Article Trunk



How To Leverage Market Intelligence For Increasing Sales

02.15.2020 · Posted in Writing and Speaking

Introduction

The usage of Big Data tools and AI has attained a new prevalence in companies, most of which are using data tools in one way or the other. However, the popularity of integration of data and market intelligence does not necessarily imply its correct utilization by businesses. In fact, less than 50% of companies are using big data tools and market intelligence systems correctly for pumping up the sales.

One of the reasons for this failure is the lack of knowledge regarding the method of utilization of the data sets as business assets. Besides, flawed organizational strategies are also responsible for the crash.

If there is one clear thing, then it is that proper utilization of the market intelligence data will prove to be a game-changer for businesses. Follow the key approaches of leveraging market intelligence to boost the sales and lead the business on a growth uptrend.

Five brilliant ways of leveraging market intelligence to pump up the sales

1. Make use of traffic analytics for the identification of unique niches

Focus on audience targeting and segmentation at the first approach. Create more effectively targeted advertisement campaigns by the identification of niches, which form the customer group, to improve the engagement. Leverage the analytical programs for in-depth insights into the traffic within the demographic data for the identification of particular niches that may be reached with specific marketing messages or products.

2. Make use of Natural Language Processing mechanism for an engagement opportunity

Improve the probability of conversion and influence the sentiment of the audience by engaging with customers. Interact with the customer over social media to increase brand awareness. Make use of the NLP tools to keep track of the online activity of the customer.

3. Layout a smart customer journey tracking path

Refer to the history of consumer behaviour and chalk out the customer journey tracking path accordingly, with perfect accuracy. Try to offer more tailored and optimized content by taking care of the pain-points, consumption patterns of the customer.

4. Pen down more compelling and influential case studies

Customers hate to go by words alone. So, you must show it to them that your business product or service is topnotch. Use the data from customer reviews, success ratings, website conversions, and other such sources to write meaningful and compelling case studies complete with market intelligence data that can prove the claim.

5. Optimize production on-the-basis of data-driven prediction

If there are problems in the inventory and production, then the business profits will get affected. A business has to keep pace with consumer demand to prevent situations like “out of stock,” huge delay in product fulfilment, and more. The application of predictive analytics and past market data can be of great help in such a situation. Make use of predictive analytics technology for the creation of an enhanced system of optimized inventory management.

The key to maximization of leveraging market intelligence lies in the understanding of the areas which can be driven best by the data application. Understand the customer, create precise customer tracking journey maps, and keep the profit margin high for financial success.

Comments are closed