Understanding Market Research and Market Intelligence

business intelligence and market intelligence

The concept refers to the information or data that a company derives from its current market or a target market. For example, intelligence may be done to understand the audience for a device that will be launched soon. This can be done through a profile survey and identifying the target audience for such devices before the launch.

If a device has gaming features, a company can conduct a survey to identify consumers who love gaming, young, and fall in a particular income range. Unlike what many people think, there is a difference between business intelligence and market intelligence. When it comes to business intelligence, organizations usually focus on issues such as processes and headcount.

On the other hand, market intelligence involves gathering data externally to provide a business with a holistic view of a specific market and not just the company. Experts recommend integrating the two concepts to have a better view of corporate performance during certain market conditions.

Market intelligence can be explained in a few steps. First, competitor intelligence involves collecting data about a business’s competitors using resources such as public records and government databases. One of the examples of successful use of competitor intelligence is Japanese automotive companies penetrating the U.S market. The Japanese firms noted that there was a high demand for fuel-efficient and high-quality cars in the U.S.

For product intelligence, an organization gathers data about competing products and substitutes in a particular market. For example, a motor vehicle manufacturer can monitor the prices of competitive cars in the market segment. If the price drops, that may indicate that an organization is about to launch a new model. The information can help a motor vehicle company to introduce their products at the right time and price.

There are many other benefits of intelligence for businesses. Besides gaining a competitive edge in a market, it provides valuable information to help them remain profitable in an industry. If an organization understands a particular market, it becomes easier for them to succeed. A business can also use the data it obtains through intelligence to meet the changing customer needs.

Every business knows that its competitors are always monitoring and trying to get their current customers. As a result, they invest a significant amount of resources to understand when a customer is dissatisfied, the causes, and how to tackle the problem. Market intelligence helps businesses to get insights into areas that need improvement, enabling them to retain customers.

Many companies usually offer a variety of products. As a result, they face several challenges. First, they must determine the products to provide to a particular group. Through intelligence, you can determine market segmentation, enabling you to understand the ideal products for such customers.

It helps a firm to improve its overall efficiency and productivity by identifying the gaps in a specific market, offering insights for developing effective strategies, and providing real-time data for various aspects of a business.

Methods for Collecting Data for Market Intelligence

The techniques are classified as either external or internal. External data is collected through secondary research work. Secondary research requires the expertise of market research specialists. A researcher must know what they need to look for and where they can find it. This may seem like a simple task. However, businesses experience many challenges when finding reliable data sources.

Nowadays, social media listening is also becoming a common external data collection method. Organizations use mediums, such as social forums and blogs. The data obtained through the process is then analyzed to understand what needs to be done. A data analyst identifies relevant trends that may affect a company.

On the other hand, internal data sources include data from an organization such as employee feedback and CRM data. If a company has a well-implemented CRM, it can offer valuable data such as customer needs and demographics. Additionally, it can help to make effective customer retention strategies.

How Can NetbaseQuid Help?

NetBaseQuid is a globally-recognized social media analytics platform. It enables users to grow their brands and stay connected with their customers at all times. Your organization needs accurate insights to take full advantage of customer experience data. It provides sharp and relevant data from different sources of customer service feedback.

Easy Local Business Online Marketing Tips

The most important principle every person should follow when building a business is the shortest: location. You build your business where the money is. Today, this means building your business online. But what if you are already an established local business? How do you integrate the power of the internet with your brick and mortar business? Answer: local business online marketing.

Why is local business online marketing important? “83% of US households use the internet as a shopping source to shop locally.” “97% of consumers use the internet to research products and services in their locality.” These two statistics are enough reasons to persuade you to employ online marketing. The next question is how can you improve your business online? Below are local business online marketing tips you can do:

Local Business Search Listings

Google Places, Yahoo! Local and Bing Local are your business’s online directories. Following simple verification steps will help people find the location of your business and how they can contact you. This should be the very first thing you should do. Also, upload photos of yourself and your business because local business search listings want users to see actual pictures of your location. People who search for your business online also want to see the pictures of your establishment too. It doesn’t have to be professional photos, but good quality ones are a good representation of your business and your attention to detail.

