Definition and Work System Marketing Intelligence and its Types Marketing intelligence is an organization’s ability to search for and retrieve clear, day-to-day information relevant to a company’s
Market, collected and analyzed specifically for the purpose of accurate and confident decision making in determining market opportunities, market penetration strategies, market developments and metrics. Marketing intelligence is required when entering a foreign market.
Marketing intelligence or market intelligence determines the required intelligence, gathers it with the search environment and provides it to the marketing manager who needs it. MI software can be deployed using an on-premises or software as a service (SaaS, or cloud-based) model.
Marketing Intelligence Work System
This system takes data from different data sources, such as web analytics, business intelligence, call center and sales data, which often come in separate reports, and puts them into a single environment. In order to gather marketing intelligence, marketing managers must keep in touch with relevant books, newspapers and trade publications.
Talk to various stakeholders such as customers, distributors and suppliers.In addition, they must also monitor social media and carry out online discussions. Marketing managers can design reports that relate and visualize data coming from various departments and sources (even, in some cases, external data.)
This makes it possible to view current key performance indicators in real time (or as soon as sources provide data) and analyze trends, rather than waiting for analysts to provide periodic reports.
Market intelligent or MI systems designed for use by interested parties such as marketing managers and visible to employees throughout the organization as authorized. These developed systems may have user interfaces that more closely resemble consumer software than software around individual data sources that are designed to be used by analysts.
Marketing intelligence or it can be said as MI means that it is in the form of ability in terms of collecting and analyzing data as one of the efforts to anticipate related to decision making.
This kind of intelligence has several main parts, namely: competitor intelligence, product intelligence, market understanding and also understanding of customers.
Actually the marketing process will work very well if it is done in collaboration (teamwork). With the help of the appropriate team, more optimal results will be obtained.
Types of Marketing Intelligence
Marketing intelligence turns out to have several types, here are some types of marketing intelligence that you need to know.
1. Competitor Intelligence Competitor intelligence is the main key to be able to do marketing effectively. The data generated from this type of marketing intelligence is in the form of information collected about competitors’ businesses. However, this is not unlawful or illegal.
The data collected must come from sources that are accessible to the general public. So, the data collection process is still carried out ethically. The usual information in competitor intelligence includes: Competitor contacts. Company structure. Vision and mission of the company.
Products or services owned by the company. Quality of products and services. And so forth. The more data collected, the better and can help companies to study their competitors.
2. Customer Intelligence The following types of MI must also be applied in a business, namely customer intelligence. This marketing strategy is needed so that your company can understand the wants and needs of customers. Thus, you can present products that match customer expectations.
3. Social Media Intelligence Currently, social media is an important tool needed to develop a business. Social media can be used to increase brand awareness and increase sales.
4. Technology Intelligence Technology Intelligence is the process of identifying and analyzing opportunities and threats from technology that can affect business development. If a company wants to win the competition, investment in technology is an important thing to do. Using the right technology can make a business run more effectively and efficiently.
5. Product Intelligence Product intelligence is marketing intelligence information which contains data about products, both products from the business itself and competitors. These data are needed to develop products to suit market interests.
6. Geopolitical Intelligence type marketing intelligence is defined as a company’s efforts to collect geopolitical data related to language, culture, history, trade regulations, and so on. This data is very necessary when you want to develop a business with a wider reach.