MarTechCube
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.
Competitor Research
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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