The economy is on fire thanks to the COVID vaccines. In 2020, businesses closed their doors and sent people home to work. Working from home changed the American business model. Conducting business on the Internet became the priority for companies who had the tech knowledge to make a statement online consumers could trust.
Returning to normal business practices was a challenge after the pandemic. Companies in all segments of the economy had to develop an online presence that stood out in the crowded online marketplace. The best way to develop an effective online presence was to get intelligence information that answers questions about a company’s status in the online marketplace.
Most Businesses Use Basic Methods Of Producing Market Intelligence
In the pre-virus days, market research was the name executives used to discover how they perform and what kind of competition they faced. But COVID added another level to the marketing intelligence methods used before the pandemic. Executives need to know what the competition is up to in terms of product performance, pricing, and delivery information. And they want to know all the details related to that information. Executives also want to know how strong their online market share. And they want to know how to increase that cyberspace market share.
Finding the right social media analytics company that has the social media tools to perform a thorough intelligence analysis can be a challenge. Not all analytics companies produce the kind of information executives need to raise company awareness and also do a deep dive into the competition’s revenue-producing strategies.
Getting product development information is another key ingredient in collecting intelligence. That’s hard to do unless the social media analytics company has the right tools and the right methods to produce effective intelligence program. A few social media analytic companies only get information from data sources. Information is not the same as intelligence. Information produces a story. Intelligence produces action, according to the executives who use NetBaseQuid’s intelligence platform.
Market Intelligence Is A Composite Of Collected Data
The best way to get the most out of a intelligence report is to study the online and in-person surveys. Executives also need to know the results of mail and telephone surveys. And the polls, focus groups, and set-of-question forms need a thorough examination. Personal interviews and field trials play a role in gathering a comprehensive market intelligence report, according to NetBaseQuid executives.
The results of the surveys and interviews need analysis, and that’s when NetBaseQuid’s (NBQ) AI analysis platform takes over. The AI platform helps executives understand current trends, consumer opinions, and competition updates. From that information, new business strategies develop, and they become part of the corporate plan.
Artificial Intelligence-based analysis platforms also point out current marketing flaws and then recommend a different approach. Monitoring the consumer market regularly helps measure customer satisfaction levels by producing regular reports that include visual infographics. Successfully penetrating a specific market with the current market intelligence increases market share and revenue.
Artificial Intelligence-Based Marketing Intelligence Comes With Serious Advantages
Executives need a holistic view of their marketplace. They also need to know why customers reject what they offer. Once executives know, the AI platform produces ways to increase acceptance of their products or services. NetBaseQuid’s AI platform checks all those boxes and more. Coco-Cola and United Airlines use the NBQ AI platform because they get results. The AI platform dissects the online sales process by boosting productivity as well as efficiency. According to Coco-Cola, NetBaseQuid’s AI platform gives its products a competitive edge in the drink industry.