Making
The Most of Market
Intelligence
BtoB Online, August 05, 2005
Market intelligence is often thought of as a product that you can buy. In reality,
it is an ongoing
process that requires
a mix of internal
expertise and external
vendors working
together to provide
high-quality data
and analysis, which
can allow executives
to make better
and faster decisions
if used in the
right way.
Here are four tips on how to use market intelligence to improve your business:
1)
Keep your sales
force in the know.
In
today's competitive
sales environment,
information is
your strongest
weapon. The sales
force that can
most effectively
stay on top of
the daily changes
in the market will
be seen to have
more credibility
and expertise by
prospects and customers.
If a competitor's
new product gets
a bad review or
if changing preferences
in the market make
your product more
desirable, market
intelligence can
help you locate
that information
quickly, package
it with other relevant
information and
distribute it automatically
to the sales force
when they need
it most-now.
2)
Measure marketing
ROI.
With
growing scrutiny
on budgets and
a broadening media
landscape, marketers
are being forced
to provide increased
measurement of
their marketing
ROI. With the move
towards "buzz" campaigns (e.g., Carl's Jr.'s Paris Hilton ad), measuring the impact of an ad
or campaign can
involve a lot of
variables. By employing
market intelligence
solutions, marketers
are able to measure
the reach, tone
and ad equivalency
of their unpaid
media in real time.
Standardized measurements
allow marketers
to move one step
closer to integrating
PR and advertising
into a coherent
strategy.
3)
Integrate competitive
intelligence into
your marketing
mix.
Are
you missing an
opportunity to
capitalize on your
competitors' shortcomings
and your own successes
by being inwardly
focused when developing
campaigns? According
to a recent CMO
Council survey,
only one-third
of American companies
have a formal competitive
intelligence process
in place. Unpaid
media is one of
the richest resources
for understanding
your competitors'
marketing moves,
messages and weaknesses.
Integrating competitive
intelligence into
your marketing
cycle, from planning
to measurement,
will improve results
and increase the
value of marketing
to other business
segments.
4)
Objectively manage
corporate reputation.
Try
telling your CEO
that the company's
reputation as a
leader has become
vulnerable based
on recent changes
in the marketplace. "Prove it" is what you'll hear. Corporate reputation initiatives will not receive appropriate
levels of internal
support until marketers
bring the quantitative
rigor to the practice
that today's executives
expect from every
division of the
company. With the
right market intelligence
strategy and solution,
you'll have real-time
analytics to show
executives where
the opportunities
are and the data
to prove it when
mistakes are being
made. You'll also
have the insight
to suggest new
strategies to defend
and build reputations,
and protect product
brands.
Deborah
Eastman is chief
marketing officer
of Biz360, San
Mateo, Calif. She
can be reached
at deastman@biz360.com.
|
