Category: Market Intelligence

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Mastering Customer Intelligence in Three Steps

Customer intelligence helps organizations listen to their customers and address their needs. Customer loyalty and customer experience (CX) are directly proportional to each other; thereby, making it essential for businesses to leverage customer intelligence and other business intelligence services to gain valuable insights. In today’s competitive market scenario, it is extremely essential for companies toIR_Brochure focus on the aforementioned attributes: loyalty and experience. However, before leveraging customer intelligence and other myriad market intelligence services available in the market, an organization must answer the following questions:

  • Are we listening to our customers and other stakeholders? Have we taken their opinion into consideration regarding our product and service offerings?
  • What are the appropriate channels that can be leveraged to gain valuable feedback?
  • How do we use these feedbacks to improve decision making, enhance customer experience, and ensure effective customer relationship management?

 

Real-time CX Monitoring – A Science and Art

Customer intelligence tools allow organizations to monitor customer experience in real-time, making it a science and an art. Businesses must master the art of identifying appropriate channels to capture valuable customer feedback, comments, and insights. Besides this, the management must set up a scientific method to ensure consistency of surveys, measurement, analysis, and report generation. Customer intelligence and other market intelligence solutions allow organizations to capture real-time transactional data from myriad touchpoints; thereby, building customer loyalty and driving customer experience.

Identify the Gaps to Improve Customer Experience

To improve customer experience and journey, organizations must identify the loopholes in the processes and take necessary actions. The key to building customer loyalty is to be proactive and responsive while resolving issues, mitigating risks, and addressing customer service issues. Customer intelligence and other business intelligence services allow the organization to bridge the gap and improve customer journey and business processes.

Customer Intelligence Insights – Change Business Approach

Earlier, organizations followed a transactional approach with their customers and focused on the organizational profitability. Today, businesses have shifted to a customer-centric approach and have made customers an integral part of the entire business process. Organizations can leverage the valuable insights gained from market intelligence tools to develop a proactive customer service framework and facilitate strategic decision making to drive revenue and sales.

 

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Top Three Reasons Why Media Monitoring is Essential for Your Business

The competitive market environment and the evolving landscape across industries all over the world has coerced organizations to direct their efforts towards understanding their target audience. With the evolution and growth of the digital media landscape over the last decade, businesses have realizedIR_Brochure the importance and benefits of media monitoring services. Media monitoring helps brands to understand their target audience, listen to them, and gain customer behavior insights. A majority of the businesses leverage social and digital media platforms but lack the infrastructure and understanding to gain valuable insights. With the help of media monitoring services, organizations can monitor their channels, connect with their client base, and be responsive to their demands. Plus, social monitoring tools are great for free publicity and branding that can be targeted to the appropriate audiences to achieve desired results.

Media Monitoring – Crisis Management

Media monitoring services help companies to anticipate and interpret public opinion, attitude, and preferences that might affect the brand image. Also, it is an amazing crisis management tool which can be used to avoid issues with customers, vendors, government, ambassadors, or the management itself by mitigating it in time. Companies cannot afford to neglect the negative feedback and opinions received from customers as it can harm the company’s reputation and that’s why they must adopt social monitoring tools.

Media Monitoring – Offers Actionable Insights

Media monitoring services are essential at every stage, right from research, new product development, product launch, and competitor analysis among others. The solutions help businesses to gauge the overall public sentiment of the target audience towards the brand, its product offerings, and the company as a whole. Moreover, social monitoring tools can help gaining competitor insights and understand their market strategies and value proposition.

Media Monitoring – Automated Process

Earlier, brands used to hire PR professionals who would rely on traditional media scanning tools which required them to flip through journals, newspapers, and other mediums in their quest to find brand mentions. But with the help of social monitoring tools, the tedious and mundane task has become easy, requires less effort, and is less time-consuming. The automated social monitoring tool allows the brand to measure the campaign reach, build customer engagement, and identify media mentions.

