What is market intelligence? Why is it important in today’s business world? What is the role of NetBase Quid with respect to market intelligence? The answers to these questions and more will be revealed in this concise blog. Keep reading!
Definition of Market Intelligence
Its primary purpose is to be a catalyst in the determination of marketing strategy for a company. It takes pertinent information such as customer monitoring, market trends, and the monitoring of competing companies within the same industry. The results of these practices are used to construct models for market opportunities and development, as well as market penetration.
Some methods used in gathering curated, accurate market intelligence are surveys, customer interviews, visiting competitors’ facilities to see how they are fairing in comparison to your own. It is also possible to purchase such data, in which case it is best to use a few different sources.
How Does NetBase Quid Fit Into the Picture?
So, what is NetBase Quid, and how do they assist with market intelligence? Part of the answer is revealed within this question. They are a business that is gaining steam amongst their clients’ businesses for its ability to monitor companies and deliver relevant information of this nature to its clients. They are considered to be the best in this field.
Services for clients of NetBase Quid include, but are not limited to, the following:
- Product innovation
- Analysis of trends
- Brand health
- Technology scouting
- Campaign strategy
These services and others offered by this firm can be targeted to specific industries, thus being extremely helpful to each type of client. Associates at NetBase Quid know how to take each service and each solution and elicit the results a particular client needs to know about. They are experts within the market intelligence community and ought to be taken seriously.
Why Is Market Intelligence So Important?
When it is done properly, market intelligence garners data from news and company websites, social media activity reports, and secondary data sources along with the methods we described earlier. The results of all this information help a client company to gain a competitive edge in its respective industry.
No matter what niche a business is in, or how long it has been around, every company needs this. Why? How else can they create a great marketing strategy for themselves? They need to know which products or services are hot and which are cold at any given time. This type of data is what drives them to the forefront of their industry and helps them to thrive.
The Use of Secret Shoppers
Although this point may seem trivial to this blog, it is indeed relevant. Many companies hire secret shoppers to go into their own businesses as well as those of competitors. They act as customers, but in fact, their job is to test that specific facility. They find out what items or services are popular in addition to observing the quality of treatment they receive.
When the shoppers’ visit has concluded, they report back to the company and reveal all their findings. This too is a form of market intelligence as it allows the company to change whatever was not liked by the shopper. This is merely one of a multitude of examples. Experts such as NetBase Quid have scores more methods available.
If you would like more comprehensive information on their services or the industries they address, go online to https://netbasequid.com and check out their website. An associate is available at the click of your mouse to answer questions. Get started today!