A Little Research Goes a Long Way
Marketing intelligence isn’t complicated – it’s just collecting the information you need to make the best choices for your company.
If you own a business, you’re going to want to drive up sales – simple enough. So how can you? Well, marketing intelligence should be first on your list. You’ve no idea what it is? Don’t worry – it’s not too much of a struggle to get your head around. Marketing intelligence seems like a complicated concept at first glance, but it’s actually an incredibly easy way to boost your sales. Here are some tips to help you get started.
Some background information
So what exactly is marketing intelligence? Well, it’s information that is relevant to your company’s markets, and is gathered and studied so that you can make accurate and informed decisions regarding ‘market opportunity, market penetration strategy, and market development metrics‘. In plainer terms, it’s simply information that is gathered to help you make business decisions. It’s very similar to market research, although market intelligence is thought to be more specific in its aims. So how can it be used to boost sales at your company?
Marketing intelligence is the process of gathering data from your market and should form a part of your overall marketing plan. This can be direct from customers by means of questionnaires and feedback forms, or from data gathered from a website or social media platform.
Keep track of what’s happening on your site
Analysing your web traffic can give you a really clear sense of what the customer is after. You can then tailor your response accordingly, reaching out to those leads with advertising and content that they are going to engage with.
Monitor who is visiting your site too – seeing what pages a prospective customer is visiting will allow you to cut straight to the chase when you open communications with them, talking about what you know is relevant to their interests. You’re much more likely to increase sales if you know which of your goods or services are the most popular, and what individual clients themselves are searching for.
Market intelligence can also include data on shopping basket abandonment and high bounce rates at the product level. This can help you to identify products that are no longer be competitively priced – one of the most common reasons people abandon a shopping cart is because they find the same product cheaper elsewhere.
Interact on social media
Social media is a big part of business now, and company owners underutilise it at their peril. It’s a good idea to track mentions on social media platforms, so that you can reach out to potential clients quickly and easily. Track things like your company name, names of your products, influential industry names, popular industry specific terms and even competitors. By doing this, you can quickly identify those who are looking for goods and services, as well as putting yourself forward as an alternative to your biggest competitors.
Do your homework on leads
You should also use social media to research potential customers. This includes their job history which should be available on a site like LinkedIn. By familiarising yourself with their background, you can tailor your communications to be more specific to their expertise and interests. Don’t forget to see if you have any mutual connections too – a strategic name drop can be really helpful.
Marketing intelligence is a must
If you’re not confident unravelling site data, social media mentions and your lead’s career histories – then let someone else take on the hard work for you. A bespoke marketing intelligence system will help you to get the most out of your customers. By gathering data within a database and running pre-configured reports, you can quickly analyse your market data to enhance your marketing campaigns.
So you can look forward to a big increase in sales, all thanks to just digging a little deeper and finding out what’s really going on in your online backyard.