 

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Leverage Customer Intelligence to Build an Effective Brand Strategy

All too often, companies overlook the multiple benefits of leveraging insights from customer intelligence solutions and instead make decisions and develop their brand strategy based on intuition. The organizations fail to realize the fact that the power lies in the hands of the customer, thanks to the cIR_Brochureonstant access to information, growing competition, and increased adoption of social media. Today, the customer is more demanding and less loyal, which makes the brand’s market position more fragile. In order to treat customers well, organizations must leverage customer intelligence solutions and develop an effective brand strategy.

What is Customer Intelligence?

Customer intelligence is all about obtaining smart and useful insights about customers, which are drawn and analyzed from multiple sources. In short, customer intelligence can be defined as a holistic and flexible way to understand customers by collating, contextualizing, and analyzing data. Customer intelligence answers the why of customer behavior, which helps businesses to adapt its brand strategy and product line to meet customer demands. The valuable insights guide the management, facilitate informed decision-making, and support brand strategy development. Customer intelligence solutions not only drive better business decisions but also allow the company to measure the outcomes and minimize overall costs. But what is the importance of customer intelligence, you ask? Here’s what. Organizations have access to large amounts of information from a variety of sources that can be analyzed to gain actionable insights. Customer intelligence solutions make it easy for businesses to indulge in strategic decision-making, enhance their brand strategy, and improve customer experience.

Building Effective Brand Strategy with Customer Intelligence

Customer intelligence offers valuable insights that help marketers to devise a brand strategy that improves customer engagement and converts them into brand advocates. Furthermore, organizations can assess their brand strategy and measure the outcomes of their marketing outreach programs and promotional activities. This helps brands to develop a real-time connection with their customers, build a loyal customer base, and gain a competitive advantage over their competitors.

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Market Entry Strategy: What Not to Do in the Latin American Market

Developing a new market entry strategy is a tricky business if organizations rely on intuition analytics and inaccurate data. The fact that companies often follow a herd mentality or a one-size-fits-all approach while devising their market entry strategy often results in failed expansion plans. Many businesses haveIR_Brochure made blunders when setting foot in new markets, especially in Latin America. If you’re looking to expand your business or foray into the Latin American market, read what you should keep in mind while devising an effective market entry strategy.

Don’t Rush into a Joint-Venture or Purchase a Local Company

Recently, the governments in Latin America relaxed rules that pushed foreign companies to enter into a local partnership or joint ventures with local businesses in order to foray into the local market. Today, while entering new markets, organizations must leverage business intelligence tools to understand the market landscape in the proposed region. The insights availed from such market intelligence solutions will help companies to analyze the present market scenario and make strategic decisions. A joint venture with the local company may result in conflicts and clashes regarding decision making and overall business control.

Don’t Ignore the Online Distribution Channel

Companies must realize that they can’t follow a one-size-fits-all approach when it comes to different markets. Some distribution channels may have worked wonders for them in certain markets but may fail to deliver results in other regions. If an organization is planning to enter the Latin American market, a proper study of the competitor landscape and their strategy with the help of market intelligence tools is essential to understand the factors that drive growth in that region. For instance, the American market has a well-established e-commerce and online distribution channel. But that’s not the case in the Latin American market, where cross-border product e-commerce operations have failed miserably. Only a handful of Latin American countries such as Mexico, Brazil, and Argentina have a sophisticated e-commerce fulfillment system, but other domestic markets will soon follow suit. Cross-border e-commerce will improve gradually with the help of innovative solutions, and the Latin American market looks promising.

Instead of Sending Foreign Employees, Hire Local Talent

While devising their new market entry strategy, organizations tend to exercise control in the new market by employing a foreign country manager to oversee the business operations. However, companies must understand the fact that hiring a country manager who understands the local customs, business practices, speaks the local language, enjoys cooperative relationship with local players, and is sensitive to the local customs would be a far better bet. In simple words, it is easier and less time-consuming to imbibe the corporate culture and the organizational values in a local hire as compared to waiting for a foreign employee to understand the nitty-gritties of the local market.

