What is NetBase Quid?
NetBase Quid is a consumer and market intelligence platform. It offers analytics that can be used to achieve various positive business outcomes. The analytics provided by NetBase Quid can allow the business to make informed decisions. The analytics are based on market data such as business trends, sales, competitor information, and more. It also provides a platform to connect with consumers. The foundation of the platform is artificial intelligence (AI), which analyzes billions of resources to provide accurate, reliable, and efficient decision-making capabilities to businesses. NetBase Quid offers solutions based on industry or product type. Some of the most popular clients of NetBase Quid include Hyundai, Coco-cola, Microsoft, United Airlines, T-Mobile, and several other companies.
What is market intelligence?
Market intelligence is an essential aspect to successfully run any business. A business is only able to beat the competition in the long-run if it understands the market and positions itself to deliver value to the consumers. Data that is collected from the competitive landscape is part of market intelligence. The data aspect of market intelligence has given birth to data analytics for marketing purposes. In the modern business world, a company would be at an extreme disadvantage if does not use market intelligence to continuingly recalibrate their overall business model.
Market intelligence should not be confused with market research. The primary purpose of market research is to learn about customers and their preferences. Market intelligence is a more detailed branch of market research. With this detailed approach, market intelligence can provide a bird’s eye view of how the business is positioned relative to the competitive landscape. If executed perfectly, a market intelligence campaign should answer questions about current customers and prospects. It should also be able to help the business understand its value proposition to the customers, and what changes can be made to grow the business.
How does market intelligence provide a competitive advantage?
Understanding the ever-changing dynamics of the business world is important to gain a competitive advantage. There are several tools such as ERP that can help provide internal insights for a business, whoever, such tools lack understanding of external market data. So when a business is making planning or executing strategies, they are blind to this external market data.
Businesses that have successfully executed marketing intelligence can gather this crucial external market data which helps them make more informed business strategies. Not only does it allow for better strategy but it provides the business with the ability to act efficiently before the competitors can act. This is where market intelligence leads to a clear competitive advantage.
What tools are used in marketing intelligence?
NetBase Quid offers several tools for market intelligence. It has a large database of company profiles, patent filings, media coverage, and other reliable sources of external market data. This database allows for efficient and accurate information on business trends. For example, if you would like to know how the COVID-19 pandemic is impacting a certain industry, such sources are extremely precious in business planning and execution. Another tool using in market intelligence is market size report and projects by region or industry. NetBase Quid has different tools for this type of data. It also has access to surveys and demographic data. The surveying aspect can help get information such as options of prospects about certain offerings. The idea behind any properly executed market intelligence is not to have massive amounts of data, but the ability to use that data to get business insights. Forecasts are another using tool used in marketing intelligence. Using a complex series of factors such as past trends, currency exchange rates, economic projections, getting a reliable and accurate forecast can be the crucial difference between businesses that beat the competition compared to a business that ran out of capital by investing in the wrong offering.
