Job Description Analyse potential market and product gaps across the company’s new and existing portfolio along with value added products.
Gather information on competitors, and conduct analysis on their sales, prices and methods of distribution and marketing to thoroughly learn about the competition.
How do you collect market intelligence?
- Step 1: Establish a goal
- Step 2: Define metrics
- Step 3: Structure a research approach
- Step 4: Gather and analyze data
- Step 5: Take action on insights
What is the value of marketing intelligence
Importance of Market Intelligence Market intelligence helps you to become customer-centric, understand the market demands and consumer opinions, collect real-time relevant data, boost your upselling opportunities, reduce risks, capture higher market shares and gives you a competitive advantage.
What is an example of market research
An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that topic.
How is CI used to make companies more competitive
Utilizing CI means you’re looking at your competitors as well as their operational, organizational and commercial practices to give you the tools to make informed decisions for your business.
CI makes it easier to understand the strengths and weaknesses of your competition, which improves your business intelligence.
How do companies use marketing intelligence
Market intelligence is used to learn about the existing market, customers, problems, competition, and growth potential.
Businesses can gather this information through internal and external sources such as sales logs, surveys, social media, news websites, manufacturers, clients, or distributors.
What are the 4 concepts of business intelligence?
- The data itself (raw data)
- The data warehouse
- Data access, analytics, and presentation
- Data dashboarding and reporting
How do you do competitive benchmarking?
- Conduct industry research for rate metrics
- Identify your competitors
- Create a report of competitive metrics
- Conduct the analysis
How can quality of marketing intelligence be improved?
- Training and motivating your sales team
- Train and motivate your channel partners
- Be aware of your competitors
- Customer advisory panels
- Use government data resource
- Increase online research and marketing
What are the 3 sources of marketing intelligence
Product test: It is used as a resource by receiving feedback from first users of the products.
Customers: Existing and potential customers can provide information on their needs, concerns and issues.
Competitors: Competitors themselves are an important source of intelligence.
Is business intelligence a skill
What Are Business Intelligence Skills? Business intelligence is a technology-driven process, so people who work in BI need a number of hard skills, such as computer programming and database familiarity.
However, they also need soft skills, including interpersonal skills.
What is the difference between marketing intelligence and marketing research
Market Intelligence vs. The main difference between market intelligence and market research is the goal.
Market intelligence is company-focused, while market research is done to learn more about customer preferences.
Both are used to help businesses understand and develop marketing strategies.
What are the advantages of marketing intelligence?
- Secure a bird’s-eye view of the market
- Gain a competitive advantage
- Anticipate what lies ahead
- Invest in the right projects
- Understand your target customer
- Launch products and services with iron-clad strategy
- Drive operational efficiency
How do I track my competitors?
- Uncover the Keywords They’re Targeting
- Analyze Their Rankings Against Keywords
- Research Their Most Shared Content
- Stay Alert for New Content
- Track New Links
- Monitor Their Social Activity
- Read Their Blogs and Newsletters
What are the internal sources of marketing intelligence
Sources of internal intelligence gathering is include but is not limited to, gathering data from customers, manufacturers, through research and development (R&D), employees, also known as salesforce, physical evidence, sales quotes, sales records, trade shows and new hires.
How does Business Intelligence grow?
- Choose a sponsor
- Choose your BI platform
- Identify the key stakeholders and get them involved
- Assemble your BI team
- Define the scope of BI
- Prepare your data infrastructure
- Develop a business intelligence roadmap
Who are crayons competitors
Crayon’s competitors and similar companies include Kompyte, WordStream, CB Insights, Clearbit and Klue. Crayon is a provider of a market and competitive intelligence platform that helps businesses track, analyze, and act based on market movements.
What is key intelligence topics
Key intelligence topics (KITs) are aspects of your environment that are of greatest relevance to your organisation for meeting its business objectives.
KITs are of three types: Early warning – On opportunities and threats.
What is sector intelligence
Also known as market intelligence, sector intelligence gathers and analyses information into trends, markets, competitors and customers.
Both qualitative and quantitative data and insights from multiple sources are used to create an overall picture and background of the sector a company is operating in.
What are business intelligence projects
What Is A BI Project? A BI (business intelligence) project is a term used to describe the planning, assessment, development, and implementation of business intelligence in a company, mainly BI tools that will help managers to solve business problems and derive actionable insights.
How do you lead a business intelligence team?
- Step 1: Define Your Vision and Strategy
- Step 2: Structure Your Analytics Organization
- Step 3: Define Roles
- Step 4: Recruit and Assess
- Step 5: Develop Data Skills
How do you create a competition map?
- Pick your competitors
- Choose an area of business to review
- Identify your attributes
- Find areas of improvement
- Make a list
- Brainstorm solutions for filling the gap
Is Excel a business intelligence tool
While it isn’t the only program to offer formulas and pivot tables regarding business intelligence, Excel is still one of the most commonly used BI tools.
What are business intelligence tools used for
Business intelligence (BI) tools are types of application software which collect and process large amounts of unstructured data from internal and external systems, including books, journals, documents, health records, images, files, email, video and other business sources.
How does Netflix use business intelligence
Using advanced data and analytics, Netflix is able to: Provide users with personalized movie and TV show recommendations.
Predict the popularity of original content to before it greenlights it (or not) Personalize marketing content such as trailers and thumbnail images.
How do you keep up with industry trends and what your competitors are doing
Regularly keep up with industry trade publications and websites; national, regional and city newspapers; influential bloggers and business thought leaders.
Get involved in your industry. Join industry associations, attend their events, take trainings and participate in online communities.
What are the 4 types of analytics?
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
What are some examples of activity
Doing sports for fun (football, hockey, soccer, long-distance running, badminton). Participating in outdoor activities (rock climbing, downhill skiing, kayaking), informal practices (volleyball, basketball) and physical fitness training (aerobics, step, swimming).
Taking lessons (swimming, snowboarding, judo).
What is a product mix in marketing
A product mix is the total number of product lines and individual products or services offered by a company.
Additionally referred to as product assortment or product portfolio.
What skills do you need to be a business intelligence analyst?
- Knowledge of data warehouses
- Data modeling
- Data analysis
- Data mining
- Programming languages such as Python and C#
- Communication skills and critical thinking
- Database management and reporting
References
https://www.cipher-sys.com/blog/how-to-build-a-diy-competitive-intelligence-system-with-sharepoint
https://www.cipher-sys.com/blog/8-free-competitive-intelligence-tools-you-can-and-should-start-using-today
https://www.crayon.co/blog/competitive-intelligence-process
https://www.educba.com/market-intelligence-systems/
