Companies looking to break into a market, whether it’s retail, social media, or online gaming, need to understand the market before they can hope to achieve any substantial level of market penetration. They need high-quality information that will allow them to make confident decision-making when it comes to their product and their market strategy. This information, termed market intelligence, can be extremely valuable, and numerous companies, like Netbase Quid, have cropped up to fill this market demand.
What is market intelligence?
A broad range of data, analytics, and information can provide a complete picture of a market. From simple information such as competitors and their products, through to complex webs of data on sales, survey results, and much more, market intelligence encapsulates all that a company might need to know to feel confident entering a market. Knowing the competition has always been a crucial part of going into business; by visiting the websites and stores of other products in a space as well as publications about that market, a company can easily gain valuable information about the products they’ll be competing against as well as potential customers. In this way, knowing the market has been a critical part of business for many years. However, with the growth of the internet and social media, market intelligence is taking on a whole new meaning. Various tools allow for companies to collect and analyze data on an unprecedented scale, allowing for comprehensive insights into the market that weren’t possible before.
Intelligence Tools
Companies today have a wide range of tools available to them that will allow them to utilize and analyze data and insights like never before. Various surveying tools allow for easy creation and distribution of surveys that will provide valuable customer feedback and information, all for a relatively low cost. This is a way that a business can gather their own intelligence. Similarly, a company selling their product online can utilize their e-commerce analytics to track the customer journey in their store and determine what changes, if any, need to be made to retain more customers and convert more sales. For larger companies that gather great amounts of data, software and tools can help them handle and understand the trends behind the numbers. Intelligence platforms provide suites of these tools for businesses to utilize as they enter a market.
Platforms and Services
A business looking to strategically enter a market has a range of options when it comes to market intelligence platforms and services. Many provide a host of tools, from social analytics, surveying services, brand reputation analysis, and much more. By bundling together all these useful tools, these platforms make it easy for a business of any size to get all the tools they need to achieve successful market penetration. One such platform is Netbase Quid.
Netbase Quid offers a whole suite of tools that can help a business achieve all their market goals. Their Netbase products include top-of-the-line social media analytics tools, a customer experience analytics platform, data analysis and reporting tools, and a news media platform to help a company expand their social presence. Their Quid product line offers media analytics, a social data platform, data visualization tools, and much more. Between these two lines, Netbase Quid offers all a company could need when it comes to high-quality intelligence tools and services.
The Next Generation of Market Intelligence
With the explosion of the internet and data collection, companies today can utilize a broad range of intelligence tools, allowing for a more complete picture of a market than ever before.
