Marketing Intelligence: The New-Age Tool To Drive Organizational Growth
A marketer has to perform and manage several responsibilities. Now, imagine the hands of a marketer. On the one hand, she has to do advertisements, campaigns, website management, email marketing, etc. On the other hand, she has to do things like app install, engagement, sales report, sharing, etc.
Now, the question is, can she bring both hands together? Well, yes, she can do it with the help of a marketing intelligence platform. This platform acts as the key to connecting the marketer's efforts with the outcomes at an average level.
In this guide, let's check what marketing intelligence exactly is, why you need it, its advantages, and so on. So, let's dig in.
What Is Marketing Intelligence?
The marketing intelligence platform is an innovative platform that provides marketing insights for organizational growth by connecting the efforts of the marketers with the outcomes.
When marketers receive the insights through intelligence platform, they achieve several crucial things such as:
- Unparalleled Visibility At Scale
- On-Demand Vivid Reporting of Data
- Insights About Customer Journey
According to statistics, big companies like Google, Microsoft are using AI marketing tools to boost their organizational growth. Marketing intelligence enables people to have proper insight about the return on investments for their efforts in marketing at a granular level. This indicates the fact that the marketers can evaluate their complete paid or organic costs of marketing activity along with the results achieved through those marketing activities.
This visibility of data at scale enables the marketers with data based on their performance and results for the overall marketing campaign, ad groupings, individual or grouped sets of creative, etc. Finally, this data helps marketers to analyze the latest market trends to make intelligent decisions for business growth.
Marketing intelligence platforms enable marketers to dig and fetch crucial data, like knowing the CAC. This type of marketing intelligence solution helps the business brands to connect data that wouldn't get connected otherwise. This connects data through dimensions that may be already stored in the internal customer segmentation models.
For instance, there's a marketing campaign targeting the luxury buyers, and the prospects convert into a customer for utility products. This knowledge of customer preference and audience response helps businesses to communicate with their customers to achieve maximum profitability smartly.
According to statistics, artificial intelligence is one of the most effective digital marketing intelligence techniques with a 14-20% impact on the client's business. All these techniques and efforts help marketers to gain valuable insight into the customer's journey on various devices, platforms, and websites. For instance, marketers will be able to know when a customer headed by a Google search ad gets re-engaged via a social media ad.
Marketing Intelligence allows marketers to see when a customer starts purchasing online and shifts to buy in-app, which is something even Google analytics can't do. This insight helps businesses with their CAC and ROI. Any failure to comply with such insights can lead the marketers to make poor budget allocation decisions.
What Are The Components of Marketing Intelligence?
There are three primary components of marketing intelligence. However, most techniques such as campaign analysis visualization are invisible to the daily users and deliver the expected desired outcomes. But, there are specific components without which MIP cannot work correctly. Some of the features are:
- Unified Data of Marketing
- Marketing Intelligent Insights
Why Do Businesses Need Marketing Intelligence?
In the latest business world, it has become crucial to know about the latest market trends and their future outcomes before any investment decision for a significant business project. This helps businesses to avoid future losses and enables them to expand their organizational growth with revenue.
With the increasing competitiveness in business, it has become quite challenging for companies to sustain longer with the same profit margin. However, the marketing sector is experiencing new development and advancement every day. If any marketing strategy has yielded high returns for a year may not give the same result again.
Here, businesses can check the importance of marketing intelligence and its implications, such as gathering customer data, customer demands, market size, challenges, etc. Marketing intelligence can help businesses to find answers to questions like:
What is the position of the company in the market?
Who is your target audience? And what are their preferences and demands?
Who are your business competitors? What are their marketing strategies?
What are the aspects of improving your brand products?
How can you incur ROI by the launch of a new product or service?
What are the potential future obstructions for your business? How to avoid them?
With the help of MIP and a marketing analytics dashboard, any business can find the answers to these questions and tailor its policies and strategies to implement new tactics for its organizational growth.
What Is The Importance of Marketing Intelligence?
There are several points covering the importance of marketing intelligence systems for businesses in today's world. Some of them are:
- Gathering Latest Market Data:
- Improvising The Quality of Brand Products And Services:
- Knowing The Customers
- Launch of New Brand Products And Services
- Position And Standing of The Business In The Industry
Marketing intelligence helps businesses to collect data about their competitors, the needs of their customers, the position of the business, and feedback about their company. All of this data helps businesses to improve the quality of their products and services.
For instance, ad intelligence for the products or services yields data about the success and impact of those advertisements. With the help of these data, any business can boost its growth with a few adjustments and improvements.
The most important factor of marketing intelligence is that it provides data about the customer's experience with the quality and quantity of products of any business. This helps the businesses to know how and why to improvise the products. Any company can reach its highest potential for delivering superior quality products.
Marketing intelligence allows the business to understand the needs, demands, and experiences of the customers. This valuable knowledge about the customers helps the firms to deliver products and services accordingly. This allows the business organizations to build a relationship with the customers and attract them to drive sales. The sustainability and growth of any business depend entirely on the customer's demand and acceptance. So, you must ensure to prioritize and deliver products that meet the customer demand and help your business to grow more. This, in fact, increases customer loyalty for your business.
Take the help of digital marketing data analysis. Your business can easily identify the products that are in high demand in the market with a shortage of availability and supply. This helps companies to produce these commodities, meet the supply, attract a large number of clients, and eventually increase the revenue for the long run.
If your business meets the customer demands and provides superior quality products and services, there will be a significant rise in the profit margin and ROI. Moreover, this marketing tactic helps the businesses to raise the position and standings of their business in the market. This will enhance the brand's success, reputation, and recognition.
Today, marketing intelligence, along with advertisement intelligence, has become essential tools to conduct surveys and know the position of the business in trending markets. The better the advertisement works, the better will the business reputation. These insights also help the company to know where to invest or not.
What Are Marketing Intelligence Tools?
Marketing intelligence tools or softwares are essential for businesses to gather data and information about the companies in the latest market. Some of the top information collected through marketing intelligence tools are:
Competitive information and their analysis
Financials and funding information
Search marketing and search engine trends
Geographic information of businesses
Marketing intelligence plays a crucial role in providing a platform that avails data from several sources and enables a database to view that information. Some of the in-house data sources of market intelligence can include:
- Business Intelligence
- Sales Enabled Software
- Web Analytics
- SEO tools and analytics
- Contact Center Software
Advertising intelligence companies are a source of marketing intelligence too. This is because data from press releases or news outlets comes as segregated reports, which can be combined into a single environment with the help of marketing intelligence tools. These tools sync the data with the customer relationship management database and update the existing details with new ones.
So, from this comprehensive guide, we understand that marketing intelligence is all about knowing and understanding the market trends for organizational growth. Most marketing intelligence tools help to evaluate and analyze customer feedback and demands to meet the best product requirement in the market.
Now, all marketers with a high success rate in their campaigns use marketing intelligence. With the help of such advanced marketing techniques, any business can now drive fast and effectively towards their organizational growth.