The term marketing intelligence’ is directly proportional to ‘knowing your customers well’. For a retail company, reaching the depth of its target market and understanding its consumer behaviour that drives that specific market are two of the core requisites.
Every industry is striving for innovative ways to connect with its customers. And the ones that successfully build a personal reputation with them, don’t hit the ground easily. To assist companies in this pursuit, there have been inventions of various retail business software solutions.
To understand how these software solutions can help transform the retail industry’s way to connect with their customers, we must understand what marketing intelligence is
Marketing intelligence is typically the process of collecting data related to the marketing efforts of an organisation. This data is then used for decision making of marketing campaigns. The data is derived from the market that the organisation belongs to or wants to operate in.
They generally collect data that help the organisation to fathom market segmentation, market opportunities, target audience and its buying behaviour. The technology is also used by organisations to determine competitors’ strategies to enhance their own game. Retail CRM software can effectively perform the job for you.
Marketing Intelligence can be segmented in three parts viz Competitor Intelligence, Product Intelligence, and Market Understanding.
One of the very first steps of utilising Marketing Intelligence is by conducting market research before launching your products into the market. This gives you an opportunity for customizing your strategy based on the target market.
The integration of AI in retail business software simplifies the task while ensuring accuracy in the database. CRM software can help you create strategies by sorting and segmenting acquired data. It allows you to analyse the data using various analytical methods.
By facilitating you with the analytics, the retail CRM software enables you to understand your target market, your competitors, and current market trends better. And it also helps you to identify any opportunities for improvements and modifications.
Marketing intelligence has become an integral practice of the majority of the top companies as it allows them to connect with their audience and resolve their pain-points in a better way. When your customers feel connected with your brand, they tend to stay with you even when your competitors attack them.
You can achieve this loyalty by providing them with targeted and personalized solutions or offers. The main aim is creating a bond with your target audience and proving to them that you are the brand that they’ve been looking for. Marketing intelligence makes it possible for you.
Jaidev Chatanat is a thought leader in the space of marketing intelligence, customer service and digital transformation. He has been an advocate for applying the right digital transformative strategies and techniques for many decades for fortune 500 companies.
He is reachable for consultation on firstname.lastname@example.org