In the widest sense, Marketing Intelligence reporting is the technique of gathering detailed information about the current status of a company in the market. It is a planned strategy that is targeted towards analysing all the market aspects. Marketing Intelligence is directed towards better decision making and undertaking new ventures by utilising the existing market opportunities.
Different types of surveys are conducted to get a complete report of the present market value of a company. Sales, social sites, researches and polls are conducted to get the most relevant information. Efforts are made to calculate the reputation of the brand name among the customers. Customer feedback and response play an important role in the development of a company. The strategies are amended according to the comments of the clients to get a wider market.
Objectives of Marketing Intelligence Reporting:
The entire concept of marketing intelligence is directed towards the all-round progress of an existing firm. The most common issues that need immediate attention include are:
Which area should the firm focus on?
Where to spend in more resources?
Which new ventures the company must take in approximating future?
What is the customer feedback?
How to promote goods and products among the different population proportions?
The small scale business must take steps to work out with the local markets. It is necessary to indulge in the customer behaviour and find out their feedbacks. Internet, high sales and delivery records could also prove beneficial. You can check the how many customers visited your website, how many did view the product in detail, how many did add the product to their wish list and how many of them checked out. You can then change out your policies depending upon the analytics to a grab a bigger market.
The large scale companies can employ the house in marketing experts who would draw a complete picture of your market status. They can easily deal with the suppliers, distributors and vendors and make significant changes in the marketing strategies tailoring to the needs of the customer.
How to Boost up the Marketing Intelligence Reporting:
· First and foremost, the sales team of the company must be motivated to gather the actual picture of the market. They must be capable enough to realise the opportunities, risk and offerings of the market.
· A complete feedback of the customers experience and services must be taken. It is necessary to evaluate the likes and dislikes of customers to enhance the customer experience.
· Competing among the other market rivals, finding out their marketing policies and other advertising strategies can prove a boon. A SWOT analysis must be carried to compare one’s own standards against the competitors. It is necessary to calculate ones strengths, weakness, opportunities and threats in the using the competitive intelligence.
· Customer forums and panels must be set to have a word with the end users of the product. These advisory panels could suggest certain changes that would cater to a large section of customers.
An accurate marketing intelligence reporting would really help bringing laurels to the existing progress and development of an enterprise.