Market intelligence service refers to the process of providing a particular business organization with a strategic view of the market, using primary and secondary information. The organization is provided with an understanding of what is really happening in the market and the potential of the market. Greater the amount of real time market intelligence data businesses can gather, better it is for the organizations to make informed business decisions. Real time market intelligence services offer organization with valuable insights about their products, competitors and customers.
In traditional research, there are two main areas of market research- quantitative research and qualitative research. Typically, quantitative research focuses on the quantities or numbers. It offers the researcher with statistics and figures that are typically gathered through surveys and questionnaires. On the other hand, Qualitative research looks beyond the numbers and delves into the qualitative aspects. These are collected through focus groups and questionnaires.
Primary research refers to collection of information by conducting in-house or by a research firm to answer specific questions. The aim is to answer questions that would only be relevant to the queries. In contrast, secondary market research refers to the method of using completed studies to apply to own results.
However, traditional research techniques can often be too broad to be customised to the requirements of a particular company needs and therefore hard to apply to its business decisions. Traditional research techniques should not be discounted, given that they have a wide variety of sources which allows for a rich data set. There are, however, certain downsides to traditional methods. Survey and questionnaires are often conducted from past experiences and interactions with an organization. This can mean that data become out-of-date pretty quickly. Moreover, traditional market research is less flexible and time-consuming, particularly when analysing large data sets.
This is where real-time market intelligence research really comes into picture. Real time market intelligence solutions can be conducted throughout the ‘entire buyer’s journey’ and adapted quickly to map trends. With real-time market research, organizations can collect thousands of mentions around your brand, industry, competitors or any chosen topic and still be granular in your analysis by looking at individual conversations or certain demographic groups.
Organizations must keep in mind a few things. When conducting market research with social intelligence it is important to enter the process with an open mind. Best results would not be obtained while trying to get the data to fit your hypothesis. Rather, organizations must be broad in your initial approach and then analyse the trends that emerge and adapt your methods to fit.
It also very important to communicate the findings of the research across the organization. Real time market research statistics often get stuck in reports and dashboards are not always acted upon. It is suggested to visualize insights through command centres which allows for executives to see real-time conversations and make quick business decisions. Brands are also recommended to use real time services across the organization to strengthen their brands reputation, to manage crises and to improve customer service.
The companies offering real time market intelligence solutions include ad tracking, brand equity research, advertising research, customer satisfaction studies and sales forecasting to help empower marketers. Often, they also provide with online marketing intelligence services like e-mail marketing, text-based advertising, newsletter marketing, viral marketing, pay per click and search engine optimization.
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