Reviews Are Good

Reviews are good for your business as future customers will be able to know what to expect from you. Encourage your customers to write reviews on local listing sites. Do not worry about bad reviews though. No business is perfect and having excellent, 5-star reviews all the time may send a wrong signal that you are manipulating the reviews. Of course, you don’t want to attract bad reviews as well.

Make Your Phone and Address Known Online

It is good to have a website, but make sure that you include your phone number and physical address so that future customers will be able to contact or visit you right away. Avoid online forms. Spread your number and address on all your website pages to stress that your business does in fact exist.

Always Think Like a Searcher

It is not hard to know what people want; just think of what you want. For example, you are looking for a Mexican restaurant in Houston, Texas. You will certainly search for “Mexican restaurant in Houston.” That’s what your customers will do as well. Focus on specific keywords when optimizing your site so that you drive relevant traffic and targeted customers to your business.

How to Start a Small Business Online Today

Although many are drawn to the idea of having their own small internet business, many budding entrepreneurs do not know how to start a small business online.

Have a Solid Business Model

The first rule of how to start a small business online is to have a solid business model. There is no secret ‘push-button’ model to generating income online. There are many hyped-up schemes on the internet that promise that you will make millions of dollars for doing very little work by just pushing a few buttons. But these are just not reality. Having a small online business is just like any other business.

However, a small internet business is scalable and enjoys higher margins and lower set up costs than a traditional ‘offline’ business. A solid business model for an online business has the prefect mixture of recurring income, affiliate income and high ticket income.

Take Action

You have to be willing to actually get started. The internet is a great resource and there a many articles, forums and websites that all provide information on how start a small business online. It is important to do research on the best business that suits you, but you have to commit and get started building a list of potential customers. This list of potential customers will become a valuable asset as you start to build a relationship with them. You need to provide valuable and relevant information to them to build their trust so that they will be willing to buy from you.

Provide Value

As mentioned above, one of the keys of how to start a small business online is to provide value. In the business world of the internet, if you give, you will receive. If you provide valuable information to your potential customers for free, they will be grateful for it and want more and will be willing to buy it. If you provide rubbish, they will think that you product is rubbish too.

Generate Traffic

A business online without traffic is like a shop in the back street of a old run-down town with no passers-by and nobody knows that it is there. If you really want to know how to start a small business online, you need practical skills to generate traffic to your website pages. Website traffic can either be free or paid for and they both have their advantages and disadvantages. But, with a skilled combination of both, you can have a long term stream of potential customers coming to your online business.

Invest In Education

As with any business, if you want to know how to start a small business online the most important skill you can learn, is marketing. There are many online business entrepreneurs who have gone before you. If they have had success with a business model that interests you, you can learn from their efforts. It is vital to have access to a community and mentors because learning from someone who’s already successful online will make a big difference to your results.

The internet and the new digital economy has made it possible for many people to discover how to start a small business online. An online business does not require a bricks and mortar premises, staff, stock or large financial investment in inventory to make it a success. If you have a computer and access to the internet you can start straight away. You do not have to buy stock or worry about how to supply it to your customers and your online business can work for you whilst you are sleeping.

An Approach To Start a Business Online

There are many reasons to why people want to know how to start a business online. You may be unemployed or you are not satisfied with your current job when it comes to wage, job content or your boss. So, what to do? Continue your struggle withe the current situation, or take action into something new and hopefully rewarding? Many have done that, followed their dream out of a state of dissatisfaction, and became successful online entrepreneurs. Let’s see how to start a business online.

Thanks to the creation of the internet there is literally thousands of possibilities out there. The problem is no longer where to find a good business opportunity, but how you shall be able to choose between all the offers on how to start a business online. So the first step is to pick a profitable branch to work within. Do you want to start an online business within Multi Level Marketing (MLM), or do you want to work within the Affiliate marketing business? There are of course other possibilities too, but these are considered to be the main branches.