To know more about how to perfect your market entry strategy before venturing into Latin American market

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Supplier Selection Process – Strategic Decision Making

The supplier selection process entails a wide range of activities beyond scanning the price lists and skimming through catalogs of the potential vendors. Factors such as feasibility, quality, reliability, and service impact the supplier selection process. Organizations often make use of market intelligence and other business intelligence tools to gain valuable insights that help them in strategic decision making and help themIR_Brochure achieve their business objectives. Such insights allow the businesses to strategically approach its supplier selection process and understand the demands of their potential customers. The supply chain professionals suggest a step-by-step approach to the supplier selection process – know what you want, enlist your alternatives, and choose the right vendor for your business.

Supplier Selection Process – Qualities of A Supplier

Organizations look for suppliers who offer unmatched product and service quality, ensure timely delivery, and quote competitive prices. Why is it so important to carefully select the suppliers, you ask? It is because customers will associate the quality of the product with the brand and not the suppliers. While selecting a supplier, businesses must evaluate the alternatives on various parameters such as reliability, quality, value for money, financial security, and service among others. Supply chain professionals must bear in mind that low price doesn’t always translate into high quality and reliability and should be able to strike a balance between various factors based on the business objectives and market strategy.

Identifying The Right Supplier – Swipe Right

Selecting the right supplier is not as easy as swiping right, businesses must keep in mind two things: first, the suppliers must have strong service and clear communication skills to understand your needs and serve you better. Secondly, the vendors must be financially stable; a strong cash flow will ensure timely delivery, better quality, and long-term business association with them. At the start of the supplier selection process, it is essential for the organization to consult various sources such as directories, business advisors, references, trade associations, and industry-specific journals to draw up an alternatives list. Once the list is in place, the procurement manager can draw up a pro-con list by answering few questions to shortlist them,

  • Does the supplier have the capability to meet your requirements on time?
  • Are they financially stable?
  • For how long have they been in the business? Do they have a strong client base?
  • Do they have sufficient credibility in the industry?

 

Before zeroing down on the supplier(s), organization must be sure of their objectives and goals, carry out a thorough research and leverage market intelligence insights, understand the differences between strategic and non-strategic suppliers, evaluate your supply chain processes, conduct a credit check on the potential suppliers, determine the service level agreements (SLAs), and not be dependent on a single supplier.

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Top Four Advantages of Media Monitoring Services

Media monitoring services are an easy and effortless way to study and analyze the trends from social media. In simple words, it helps companies gain an in-depth understanding of the changing customer preferences and improves the overall media return on investment (ROI). Media monitoring services enables IR_Brochureorganizations to gain a comprehensive picture of the impact of their marketing and communications outreach, which subsequently helps in media audit and performance measurement. By leveraging social media monitoring services, businesses can make informed business decisions based on the insights and develop business solutions and strategies to understand the competitive landscape, drive social media effectiveness, and measure brand performance.

Benefit 1 – Media Monitoring and Crisis Event Reporting

Media monitoring services help gauge consumer perception about the brand and the products or services. It also facilitates reputation management and crisis event reporting by closely monitoring news, especially the negative discussions about the brand, its products, and the organization on social media. Media monitoring services allow companies to react to the negative news before they impact the brand image in an unfavorable way and assists in developing PR and communication strategies to get the right media coverage.

Benefit 2 – Identifying Trends and Understanding Customers

Through media monitoring tools and services, marketers can leverage social listening tools that help the brand to listen to their customers to understand the prevailing trends to assess their behavior and patterns that enhance targeted marketing and helps in business and product development. Social media listening tools help marketers to read between the lines and gauge the customer sentiment towards the brand.

