspapers, magazines and Intelligence, it’s fundamental to ensure that government publications. all members of the company understand the importance of data collection and analysis. On the other hand, primary data are more specific. They require real , as they are not naturally available. It is crucial to establish a data culture. This can be achieved through meetings, lectures Forms, opinion polls and market research are some examples of how to generate and announcements. primary data.

With Ion’s platform your company can create these data assets without tech-savvy resources or developer code. GET TO KNOW MORE ABOUT ION It’s a good way to use your existing team —and your existing content — to get the information that your strategy needs! 21

3. ORGANIZE 4. DEFINE DATA SOURCE AND EXISTING DATA ESTABLISH PRIORITIES

Even if you don’t have an MI strategy yet, it’s As your strategy develops, you will notice which channels produce the likely that your company already has some data data most relevant to streamlining your business decision-making. stored that can facilitate the implementation of a solution. For example, responses from your email marketing campaigns may provide greater value than the interactions with your followers Therefore, check your social networks and on Instagram. other platforms to identify information that may prove relevant. Or perhaps your brand visibility in traditional media is achieving strong results. Then, focus on newspapers, blogs, news portals, Export and organize these data to facilitate magazines and radio as information sources. future analyses and comparisons. It is necessary to define which channels are To do this, it’s essential to prioritize data most important to establish your priorities. systems that permit interaction between platforms and allow for a collaborative use By doing so, you save unnecessary effort and improve the outcomes of information. of the strategy. 22

5. PERFORM A COMPLETE ANALYSIS

In talking about a complete analysis, we are not limited to only evaluating data obtained prior to implementing your strategy.

It’s crucial that your approach provides a thorough analysis. This means before, during and following the implementation of MI at the company.

Therefore, pay attention to any information which reveals how your efforts are performing.

If you’re experiencing difficulty to reach the goals you’ve established, this could be an indication that some adjustments need to be made, either in how you’re collecting data or in your interpretation. 23

Why An Intelligence Platform For Data Monitoring Matters

As we’ve seen, Market Intelligence can create a lot of work for your company. Having a specialized platform may help you streamline your workflow to meet this demand.

The right tool should optimize your processes for collecting and analyzing data, independent of which channels and objectives are your priorities.

A platform that brings together and automatic news monitoring allows you to dynamically keep up with the brands, personalities and market themes necessary to guarantee strategic and competitive information. 24

Conclusion

For extremely dynamic and competitive contexts, characterized by a large volume of data and ever increasing speed of information, an approach focused on Market Intelligence can make all the difference to your company’s results.

In addition to anticipating threats and opportunities, this effort increases your company’s productivity, improves consumer relationships and maximizes the potential for innovation.

To implement MI, it’s necessary to have an effective structure in place to collect and analyze relevant data, which requires an overarching strategic plan.

The fundamental practices of Market Intelligence include a well-trained of teams and the use of specialized tools.

Technology is an important tool to both monitor and analyze data. To achieve this, well-defined objectives and performance indicators are crucial. 25

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