Every day, thousands of companies collect valuable data from social media and other online sources, a process known as market intelligence. It allows organizations to monitor brand sentiment, understand industry trends and find opportunities in emerging markets.
In today’s highly competitive world, many companies have turned to NetBase to help stay ahead of the competition. NetBase offers a suite of social media tools to help companies understand what consumers are saying about their brands and develop competitive strategies based on those insights.
NetBase’s software offers three types of analysis:
Business intelligence.
Business intelligence capabilities include competitive benchmarking, trend spotting, and product strategy. These capabilities help companies monitor brand sentiment and identify positive or negative trends impacting a company’s business.
Brand monitoring.
Brand monitoring helps marketers monitor what consumers are saying about their brands across the web. Marketers can also listen in on conversations happening around their competition, as well as understand how those conversations influence market perception.
Market intelligence.
Market intelligence(MI) offers marketers insights into competitor activities, demographics and psychographics.
This technology is a powerful tool for marketing teams looking to stay ahead of the competition, understand markets and identify new opportunities.
The MI landscape is changing. Smaller businesses are underserved by most of the traditional tools, which are either too expensive or not intuitive enough to use—and they’re also underrepresented in the demand generation process.
More and more marketers recognize that their prospects and customers go straight to social media for product information and buy-in, but the tools available to them are not scalable.
NetBase Quid is a new kind of social intelligence software that gives companies access to millions of conversations from the largest communities online—where they can understand their brands from the voice of the customer, learn about competitors and gain insight on market trends. The first-of-its-kind platform’s patent-pending technology—the only product that uses machine learning to understand each community’s unique language, culture, and context—delivers consumer insights in real time.
NetBase Quid makes it possible for any organization to listen to what people are saying about them, their competitors, or any topic they care about on Facebook, Twitter, Instagram, Google+, YouTube, blogs, and the Web all at once. In other words, NetBase Quid allows marketers to harness “the wisdom of the crowd” from any source they want across social media.
In addition to being a MI platform, it’s also a complete suite of marketing automation tools that allow users to easily create powerful social campaigns for all of their touchpoints, from website and email to social media. As a result, the Marketing department now owns what they have been asking for: a single omnichannel customer view where each interaction with the consumer is documented and actionable.
Many companies today understand the importance of MI. Market research studies help businesses to better understand their target customers and how they interact with the product or service on which they’re spending their money. It has become increasingly important as we see more and more information aimed at helping people find new, innovative ways to spend their money.
Businesses that rely on MI tend to be more successful. It helps businesses to do things like:
- Identify opportunities that they can capitalize on in the marketplace, and
determine which ones will most likely succeed.
- Identify new products and services they should be offering and create strategies for
launching those products successfully. Market intelligence gives businesses the
information they need to test out new ideas, services, or products before investing
heavily in them.
- Identify new marketing opportunities and better target their efforts to reach
customers in markets where there is a high likelihood of success.
- Improve brand awareness by promoting successful products through marketing campaigns
that are targeted at the right audiences.
- Identify competitors who pose the biggest threat, and adjust marketing strategies
accordingly. It helps businesses understand which companies are most likely to
compete with them as well as where those competitors are getting
their business from.
Also read Stay ahead of the competition with NetBase Quid market intelligence
