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How Can Marketing Intelligence Help The Retail Industry To Transform The Way They Are Connecting With Customers?

Jaidev Chatanat
Retail
6 August 2020
#Retail #SignOnCRM #SignOnLeadz #MarketingIntelligence

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

What is Marketing Intelligence?

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.

Marketing Intelligence For Retail Industry

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.


How Can The Retail Industry Benefit From Marketing Intelligence?


  • Marketing intelligence is all about putting real-time data to the best use by extracting insights about the market's current situation and trends to stay ahead of your competitors.

  • If you are a new company in the industry, you can strategize your plan to lure new customers by providing better pricing and offers to the target audience. You can also customize your products and offers according to specific preferences of your target market.

  • You can track your existing customers’ buying behaviour and changed preference. You can employ AI in retail to devise best practices to retain them.

  • You can also elevate your sales plan using marketing intelligence. If you have a variety of products and a huge number of customers, you can take help of market segmentation to promote specific products to the correct set of the target audience. This will help you gain more loyal customers.

  • Marketing intelligence helps you keep a close watch on the market and competitors’ strategies. You can observe the market closely with the help of retail business software solutions and take advantage of this data by launching a new product or feature at the right time. It will also give you an edge over your competitors.

Marketing Intelligence: A Boon For Retail Industry

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.

About the Author

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 jaidev.c@signon.ai

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