MLM is built on the concept of upline and downline. In the upline you will find the people who have sponsored you into their business, and in the downline the persons you are sponsoring will be placed. The big challenge in MLM is to keep your downline and inspire them and teach them the business in order to build further down. The great risk is that your downline looses interest, drops out and drags your business down. Not recommended, on your way on how to start a business online.

On the other hand, Affiliate marketing appears as a simpler and more controllable way to start a business online. Basically the Affiliate marketing concept is built on your marketing efforts for a product or a service for a third-party, e.g. ClickBank. Here you can pick anything you want to promote among thousands, and when you get a sale ClickBank will pay you a commission, often up to 75%! So as you can imagine, the income potential is more than satisfactory.

The next step in how to start a business online will now be to learn all about the methods you must train yourself in and master in order to get started with your online enterprise. But where should you start looking? Surfing and browsing the internet can be overwhelming and it is hard to make a good choice, so let me guide you. I will strongly recommend that you go to a place that offers all you need, this will save you both time and money, And I will personally guarantee the outstanding quality of the content.

In my opinion, based on many years of experience, is to go to The Wealthy Affiliate University. There is hardly no one more capable of teaching you how to start a business online. They offer you a complete package of learning and working materials and will in short time turn you into an Affiliate marketing expert with your own prospering online business.

If you want to make a fundamental change in your life and learn how to start an online business, there are basically to business branches you might get involved with; Multi Level Marketing and Affiliate Marketing. From my long experience I will recommend any new internet entrepreneur to start with Affiliate Marketing. And the best place to learn all about it and become an expert is the Wealthy Affiliate University. They have it all and give you a lot more.

Success With Starting a Small Business Online

Statistics are showing that there are more people today who are making the decision to run their own business instead of working for someone else. Operating a business without having to depend on a company paycheck, is a great feeling. Doing work for yourself that is not just a clone cubicle job is another rewarding feeling. These things are a big part of why many people choose to open their own businesses, and are what makes self employment so desirable. The pressure of having everything rest on one’s shoulders is usually enough to frighten away the masses though. Making the decision to be in business for yourself, should never be made lightly.

Starting a small business online, is a lot safer and easier than taking the chance and spending a life savings on a brick and mortar business. Running a business from the comfort of your own home or place of choice, and not having to spend time on traveling to work, will make things a lot easier and less time consuming. The time that you save on unnecessary things, can be utilized to enhance your business. The idea is to work smarter, and not harder! Business is not rocket science, but you need to be on top of things and think like a true leader in order to succeed.

There are so many new small businesses starting up online daily. There are many that are doing very well financially but the majority of websites that are online today do not get a lot of viewers. that is because the people who know what they are doing, are getting the lion’s share of the various markets. Making your small business a successful one needs the right type of website and the right type of customers drawn to it. Before starting any business, it is a good idea to plan first what you want to sell and how you want your site to appear to people searching on the web.

The process of market and niche research is very important, and should always be the first step when starting a business online. This would then be closely followed by keyword research, to ensure you were going after the correct and “selling” keywords. The types of words that people in the “buying mood” use when they utilize the search engines such as Google and Bing. I cannot stress this enough, market and keyword research is the most essential step towards success on the web (or in any business for that matter).

The second most important thing is your website; how it looks, and how well it operates. The appearance of your site is so very important, because the look of your site can either turn people away or have them interested in what you want to convey. Whether you have something to sell that is very useful or something that a lot of people are looking for, your site must appeal to the public for your business to become a successful one. Regarding operation, your website should not be hard to navigate and find the important items or information. It should be logical in its layout, and all functions should work as intended. If a potential customer receives a 404 error when trying to buy a product of yours, chances are good that he will not finish the purchase.

If you take care and time to design your product, you should do the same when designing your online business structure and your website. No matter who creates the website, only YOU can properly design how it will operate. If you choose to have developers work on your web design and SEO, make sure that you are able to articulate that design properly before work begins. As long as you follow through on all of your information, and advertise your product correctly, your online business will be a great success.

