Stronger the marketing
intelligence, more effective will be the business strategy and efficacy of a
marketing strategy is proportional to success of the product in the market.
Accuracy and amount of information determines the effect of decision making, which
in return determines market prospects of the product. To roll out a product in
the market, an enterprise has to ensure its success and evaluate the best
possible RoIe. The idea is followed by careful development of business
strategies comprising of methodologies to acquire the market through innovative
marketing ideas. To devise such strategic marketing ideas, the enterprise would
have to rely on accurate market information and data. Herein emerges the
prospects of Marketing Intelligence as one of the most important facets of
business.
Marketing intelligence has moved beyond the
paradigms of physical market surveys and analysis. Internet being the
mainstream has become the prime source of new market data and information. This
transition from the spheres of physical surveys to internet-based researches
has materialized the Cloud Makeover of marketing Intelligence. The underlining
idea is, market research is now internet based and online platforms are the
dependable source of market intelligence.
Market information can be obtained from various
sources. Big Data plays a major role in the current landscape of business
analytics. Big Data is complicated and an exclusive branch has protruded to
deal with it. However, data can be obtained from simpler sources such as Social
Media. Social Media Monitoring involves collecting data from post on popular
social media platform such as Facebook and ‘tweets’ on Twitter. It can offer
the company an insight of customer’s review and their viewpoints on any product
or service.
Cloud Based CRMs offers a new perspective to
this renovated model of research. New CRM technologies are enabled to offer
comprehensive sets of information about customers. For instance, the
breakthrough technology introduced by CRM developer such as SaleShark , not
only offer information about a single customer, but also comprehensive data on
related customers and potential business leads forming an integrated network of
information. Such technologies are synonymous with the ‘Cloud’ that is
inclusive for marketing and sales management.
Customer database or the CRM is among the
primary sources of market information. Analyzing data from customer databases
assist in understanding cross sales and up sale opportunities. This helps to
understand the behavior of consumers over long durations. Integrated CRMs offer
complete profile view or a 360-degree view of any customer providing
comprehensive insights on their purchasing and expense behavior. Additionally,
purchasing frequency, recent purchases and value of purchases can be traced out
from CRM databases. Therefore, purchasing pattern of the consumers can be
extracted from CRM.
Cloud-backed technologies are necessary to
substantiate the one stop solution to businesses. The Cloud Makeover of CRMs
has substantiated them as single windows to gather market intelligence.
Augmenting the capabilities of traditional CRMs, these new Relationship
Management Applications are offering amicable avenues to obtain market
intelligence. Hence, new possibilities of business analysis and market data are
unlocked. Enterprises can now leverage CRMs as an inclusive tool for business
intelligence achieving more than just mining customer purchase information.
These applications can be imperatives in cost cutting by reducing extra investments
to obtain market intelligence. CRM being used as a market intelligence tool is
not a new idea. However, a new range of CRMs is offering better edges to this
particular aspect of business, that is, market intelligence. The cloud makeover
of market information is backed up by new this next gen CRM Technology.
There is a growing need to understand people
first; before making any initiatives to build seemingly promising
relationships. In other words, humanizing technology is the real focus for
salespeople to authentically connect and engage with their prospects. Not just
customer intelligence, but even sales intelligence is the essence to formulate
effective new business strategies. However, obtaining real-time and relevant
customer information has been a challenge for any enterprise.
The market dynamics has grown such that, brands
and enterprises will have to catch up with customers to gain advantage over
their businesses. Against this backdrop, Market Intelligence materialized to be
more sophisticated as well as have grown more crucial for businesses. MI is the
set of everyday information related to the business arena of an enterprise.
Mushrooming businesses, startups and enterprises have incurred fuzziness in the
present market scenario with piled up products and services.
The arena of market information is complicated
and vast. Moreover, aspects such as Big Data make the domain more convoluted.
It is certain that there are no limits to data utilization or to the extents of
market intelligence. Technology is meant to develop and new solutions will
overlap the old ones. The transformation of CRM technology has been offering
better advantages to business. The technology will keep on evolving and
offering new avenues for business adding up the profits.
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