Reporting on marketing intelligence is a new business practice that is increasingly being taken into consideration in this time. It has a great potential to enhance business outcomes. Though, market intelligence is a new measure in the business world as some time back, it was unknown to marketers or businesses. But in very short time, it has given a great consideration by modern businesses. Here, we are going to explain all about marketing intelligence and reporting on marketing intelligence.
The practice of marketing intelligence includes some tools that are used to learn the competition in the business. It is used to deliver a complete report on marketing. The reporting on marketing intelligence involves a clear state of the enterprise as well as competition. It generates a thorough report on current position of the company and the level of competition, it has to face. In order to enhance the profitability as well as productivity of a company, it is mandatory for businesses to be updated about market competition and their own state.
This is a time filled with lots of data. Every individual and his life and each part of the society are getting recorded. This recorded data is being tapped for improving the profitability of a business. To achieve this goal, reporting on marketing intelligence comes into force. Using varied surveys, different techniques and trending, a clear reporting is made. Today, several new techniques have been introduced that are used to enhance marketing intelligence. Using these tools, one can surely enhance the core capability of a business for handling data interpretation and evaluation.
This technique involves data sourcing and procedures which are used to fetch information from varied businesses to make a right decision. This data can be related to anywhere external as well as internal source. Usually, it is pertained from economical, socio cultural, technological and political elements. It includes information on the competitors and customer demographics. Small companies often get data from government agencies or various researches.
Marketing intelligence reporting usually is used by companies to determine their way of farming in the markets. Therefore, they may require a secondary report. Market share is referred as an important component of marketing intelligence report as it indicates the percentage of a market on which that company controls. Seeing a potential for growth in particular markets, small companies also use this technique.
Marketing intelligence features many types of information in which competitive information is one of the most effective solutions. Usually, business owners utilize articles, newsletters, industry reports and individual observation to see the level of the competition. Some of them use to collect the brochures of their competitors and also study websites. On other side, small sized companies utilize various competitive data to understand the investments, strategies and organizational changes of the competitors. They use varied competitive products that help them studying technology and features. Moreover, they also use it to learn the customer type they work with.
Thus, reporting on marketing intelligence is such a great way that has tremendous potential to bring positive changes in business outcomes.
