Business is data-driven these days. Companies of all sizes collect and leave data traces online, and these datasets offer valuable clues about performance, marketing, and much more.
Ironically, the quest to collect data to gain a competitive edge has made business more competitive, since now every company can keep tabs on its competition by tracking data. Reports from a market intelligence platform can play a critical role in this regard. On the surface, one might believe these reports summarize sector performance, but their applications run far deeper. Intelligence reports are changing the way business is conducted.
Here are three ways market intelligence reports are changing the business landscape.
Simplifying market research
Market research is a broad activity. Surface-level metrics such as market size, number of competitors, and seasonal trends are simple to analyze. However, companies need more granular data these days. Metrics such as unit sales per product line and trends in consumer opinions drawn from social media can help them evaluate product-market fit and numerous business goals.
Given modern companies’ digital postures, it stands to reason that online activity data offers plenty of insights into a company’s performance. Website traffic, unique visitor counts, landing page conversion ratios, and social media engagement metrics offer companies insights into how well the sector is performing.
For instance, negative engagement trends on social media involving all companies in a sector point to a broad issue in the market. Similar trends in an individual company’s social media and content alert market researchers to possible disruption in the space.
From a company’s perspective, tracking digital performance metrics and comparing them to their competitors helps them evaluate performance. For example, comparing new product launch metrics to competitive benchmarks helps them determine marketing and sales efficacy. These datasets will help companies create better products and evaluate customer needs better.
Market research data contained in intelligence reports also reveals what consumers think of products and the way their preferences are headed. Migrating to a new product en masse or tracking demand for new features is simple thanks to these reports.
Better data for investors
Market intelligence data might be useful to companies and researchers, but investors are gaining valuable edges thanks to them as well. Investing is a tough art to master, and the average investor struggles to match market average performance.
Mining unconventional datasets lead to outsized performance advantages in the long run. For instance, a decline in web traffic to popular product pages might indicate troubles with a company’s brand image amongst consumers. Tracking web traffic data will also reveal seasonal trends and how a company addresses cash flow holes.
By correlating these datasets to financial results, investors can figure out a company’s story easily. For instance, if a company’s management announced upcoming product launches aimed at boosting revenues in the previous 10-K, investors can measure market research data to track campaign success.
They can also track how well management understands their sector and the company’s business. Digital marketing and sales data offer direct insight into a company’s strategies. Best of all, these views are real-time, unlike financial data that is delayed by a few months.
Investors can also evaluate a company’s brand image. Social media data offers some clues in this regard. However, a key part of brand image is the quality of partnerships a company has. Is it partnering with entities that match its brand voice and audience preferences? Or is it prioritizing traffic numbers at the cost of a cohesive brand image?
By answering these questions, investors can bring greater context to their financial analysis and uncover hidden edges in the market. For instance, a company that is undervalued in the market and experiencing exponential growth in product page traffic is set to grow massively. Investors can spot these signs in advance and align their investment strategies accordingly.
Enriched data for sales
Sales teams rely on a wide range of data these days. Marketing intelligence reports offer these teams insights that help them close more deals. For example, the average customer’s buying journey offers sales teams vital information about the customer’s preferences and choices. Which pages do they visit first, and do they look at alternative products?
Where do they arrive from, and how do customers arriving from different channels behave? Correlating these data points to customer behavior will help sales anticipate needs beforehand and offer solutions. The result is a shorter buying journey and greater revenues.
Monitoring the most profitable sales channels also helps a company earn greater ROI on its efforts. If a company realizes 50% or more of its sales from two or three channels out of seven, it makes sense to double down on them. By channeling more resources into what works, the company will realize a greater return on its investment.
In addition, sales teams will spend less time monitoring unprofitable audience segments and generate more value. The result is more sales closed in less time and a productive sales team.
An essential part of modern business
Market intelligence reports are a critical part of modern businesses. The markets are data-driven these days, and more companies are leveraging data to run their businesses. Market intelligence reports have all the datasets that companies (and investors) need to transform their businesses and make the right decisions.