The process of obtaining, examining, and evaluating data and information about a particular market or industry is referred to as market intelligence. In order to make wise business decisions and create winning strategies, it entails gathering information on a variety of topics, including consumers, competitors, trends, and market circumstances.
500 analytics and business intelligence specialists from around the world were polled, and the results showed that 56% of firms using analytics are experiencing quicker and more accurate decision-making.
and stronger financial performance is being seen by more than half (51%) of respondents.
And by 2021, Forrester Research projects that insight-driven companies will outperform their less informed competitors by $1.8 trillion yearly.
These data growth statistics define insight-driven businesses as customer-focused companies that methodically gather insights from all levels of their company and put them to use to gain an advantage over rivals.
Using the Quid product, we are able to analyze various data sources (including company private data), to identify the larger story, as seen through: News Media, Social Insights, Key Opinion Leaders (KOLs), Customer Reviews, Company Bios and Information including M&A data and investment funding and Patent Filings. Let’s skip this introduction and get into it.
Let’s look at the grocery delivery conversation data for the Quid product during the last year (April 1, 2019–April 1, 2020) to comprehend the news media’s perspectives on this subject, which has received more importance and attention in light of the Coronavirus epidemic.
Looking at news media analysis in Quid reveals some of the more prevalent themes on the subject of “grocery delivery,” such as an increase in demand, new players in the market, and how to make sure the elderly and immunocompromised can still get groceries through new services designed especially for them.
Looking at the news network analysis, we can see that stories about delivery services adapting to a rise in demand during the Coronavirus pandemic are the ones that have generated the most discussion, followed by stories about delivery services adapting to ensure that senior citizens can get groceries.
Knowing who these people and magazines are and how they cover your sector can help you determine the key opinion leaders (KOLs) and influencers in your market.
All businesses should also be aware of the KOLs and influencers they should include in their bigger pitch list for news announcements, as well as how to track coverage and rival and self-referential mentions.
Posts on social media are a terrific place to find first-person viewpoints and ideas.
Analyzing social media conversations makes it simple for brands to identify areas where they can make improvements in terms of their organisation, products, and services.
The social media debate around “grocery delivery” analysis reveals that while many customers appreciate the services, many also find them to be “too pricey.”
Using social media insights is a terrific method to determine the tone of messaging and the kind of material that will work best to use information from social media analytics.
In this case, the wording and tone of any messaging should be kind, considerate, and “all hands on deck,” imitating social media posts.
Listening to your customers and staff while examining the bigger picture revealed by the data is the best method to truly understand how you’re doing.
Many firms have a tonne of internal data, but they are unable huge draw any useful conclusions from it.
The Quid solution, fortunately, makes it simple to add in your own data so you can view what the data is telling you and connect thematic dots inside your business to drive positive change, improve efficiency, and boost customer happiness.
Of course, the ultimate goal is to gain market share, customer loyalty, and profits, all of which have a negative influence on your bottom line.
The tough working conditions, low compensation, and frequent process modifications are some of the major themes that emerged from the employee review data.
Glassdoor insights, for example, can be an excellent indicator of workplace satisfaction or the likelihood of a strike or boycott, which never reflect favorably on a firm, but are especially unfavorable during a pandemic.
And never underestimate customer insights that can be a driving force in understanding user preferences, product ideas, customer service issues and opportunities, and ways to stay competitive.
When one NetBase Quid® CPG customer dug into their customer surveys, they discovered that their customers were combining two of their goods to fill a market gap, and, bam, the concept for a net new product was born out of these findings.
These discoveries are frequently found in your own consumer data; all you need is a tool like Quid to bring the tale to life.
To know more in depth details, please download the full guide as it’s full of much more insight and detail.
COPYRIGHTS DIGITAL MARKETING COMMUNITY 2019