We have just entered the era of automation. We are already seeing smart voice assistant devices, self-driving cars, self-checkouts at stores this shows automation is already changing our daily life. We can notice the application of Artificial Intelligence and Machine learning in various steps of life. According to the numbers presented by the Drum more than 55% of B2B companies have adopted requisite technology by 2016. Automation is transforming the way we shop, connect, live and do business and Market Intelligence is no exception. Marketing Intelligence is the process of collecting and analyzing information relevant to a company’s Market. Market Intelligence acts as a guiding star for business in their journey. Technical advances have made sure that market intelligence becomes more accurate and efficient and less time consuming. Traditional methods of market intelligence could include telephone surveys, door to door visits, and interviews. These methods are more costly and time consuming, it also involves a lot of man force and has geographical limitation.
Increase in the use of Smartphones and Internet has changed market intelligence in many ways. Social media has also helped in easing functions of market intelligence like engaging and collecting data. Online surveys let firms create a database of information and overcome barriers of geography and time.
Marketing Intelligence also helps in understanding the business structure of your competitors. This can be anything from information on the effectiveness of their advertising, to their appeal with a variety of different demographics. The information must be obtained in a legal manner as a lot can be learned about a competitor by studying big data. Earlier it was very difficult to get the information of the competitors and find a way to tackle them, that can be considered as one of the reasons why the market was less competitive then, but today every step of the competitors is noted and plans are made to tackle them. This is done in a legal way using social networking sites and digital platforms. This function of Market Intelligence has now become very easy because of automation.
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