Today’s technological advancements have influenced consumer behavior more than ever before. Such improvements call for more intelligent and improved marketing techniques, as they have changed consumers’ interaction with brands. Therefore, it’s high time for you to keep up with the changes, gain a deeper understanding of consumer behavior, and develop your marketing strategies accordingly.
Marketing analysis, finding more information about consumers, and creating potential future sales are the backbone of every company’s business plan. As data collection and processing technologies progresses, your marketing approaches should be updated accordingly, helping to open your business to new opportunities.
Following marketing analysis, comes marketing intelligence, also crucial for you as a brand or retailer to adopt, in order to thrive in your competitive landscape. Here’s what we’ve learned about how marketing intelligence can help you gain a competitive edge.
What is Marketing Intelligence?
Marketing intelligence is the process of gathering day-to-day information about your company’s marketing efforts, then analyzing that data accurately and efficiently to help you make confident decisions in assessing the market opportunity, market demand, market penetration strategy, and market development indicators. Therefore, this data can be used to formulate your company’s marketing plans by making informed business decisions that drive brand awareness and increase the share of voice among your targeted consumers.
Furthermore, marketing intelligence helps to avoid the complexities within the marketing landscape which are new to you, by providing several distinct opportunities. Generally, there are four different categories of marketing intelligence that will help you formulate successful strategic marketing decisions to gain a competitive edge.
1. Search Intelligence
Search intelligence gives you holistic and granular visibility across all the ad types and formats of Google and Bing, not just paid and organic. By analyzing the keywords searched by billions of users in the search engine results pages (SERPs), you can understand the demand, behavior, and the marketplace in general. These are the biggest consumer insight data platforms that offer you a competitive advantage.
Likewise, this intelligence provides a lot of information to hyper-target the consumers with competitive and channel insights, at every touchpoint.
i) Through end-to-end SERP analysis: This enables you to gain control with holistic and deep visibility across all SERP components – text ads, display ads, shopping, local ads, and organic. Similarly, it also helps to increase the page share through a single search analytical view, uncovering competitive opportunities, catching price undercutting, and tracking retailer share-of-voice.
ii) Gain unprecedented visibility with Ad Intelligence: Ad intelligence helps you gain visibility into competitive advertising intelligence with near real-time data. You can improve your ad’s performance by tracking its position across SERP components, shopping ads marketing mix monitoring, and ad content analysis. Also, Ad Intel features cross-device regional ad analytics, providing insight into your most competitive region. In simple terms, it provides you with granular insights at a holistic level.
iii) SEO Intelligence: You can double your SEO effectiveness with granular insights into all major formats including organic, People Also Ask (PAA), images, and videos. Likewise, you can also create a more holistic strategy on keyword performance that are above the folds on multiple dimensions, within and across its format.
Hence, search intelligence will navigate your way through competitive advertising intelligence, SERP analysis, and SEO intelligence at every touchpoint, toward your consumers.
2. Product Intelligence
Product intelligence is the process of collecting and analyzing data related to how consumers experience your product. The experience is holistic to everyone – brands, retailers, and most of all, consumers. It is way more than just gathering product data for sales. Most importantly, product intelligence includes visibility into everything that sells a product, as the process involves consumer data to help you create better products, and a better consumer experience. To gain a competitive edge, you must have knowledge on the following grounds:
i) Product content intelligence: You should develop a better understanding of the product content and optimize the consumer experience with insights into titles, descriptions, categorizations, including GTIN/ASIN, and product images.
ii) Product quality intelligence: It is imperative to determine the quality of your product and validate based on the social proof via reviews, ratings, and rankings. It increases the credibility of your product.
iii) Product demand and delivery intelligence: This intelligence assesses the impact of promotions, state of inventory, shipping, and fulfillment offers on consumer interest and satisfaction.
Thus, when you have the information on all these dimensions, you will gain the knowledge necessary to stay ahead of your competition and get even greater insights into consumer purchasing behavior, competitive positioning, and sellers’ performance, including third parties.
3. Marketplace Intelligence
Marketplace intelligence is the gathered information of multiple marketplaces, surrounded by your consumers and prospects. The information includes the data on your competitors, marketplaces, pricing, inventory, buy box, ads performance, product content, minimum advertised price, reviews, rankings, and ratings. It is collected and analyzed to make informed business decisions by developing a competitive strategy around market opportunity and penetration. It is used to grow your business in an existing market, enter a new marketplace, create a stronger brand image, and to reduce the risk of a bad investment. Its sole purpose is to help your business grow and understand the competitors in your competitive landscape.
Through marketplace intelligence, you can gain full visibility across Amazon, Walmart, eBay, Target, and other third-party sellers. This visibility includes reviews, ratings, rankings, and competitive pricing, across sellers in the marketplace. Also, it features cross-channel visibility and crawls different channels to provide you a comprehensive and transparent picture of your market’s potential. You can also leverage your competitors’ data to improve your content, by analyzing what resonates most with consumers, to attract organic traffic. With such holistic visibility and analytics, you can hyper-target your consumer data down to zip code. Similarly, you can use these insights to make data-driven decisions, save time, money, and avoid uncertainty in your business.
4. Product Feed
A product feed or shopping feed is a file that contains all of your products’ information— image, title, category, product type, description, GTIN, and other product attributes. It supplies the content to many eCommerce channels including Paid search (Google Shopping, Bing), Paid Social (Facebook, Instagram), Online marketplaces (Amazon, eBay, Walmart), and others. Each marketplace has its own requirement of product feeds. For example, Google requires titles to be a maximum of 150 characters, whereas Amazon requires them to be 150-200. So, you have to prepare your data feed to cater to more than one marketplace. If you don’t get it right, your products might be disqualified by the channel. Therefore, you must manage your product data feed accordingly and imply the data syndication across marketplaces and ad platforms.
However, managing your product feed only will not give you the desired result. You should optimize it as well to improve your ad and product listing visibility. It will eventually help you reach your high converting consumer at the right time. Optimizing your product data feed means augmenting the keywords in your feed, to increase the search volume, choosing the right images for your product ads, inserting gender– men, women, unisex in the title itself, structuring product data including parent/child optimization, categorizing insertion, fixing bad data, and adding the product type, to make it easier for consumers. You can always run experiments on your product content to make the best one work for your campaign. Therefore, product optimization determines the success of effective marketing efforts and help you gain a competitive edge.
Bringing It Full Circle
Marketing intelligence will empower your business with 360-degree insights to drive your marketing strategy and tactics. It helps you maintain your competitive position in the marketplace. And it can be used to give you a holistic view of the market, improve customer experience, and gain a competitive edge.