In today’s increasingly ecommerce-driven world, silos have to disappear. And brands need market intelligence to inform strategic decision-making across the enterprise. Market intelligence that provides the groundwork for every conversation.
Market intelligence is not a simple exercise though. It requires very specific expertise applied to the right tools. Brands are tasked with finding a platform that helps them discover trends before they hit mainstream and delivers contextualized understanding of key intel that affects a brand’s long-term viability. And there are market intelligence platform “must haves” to be aware of . . .
Market Intelligence Must Haves
In today’s competitive market, a business needs to be able to ‘read the room.’ And getting this right (or wrong) can be a make or break point for a product or brand. There are many types of market intelligence, and having product research tools are important, but it is only one slice of the pie. Industry leaders are turning to the more complete picture – market intelligence platforms. They know that top market intelligence platforms enable them to respond to consumer demands, changing behaviors and ever evolving trends.
So, what do these tools do, exactly?
In short, they help guide your product or brand to success. A solid Market Intelligence tool can:
* Identify which trends are most important to your consumer
* Help you understand your consumer and your competition in your industry
* Learn the behaviors of your consumer, as well as reveal consumer sentiment
* Distinguish between critical and non-essential business issues
* Pinpoint new prospects for fresh and groundbreaking products, services and business investing
As Charles Darwin said, “It is not the strongest or the most intelligent who will survive, but those who can best manage change.” And with the uncertain times we are now in with Covid19, you really can’t afford to not embrace change.
Before we dive into the tools, it’s important to understand that we’re discussing two sets of insights – both Consumer and Market Intelligence:
· Helping you understand a target set of consumers, Consumer Intelligence plays an essential role in knowing how your current and potential customers feel about a product or brand. It aggregates and analyzes social media, product reviews, forums, consumer reviews, blog posts, news articles and more.
· To better recognize the value of a certain company or industry, we turn to Market Research. This captures company profiles, patent applications, academic papers, news articles, social media, job site reviews and more. And top product, like NetBase Quid offer all of the intel in easy-to-navigate dashboards.
Market Intelligence Tools to Explore
There are a lot of products that offer different things, how do you know which one is right for your business? We have compiled a list of some of the best ones out there, here we go!
1. NetBase Quid: Company profiles and patent filings, as well as media coverage and social engagement by demographic and region.
NetBase Quid offers a perfect marriage between market intelligence and consumer analysis. A leader in AI Intelligence, this market intelligence platform is King when it comes to flexibility and providing up-to-date data from a wide variety of sources. By providing market intelligence, it shows what is trending both culturally and within different industries. It shows what people are buying, where they are buying. It reveals how certain trends, or world news is impacting different avenues of business.
Let’s say you wanted to see how the Coronavirus is impacting the world. The Quid product offers a complete picture of the news media landscape to help brands identify emerging topics, new themes and key opinion leaders covering the story:
Each one of these clusters is clickable and will give you even more detailed information. You can also view this in a graph or find out which social networks are talking about it, which news sites have picked it up, the ages brackets most interested in it, top brands being mentioned, and who is shaping the conversation, and much more! But NetBase Quid also enables more.
Providing consumer analysis to tell businesses how consumers feel about the newest trends, or the most popular products, brands can explore social media posts and uncover consumer passions as well as who they are influenced by. Visualizing the data, again, offers contextualized insight that helps brands fully understand the story.
To dial in your search for more precise answers, you can apply dates to search, as well as exclude/include certain terms or phrases. It does this in real-time, providing immediately actionable stats and data when you need it.
People are talking, NetBase Quid is listening and providing you with the best B2C and B2B information on how to best reach your customer base. Learn more about NetBase product and the Quid product. Connect for a free demo.
2. Statista: Market size reports and projections by industry and region
A portal for statistics and survey results, Statista boasts insights and facts across 600 industries and 50+ countries. It’s available in four different languages, which makes this market intelligence platform is one to pay attention to for its versatility.
