The concept of marketing intelligence reports focuses on collecting appropriate information which proves helpful to evaluate the status of a business corporation in the current market. The theory aims to understand the performance of a company and thereby make alterations if necessary. It assists the task of engrossed decision making. Analysing the current market trends and utilising the available opportunities is an important aspect of marketing intelligence.
The performance quotient of a firm is evaluated with the help of research and opinion polls. Relevant investigations are carried out to determine the market value of a company. The feedback and reviews of the people are the most important. Total sales, profits and other valuable parameters are used to judge the performance. With the upsurge of social marketing, it had become an important tool to create a larger customer base and create a bigger brand name. If the established strategies and methodologies fail to bring better results, the deviations are calculated from the actual set standards. An immediate course of action to bring concrete results is followed.
Aims of the marketing Intelligence report:
Marketing intelligence conducts a brain storming on the following aspects and then concentrates to work for more productive results.
- Understanding the review of the consumers through sales data
- The realms in which the company must emphasise more
- Utilising the resources judiciously in certain spheres
- Plan about the new undertakings and moves
- Understanding the web analytics and making efforts to boost them
The concept of marketing intelligence reports was designed for the marketing teams including managers and sales executives. They must regularly view the newspapers; have conversations with the retailers and wholesalers to identify the trending market aspects. Social media is the most beneficial approach to understand the performance of a firm. All these methods can be used to create reports which indicate the actual performance with the expected one.
Initiatives which can improve the marketing intelligence reports:
- The sales force is a source of more valid information about the current performance and market trends. The facts collected by them can be used to understand all the market opportunities. This prompts the need to train and encourage the sales team. A good rapport must be established among the distributors and intermediaries to ensure more productive results.
- Focusing on competitive intelligence keeps one aligned towards its competitors. You can keep a track on their products, schemes and advertisement crusades.
- Customer advisory panels must be set up which can help you a get real look into the market. It is a good opportunity to learn about all pros and cons and take stringent action.
- Online customer feedbacks can prove worthy to learn about the user experiences. Blogs and chat rooms are such platforms which encourage healthy discussions to get the valuable consumer feedback.
- The government resources such as demographics must be considered before planning and designing market policies.
A more managed and focussed marketing intelligence can steer the company towards growth and development. The overall productivity and performance would be accelerated.