Marketing intelligence — the way to a healthier business
The wild market and huge margins days are gone. Nowadays, the one who can offer a client the best conditions and competitive price of products and services is the business winner. However, many managers automatically keep missing what is right under their nose: operations of the marketing department within the company.
It’s an open secret that a certain part of the profit is spent on marketing. Marketers automatically submit reports showing what the funds have been spent on. But how can one assess efficiency of expenditure on advertising?
Importance of staying in trend
The situation on the advertising market is changing rapidly. Tools that used to work six months ago are becoming a waste of time now. Therefore, one should keep monitoring the market updates and checking efficiency of spending advertising budgets.
It is good for a company to have a marketing analyst who deals with such work. But even he can lag behind the market if he fails to maintain its competence at a sufficient level.
It is rather difficult and labor-intensive to take a close look at all the processes and interactions of the advertising field by yourself. You need to spend a lot of time just to study the agenda and master the key tools, whose number has multiplied with the advent of digital platforms.
This makes many managers neglect marketing intelligence, continuing automatically wasting budgets on once-efficient directions without even understanding where customers come from: from advertising or any other channels. And the abundance of numbers in marketing reports often hide budget overruns and inefficient allocation of funds. While employed marketers dusting the management’s eyes.
Expert opinion on the situation
Marketing intelligence will help you to find out what is really going on in the company. Intelligence can be performed not only for your company, but also for competitors. As well as for a particular product or a service, for the industry in general, or for a certain area.
Marketing intelligence and market analysis:
- Specify areas and tools for business development.
- Will help to optimize expenditure and give up outdated and non-working techniques by finding up-to-date and efficient promotion methods to replace them.
- Give the company flexibility, competitive advantages, and unbiased understanding of the situation.
- Form a complex understanding of the situation and enable the manager to work out a development strategy based on the detected advantages.
By making it possible to adjust plans promptly and minimize losses in such areas as pricing, product range adjustment, or introduction of new promotion channels.
An independent unbiased assessment of tools and techniques used for promotion will make it possible to see the real situation and to optimize expenditure and increase efficiency of marketing campaigns.
Marketing intelligence methods by Backdoor Security Consulting
For conducting successful market analysis and marketing intelligence, the system information collection is important. The system approach provides complex understanding of the situation development. This approach also helps to monitor the competitors’ activities under the current conditions, in real time.
Public methods of marketing intelligence include:
- Collecting information about the product and company on the Internet and in the mass media.
- Studying the product line.
- Surveying employees, customers, and suppliers. Specifying their needs.
- Analyzing financial statements of the marketing department, assessing its performance efficiency.
- Collecting information at manufacturing facilities.
Besides the open sources for information collection, Backdoor Security Consulting uses its own channels and practices to obtain data, using the accumulated experience and knowledge. The company acts as an independent expert to assess the real efficiency of the client’s marketing activities.
Marketing intelligence data obtained from Backdoor Security Consulting will help to adequately assess your capabilities and achieve successful business development.
You can support the marketing intelligence effect by complementing it with competitive intelligence. As part of competitive intelligence, the Backdoor Security Consulting specialists will collect and analyze information about competitors.
And then provide the client with information about their business activities, financial statement, and owners of competing companies. The managers’ reputation and business qualities are additionally checked. At client’s discretion, we can also check the company’s partners.
The complete information will give you understanding of the right way to act under the given conditions. Data collection and analysis are performed by professionals. Competitive intelligence will ensure business information security by detecting any risks of unfair competition and sources of potential danger in advance.
By resorting to monitoring competitors, you will be to find and use free market niches, learn about competitors’ strategic plans and adjust your development strategy based on the data obtained.
Optimization and flexibility
As a result of marketing and competitive intelligence, a business owner receives a bulk of information and recommendations from the Backdoor Security Consulting specialists on how to use it.
By reducing unnecessary marketing expenditure at the first stage will enable you to free up significant funds that can be allocated to more popular areas to strengthen and expand the company’s market influence.
A complex and through approach of Backdoor Security Consulting makes it possible not to stick to the numbers in reports, but to develop and implement real changes of the marketing strategy, remaining in the trend and giving up inefficient and outdated promotion channels. At the same time, competitive intelligence will protect your business from surprises from competitors, employees, or partners.
Altogether, this will enable you not only to stay afloat, but to keep developing and capturing new market segments.