What is Marketing Intelligence?
Various sources over the internet have deemed marketing intelligence and marketing research as two mutually interchangeable terms in the business world. Although both marketing arenas intersect at certain business aspects, they do not necessarily share the same pool. Marketing intelligence corresponds to a broader scope that encompasses all aspects of the marketplace, whilst marketing research is a narrow disciplinary field with miscellaneous business frontiers. This means the former evaluates all angles of the market itself rather than focusing intently at one designated area.
Marketing intelligence can generally be categorized into three different aspects:
- People & Processes
Critical assembly and analysis of data with regards to the product form the building block for the information foundation in this scope. The next step is equally important in terms of interaction between the marketing analyst and potential consumer, which will pose as the final gavel as to whether the advertised product will be purchased or not. Insight into the communication field is equally invaluable since miscommunication or lack of interaction between analysts and clients can cause a potential loss of profit and detract potential consumers from engaging in future business ventures with the company in question. The final phase incorporates people and processes, which work in tandem to explore marketing strategies that can strengthen the business.
Thus, marketing intelligence is mostly a specific skill relating to business analytics, and mostly requires diligent understanding of financial processes and fluctuations in the market as well as key competitors languishing in the same business pool.
The main three components that form the pyramidal foundation of this broad marketing scope is the:
With the collective combination of competitor and product intelligence such as acquisitions, investments, corporate strategies, product specifications and product advertisements, this will lead to the birth of competitive insight which gives an edge over key competitors trifling through the same business field. An amalgamation of market understanding and customer insight such as segmentation, exploration of market size, brand awareness and concerns revolving around key products will in turn trigger the generation of a rather valuable marketing insight. Thus, the explosive combination between the competitive insight and marking insight will provide the recipe for marketing intelligence, which will ultimately lead to the burgeoning of a successful business if the information attained is utilized prudently and correctly.