Three Examples of Marketing Intelligence
In this article, we offer three examples of Marketing Intelligence. But first the question. What is Marketing Intelligence? Marketing intelligence has many definitions, but the best is any primary or secondary research which, once analysed, can be created into action for the benefit of an effective marketing strategy. So, anything associated with your customers, competitors, product/service, prospects, landscape and which cultural shift to a line—and surrounding Product, Price, Promotion and Placement.
Great customer experience is achieved by driving customer lifetime value and engagement with consistency, relevance, convenience. Competitive Intelligence explains the why of your marketing while Marketing Intelligence isolates the What.
Using Intelligence let’s you know if your hard work has been productive. Marketing Intelligence is crucial if you want to do great strategic marketing. And why wouldn’t you want to do that? Very few companies and their CMO‘s use data to make decisions and even less use proper Marketing Intelligence and Competitive Intelligence. So get this right you have found a significant competitive advantage.
Here is a more data-driven Marketing Intelligence example. Let’s imagine you’re a CMO of a retailer and you are surrounded by KPIs about internet sales. You have a sales figure you want to achieve, so why not work back from this figure and estimate what a single website sale is worth? And then what’s your website conversion rate? So you now know what a number of complete sales will be worth a specific amount. And now you know how many sales you need to smash your sales targets? Those customers who have been interested enough to put one of your products into your cart and then don’t go through with the sale suddenly become very important. And are easier to convert and getting new people to your site.
You listen to a couple of SEO gurus, and your digital marketing manager tells you its all about content. Content is significant, but it takes time and money to do it right. And how do you know you are pointing your content artillery in the right direction? Now, how useful would up to date future pointing Marketing Intelligence be telling what content to develop, when and who? Combining other great SEO tools, such as looking at keywords and the like you will have a better chance of your audience looking and engaging in your content. So, money well spent.
Analyse different situations that taking a look at the data has revealed. And with everything situation decide what you are going to do. That’s deciding what you are doing to do before something happens. You see when something happens, many people run around with their head on fire and they stop thinking. So think of anything that could go wrong or right, such as:
- What if you are getting too many customers?
- Also, what if you are not obtaining sufficient hits on your website?
- What if you are getting too many returns?
- What if a global pandemic comes along?
Now, not plan survives contact with the enemy, but if you have some “actions on” to continue the military theme, you will be in a better position to counter-attack. In this article, we offered three examples of Marketing Intelligence and asked what Marketing Intelligence is. What is clear if you need innovate marketing, reduced risk, greater opportunities, speedier and better decisions, then using Marketing Intelligence is crucial for you.