How Often Do You Create a Competitive Market Intelligence Report?
Collecting information about your market is key to successful marketing. But how often should you create a competitive market intelligence report?
Competitive marketing intelligence reports are crucial, but what happens if you don’t know how often you should complete one? Many businesses make the mistake of not knowing how often they should complete a competitive market intelligence report.
However, this not only costs them leads, but it also potentially costs them sales.
Businesses should have a good market awareness or else they may be guessing when it comes to your marketing. Being unaware of a market rarely ends with businesses getting more clients.
So there is a chance that their customers may be unaware of their service and this can all come down to bad marketing.
This is where competitive marketing intelligence comes in. It helps you gain knowledge of your market. So if you are a business owner, it is important that you use it.
The question is, how often should you be completing a competitive market analysis? While it may sound obvious, many businesses do not know the answer to that question. Which can be worrying.
So if you would like to learn how often you should do a competitive marketing intelligence report, keep reading.
Digital Consumer Evolution vs Enterprises
Something that needs to be considered is how consumer evolution vs enterprise plays a role in market intelligence. The key to predicting the market is to know how consumers in the market behave.
This means learning about consumer evolution and the thought process consumers make. To do this businesses must track their customer’s behavior.
It gives them an indication of how and when their customers make the choice to purchase their product or service.
Looking at the way consumer habits can affect enterprises also gives businesses better insight into marketing to them. It also gives them an indication of how enterprises sell to their customers in the future.
With so many nuances to marketing intelligence, it’s important to do a marketing intelligence report regularly. This can be on a monthly basis or perhaps more frequently.
Risks of Not Learning Competitive Market Intelligence
Gaining market insights and learning how other successful companies in your field are operating is important. The problem is, many businesses don’t take the time to learn how other businesses are marketing to their customers.
If businesses fail to do this, they run the risk of not learning or progressing in their business intelligence. This is a big issue because it can mean that your business doesn’t have the key insights it needs.
Whether you like it or not, other companies may be progressing when you are not. So it’s important to make this a priority.
If you don’t take the time to learn about business intelligence for marketing, you may not know when competitors are entering your market. This can be dangerous as new competitors may be taking your customers.
Another thing you also need to know is what marketing strategies new competitors are using when they enter your industry. This means getting some awareness of what tactics they are using to attract their customers.
In addition to this, you should figure out ways that your competitors are getting consumer interest. If you make the mistake of missing this step, you may not discover new methods you can use to get consumer interest. Once again, this can cost you sales in the long run.
Opportunities To Learn Marketing Intelligence
Business owners should always be increasing their business intelligence by learning about their market. It’s all about taking the opportunity to learn how to gather a market intelligence report.
The reality is that with the introduction of the internet, it has never been easier to conduct and learn from market reports and do a competitor analysis. Getting access to reports is simple, it’s just about taking some time to look at them.
Using the internet to look at market results, saves you a lot of time and effort, and it also saves resources from testing. Once you know which platforms you are going to use to look at your market intelligence reports, you can test them.
Also, looking at market intelligence reports can lead to innovation in your business. Once you see what is out there in the market it opens up new ideas for your business.
It also lets you know that there are new ways to market to your own customers. Not only this, but it may show you how to make your existing efforts more profitable.
It’s also important to learn not only from competitors in your industry but from broader benchmarks too. This learning opportunity gives business owners a better understanding of digital consumers.
How We Help You
A question to consider when it comes to market intelligence is what is the right frequency for you? Surprisingly, a lot of business owners don’t know the answer to this question.
The problem is if you don’t know what frequency you should complete a market intelligence report, your marketing may suffer. To get more insight into how frequently you should do a report, you should see what other businesses have done and how they have succeeded or failed.
It’s also important to learn from the mistakes other businesses have made, particularly in your industry. Otherwise, you could make the same mistakes as them and this could be a problem for getting clients and impact your sales.
Luckily, Scoretize has a tool designed to help you with this and save you the time and effort of finding everything out on your own. We give you an accurate indication of how well you are performing in your industry in terms of marketing.
Scoretize doesn’t just help you with marketing tools, it also gives you valuable marketing advice too, see our blogs here.
Get Help With Your Marketing Now
Now that you have read about competitive market intelligence, you have a better insight into how it works. Getting familiar with your market is worthwhile, as it can help you increase your sales.
If you would like to get help with your marketing or get some friendly advice, then schedule your free trial now.
All the steps of an audit of your current digital marketing strategy, and how we can help