Though not as ‘dial in’ specific as Quid, Statista is Boolean search enabled and still delves deep to bring marketing insights from social media and research papers, to consumer trends and travel. Creating a search, you can select different areas to focus on or, get rid of, as seen below:
With Statista you have access to market, statistics and outlook reports as well. One of their new offerings is a Global Survey which is more consumer-focused and connects you to how consumers think.
They also offer individual market studies for purchase. This saves you even more time, and you can always purchase their subscription services. Try them for free on a limited basis, reach out for more info!
3. Pew Research: Survey reports, demographic data and analysis
This Database is more of a search forum for published articles with a wide array of topics and social interests. If Pew Research were a coffeeshop, it would be the indie one on the corner. It doesn’t have as many offerings but what it does have is quality and it is inviting.
Even though it is limited in types of market intelligence, you can still gather a lot of information. You can even search within data sets and use interactive controls which enable the user to set a time frame as well as include/exclude topics.
It does have a Social Trends section, but again it is article-based and not pulling from actual social media platform, so real-time results are not possible. Set up simply, Pew Research is very user friendly, especially to someone just beginning to dip their toe in research and market analysis.
It’s free to anyone all the time.
Think with Google: Consumer insights and marketing intelligence
Did you ever want to know how your mobile site is measuring up to others? Think with Google helps you find that out, as well as provides insights. Aiding you by targeting your audience, getting tips based on the latest shopping trends and providing consumer feedback are just a few of the services Google provides on its market intelligence platform.
User-friendly and loads of pertinent information for your growing business makes this one a great choice. If you want to know how the Coronavirus will impact your business, or just need advice on how to navigate certain aspects of your business, Google has you covered. Also offered, is a “Local Picks,” which offers a sense of community within the competitive digital world.
This one if free folks!
4. Qualtrics Research Services: Large opt-in panel to easily survey your target audience
Focused on staying connected to the heartbeat of your consumer base, Qualtrics offers market research and analysis segmentation software. This software is the difference between knowing what your consumer is buying versus how they feel about what they bought.
Survey-based, this software allows the user to create surveys based around a brand, product or company, then launch it to receive expert and consumer feedback.
Though it is a pretty valuable tool when feeling out your customer base for a new product, there is a learning curve. Those who are not accustomed to working with this type of software will find themselves easily confused. Luckily there seems to be plenty of help in that area both on Qualtrics website, as well as on YouTube.
As far as cost goes, they do offer a free account for users to get used to the platform and run a few test surveys. You are limited to the amount of questions on your survey as well as the types of questions. To get full access with no amount limits to surveys or emails, you must purchase a full license. Pricing for full license is upon request.
5. Moody’s Analytics: Research reports and forecasts by industry and region
Valuing and understanding individuality, Moody’s offers empowerment for unique business models, encouraging collaboration and teamwork to tailor and build from the business’s unique experiences. Like many other platforms, they offer market research intelligence, data, software, and professional services. Their goal is to help brands and companies navigate the ever-changing world of commerce and make timely decisions. However, their main emphasis is on credit risk management.
Moody’s offers a structured financial portal that helps combine cashflows, regulatory metrics, comparative analytics, and data accumulation in one integrated platform. Having the ability to test the financial risk waters before financing is essential to any marketing investor.
Moody’s software also enables you to integrate it with Excel, making it a convenient option as well as a financially sound one.
This handy little tool isn’t free, you can purchase it as a subscription or buy individual reports. For pricing information, you’ll need to reach out to the company.
6. Facebook Audience Insights: Demographic data by region, interest and market segment
This market intelligence platform is great for business advertising through a business Facebook page. It enables you to define your audience by interest, location, and age. It tells you who your customers are as well their behaviors – and you can bet they have great intel around those. Once you have finished your search, you can save it and create an ad precisely targeting this new segment.
This marketing intelligence tool is free for any business with a Facebook page. However, if you want to run an ad focusing on your newly uncovered data, you will need to pay.
The ads are very budget friendly, and it enables you to set the amount you’d like to spend. You can also set a length of time you would like for your ad to run, as well as how wide of an audience you would like to reach (which is larger the more you pay).
You only need to visit your own Facebook page for this one to get pricing information!