Benefit 3 – Monitor Industry Trends and Competitive Landscape

Organizations can monitor their competitor’s activities and study their communications outreach strategies to develop and enhance the changes and trends in the industry. Media monitoring services enable better strategy development by studying the competitive landscape and marketing tactics that drive operational efficiency.

Benefit 4 – Measuring Marketing and Communications Effectiveness

Social listening tools and media monitoring services aid in measuring the effectiveness of marketing activities and communication materials. This helps in assessing the tone of media discussion around the brand and their products regularly. Media monitoring services help in developing customized communication messages that drive media coverage and operational effectiveness.

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The Great Market Intelligence Challenge

With the sudden surge in competition in the global market, organizations are increasingly building capabilities that will help them understand the competitive landscape and anticipate the movement of their rivals. As a result, companies are turning to market intelligence andIR_Brochure various other business intelligence techniques and tools that provide actionable insights to facilitate strategic decision making. The key to gaining a competitive advantage is to understand, improve, and leverage market intelligence.

What are the Market Intelligence Challenges Encountered by Organizations?

Organizations often rely heavily on inaccurate and unstructured information sources to gain market insights. Traditionally, companies have followed a one-size-fits-all approach in every market, and have failed to realize that every market needs tailor made market intelligence solutions that can drive profitability in that particular market.

  • Businesses procure market and customer intelligence about a particular customer group or segment and apply it to the larger market, and the resultant losses are way too high
  • Organizations usually lack the infrastructural capability and the talent required to analyze market intelligence, which leads to complex processes and wastage of time and other resources
  • Management often feels that the return on investment (ROI) on market and business intelligence solutions is comparatively less. This happens because organizations often set low expectations and unclear objectives

 

How Can You Overcome Market Intelligence Challenges? Here’s How

  • Train professionals and employees in various analytical techniques, competitive intelligence, and business intelligence tools to gain better results
  • Make use of a variety of business intelligence techniques and methods to map, monitor, and track market performance and competition
  • Determine and implement key performance indicators (KPIs) that help in analyzing the competitive landscape, stakeholder performance, and market trends
  • Constantly update the organizational capability and competitive intelligence maturity level to develop and manage various projects

 

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Top Three Benefits of Market Intelligence

To view an updated and a more comprehensive version of this blog, read our latest article. 

To be successful in the market, organizations must develop marketing strategies that create positive customer relationships, drive leads, and build customer loyalty among their target group. But the question is “How do we devise strategies that resonate with our target customers?”. Leveraging market intelligence solutions is the answer to all organizational challenges as it offers an in-depth understanding of the consumer base and answers the why of consumer behavior and preferences. Market intelligence, in simple terms, is information about the market in which the business operates either based on its geographic location or other demographics variables of the customers. Additionally, it entails keeping an eye on your competitor’s activities and gaining a comprehensive view of the competitive landscape in the target region.Ask an analyst

Market Intelligence, Simplified

Market intelligence is a 360-degree view of the market which includes information and insights about various stakeholders such as the customers, competitors, market, and regulatory authority among others. Basically, the business intelligence solutions enable the management to manage their customers, receive feedback, develop pricing strategies, devise marketing plan, and ensure effective implementation. Market intelligence solutions offer actionable insights that facilitate informed decision making, help identify growth opportunities, drive business profitability and operational efficiency.

Benefits of Marketing Intelligence

 Market intelligence and other business intelligence solutions enable organizations to gain a holistic view of the market and the various stakeholders. The insights offered by intelligence tools helps the businesses develop customized products and marketing communication materials that help customers distinguish the brand from their competitors. Let’s have a look at top three benefits of market intelligence.

  • Drives operational efficiency by identifying the process gaps, providing real-time information, and devising strategies to mitigate potential risks. Moreover, it drives consistency, reliability, and responsiveness across business process and operations
  • Organizations that are agile in nature and respond quickly to the market changes gain a competitive edge over their competitors. In some cases, business can enjoy the first mover advantage, if they have the right data, accurate and reliable insights, and an effective strategy in place
  • The adage customer is the king still holds true in today’s market scenario. Market intelligence solutions help organizations to adopt a customer-centric approach, work closely with their target market, and drive customer loyalty. By understanding their behavior, shopping preference, and addressing their needs, businesses can increase the customer satisfaction levels

 

        To know more about the benefits of market intelligence

Top Five Benefits of Market Intelligence

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Customer Intelligence Is the Game Changer in Marketing Technology

With organizations emphasizing on effective customer relationship management, leveraging customer intelligence insights has become the key to ensure a successful marketing strategy. Some of the widely available, easily accessible, and the most popular marketing technology options in the market opted by marketers are Ask an analystCRM, analytics, and social media marketing tools and solutions. However, the marketers fail to understand the fact that understanding consumer behavior is essential to ensure profitability and retain market shares. Customer intelligence, a combination of big data and data science, answers the why of consumer behavior and identifies customer buying patterns.

Customer Intelligence is the Key Element

Marketers have data at their disposal but much of it is redundant and inaccurate. For the data to make sense, businesses must make use of data cleansing techniques to get rid of unnecessary information, which will improve data analysis and offer in-depth insights to improve decision making. Businesses need both real-time information and historical data to develop compelling marketing campaigns to enhance and improve customer experience. In today’s competitive and dynamic environment, power and control have moved from the brands to the customers, thanks to the growing internet penetration and the sudden surge in mobile, social, and cloud applications. Customer intelligence platforms enable organizations to make better decisions by driving customer engagement across several mediums and channels. Moreover, it offers insights that help marketers to prioritize their activities and ensure that the brand message resonates with their target customers.

Leverage Customer Insights to Drive Brand Advocacy

The insights gained from customer intelligence solutions can be leveraged by marketers to not only engage with their target group but also to convert them into brand advocates. By leveraging various business intelligence tools, businesses can easily gain access to reliable, accurate customer insights, and feedbacks on their promotional activities and marketing programs. Driving brand advocacy among their target market by establishing real-time connection with them, helps the business drive customer loyalty and gain a competitive edge in the market. Organizations are increasingly spending a larger portion of their budget on marketing technology and other digital tools that help them improve and enhance customer experience by understanding the consumer behavior and preferences.

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Paper and Packaging Industry – Widening Horizons with These Trends

The global paper and packaging industry is expected to grow exponentially as a result of the sudden surge in the demand for sophisticated packaging for several consumer goods and products. In the packaging industry, paper packaging is popularly used in the consumer packaging category and accounts for a high market share. In order to maximize their revenues, packaging companies must stay abreast of the latest IR_Brochuretrends in the global business economy, ensure optimum management of raw materials and packaging supplies, reduce packing material wastage, and develop a robust supply chain. But how can companies identify such trends to boost revenues, you ask? Simple, companies in the packaging industry must understand their market and competitor landscape by leveraging insights gained through various business intelligence solutions such as market and customer intelligence.

Trends in The Paper and Packaging Industry

Packaging companies, referred to as converters in the packaging industry, transform raw materials into industrial grade materials and packaging supplies – placing them at a key position in the overall supply chain. Paper and packaging organizations must identify, analyze, and study the data to respond to the emerging trends in the global market effectively. Packaging producers must concentrate on tapping the growth potential in the emerging markets as well as in the developed economies. Let’s have a look at the trends that are transforming the packaging landscape.

  • Urbanization, climate change, and resource scarcity are few top trends that are transforming the packaging market scenario. The increasing demand for housing and construction in urban areas has led to an increase in demand for alternative construction materials due to the scarcity of natural resources. The e-commerce boom has facilitated the usage of alternative packaging options such as green packaging and corrugated packaging

 

  • Technological advancements are impacting every industry, including the packaging industry. Thanks to the combination of 3D printing or additive manufacturing, Internet of Things, and growing popularity of drones and robotic process automation, packaging companies are developing smart packaging alternatives to create a competitive advantage

 

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