7. LinkedIn Ads: Target audience reach metrics by persona and region
Where Facebook is more personally focused towards the consumer, LinkedIn is reaching other industry leaders on a professional level.
Being a B2B tool, LinkedIn is a superior way to grow your presence in and among other industry movers and shakers. Like Facebook, LinkedIn is desktop, mobile and tablet friendly, and in today’s trend shifting world of 20 somethings, being versatile is important to your audience!
But it’s not just the technical versatility that is eye catching. If you want to build brand awareness, or drive more website traffic, LinkedIn Ads can probably help you achieve that.
Creating an ad in LinkedIn is very similar to Facebook, offering a lot of the same marketing intelligence. It is very user friendly in this way and it enables you to set your own budget for advertising, but it can get pretty pricey. And sometimes ads run a bit longer than you’ve set your clock to, which can throw off a brand budget, depending on how high you set that spend. Just a word of caution to be aware of!
8. HubSpot Make my Persona: B2B persona builder
Yet another B2B market research and analysis platform to explore. HubSpot helps you create a semi-fictional representation of an ideal customer based on market intelligence and real data – or a Buyer Persona.
The buyer persona helps provide structure and context to your company, and focus time where you need to be. It’s a time and resource manager to help streamline your company. And while streamlining, you are learning about your ideal customers and their challenges, goals and demographic traits.
Using this information, you will have more relevant appeal to the most valuable visitors, leads, and customers for your business.
The best part is how easy it is to create a buyer persona. They walk you through it. And if you’re a techy-type and want to skip the demo, you can. This service is 100% free.
Third Party Review Sites – (G2, Gartner Digital Markets, Trustpilot, etc.)
Customer Reviews are important, particularly today when our top shoppers are Millennials. Forbes magazine reports that millennials are “much more likely than the average consumer to research purchases online before buying in store — from electronics to apparel to groceries.” Which makes winning them over very important to anyone’s business or brand.
It’s important to note that having negative or neutral reviews aren’t all bad in that they give a brand the opportunity to figure out where they can improve. Enter Third Party Reviews, where lots of that learning can take place!
These convenient companies help sort through the negative or neutral reviews, reaching out to the consumer to figure out what could have been different, and they offer up an analysis that brands would do well to pay attention to, assuming they get reviewed!
Also, showing that your company or brand is invested in your customers’ goals, needs, wants and concerns is always a good idea. The result? Less negative reviews! Below we can see some great statistics on the importance of having a third-party review:
Finding the right third-party reviewer for your business is essential. If you are a restaurant, you might choose Zomato, as it is tailored to restaurants.
And prices vary from free to paid versions of third-party reviews. Free is nice but paid versions often give you more freedom and choice. Like Trustpilot, where you have the option to create and customize an invitation to review, share reviews via social media, or link review data to your business systems. You will need to reach out to your preferred company for pricing. These sites are super credible, so it’s a good idea to do so.
CB Insights – emerging tech insights competitive intelligence platform
This company has its finger on the pulse of the who, what, where when and why of high risk/return funds – aka Venture Capital Money. So, what exactly does that mean?
CB Insights enables companies to spot business trends, along with developing and disruptive technology by filtering out unwanted material and organizing relevant information. The data collected comes from news articles, patents, startup websites, hiring data, and venture capital financing to name a few.
Set up like social media, when a company logs on, they see a feed much like Twitter or Facebook. This feed helps the company keep track of competitors or investors. You can also search deals relevant to your interests or look at a company and see their hiring patterns, investments and investment tracks. You also have the option to visualize this data.
CB Insights keeps a business focused on any potential gains, losses and other indicators. They offer several different annual subscriptions. Reach out for more pricing information.
A Combo Approach
In today’s market, businesses need to know what the newest trends are, who is following them and how they feel about anything relevant to their category, as it is all valuable market intelligence. There aren’t many platforms that can keep brands up to speed in real-time though – and that is very important. A company cannot afford to lose one customer with all the competition out there.
When your company is ready to explore market research and analysis tools in earnest, be sure to reach out for a demo!