Why You Should Bring Business Online

With the advent of the internet and the worldwide web technology, more and more people from the different parts of the world get connected. In a few mouse clicks, geographical and demographic boundaries are erased when people go online. Individuals from many parts of the world get to interact like these boundaries do not exist.

The meet ups that may be considered impossible when done physically are always possible through the worldwide web technology. For these reasons, the fact that people have come to rely on the worldwide web technology to do business is no surprise. More people are going online to get their products and services introduced and sold to individuals from the different parts of the world.

There are three good reasons that why bringing the business online makes a very good marketing and selling strategy.

For one, to bring a business online means to increase business efficiency. The developments in the field of technology have allowed business owners to develop a reliable system. These systems are used to handle online transactions with people, many of whom the business owners have not met personally and physically. The increasing popularity of internet usage has opened a lot of amazing possibilities to do business. For instance, online stores can take the place of an actual store space.

This can save people costs on rental fees and other utility fees. Another instance is with the aspect of maintenance. Online stores require minimal supervision and maintenance. People can simply rely on the sites to perform site’s maintenance. This allows business owners to save on time, maintenance costs, and other things. Websites that offer spaces as online stores have well-developed systems to facilitate business processes and transactions. These systems may help ensure the smooth business flows.

To bring a business online means to increase the access of people from different places to your products. The online technology offers a great deal of convenience that is impossible anywhere else. Through the internet, people can have their business operate 24/7 without them having to actually be there to supervise it. People can check online sites within the comforts of their own time zones and still time zone differences would not bother the business owner to open or close it to accommodate clients.

Marketing is oftentimes a very expensive, if not the costliest, among the aspects of a business. Imagine a free marketing arm that is working for you without you asking it do so. That is how marketing with the internet goes. There are many sites that allow people to advertise and sell their products for free. These websites have very good internet traffic that benefits the business by increasing its exposure to prospective clients.

You can do business more securely when you bring the business online. There is no need to worry about the security of doing online transactions. With the proper amount of precaution, people who do business online can lessen the risk of online security threats. In addition to this, many websites where people transact have well-developed systems that ensure security and privacy of transactions.

The Benefits of Creating a Business Online

Having a business online is rapidly becoming an integral part of any modern day business. It is no longer enough to simply have a physical store. Customers are beginning to rely on the internet more and more, and there is an increasing demand for convenience and ease of access. Many people use the internet to find out what stores they will visit and what products are worthwhile.

Because of this, businesses that limit themselves to only having a physical presence are at a significant disadvantage in today’s competitive market. There are two distinct types of business online. The first is online advertising, where the business website is used to promote the physical business, but no online trading is done. The second is online business itself where products or services are sold directly over the internet. This can occur in a number of different ways such as through online auctions, the sale of electronic products or services, or the sale of physical products that are paid for online and then shipped to the client.

It is becoming increasingly common for businesses to operate with a combination of these two business types. They offer an online store where some of their products are sold directly to consumers, while also maintaining a strong physical presence. In many ways, this offers businesses ‘the best of both worlds’.

Businesses that operate in this manner are have two distinct components, which are not subject to the same restrictions as each other. For example, physical stores need to be closed on certain public holidays, but online stores do not. Likewise, very few physical stores are open 24-hours a day, but there is no need for online businesses to be closed at any point.

Conversely, when purchasing a product online, there is no way to feel its shape, texture or to try it on if it is an item of clothing or something similar. Getting assistance from a person is difficult, although not impossible in online businesses. Thus, the two types of business are complementary to each other.

When running a business online there are numerous options to improve how recognizable the company is. Many web sites offer paid advertisements, or will link your business in return for linking theirs. Such networks of affiliations play an important role in business success.

The startup costs of an online business are much smaller than that of a physical business, particularly if the products or services are electronic in nature. For example, there are many places that offer web site hosting, and many people are experienced in building effective web sites. This gives many more people the chance to start up businesses, although success must still be worked for.

An online business is something that can be important in a large number of situations, such as if there is already a well-established physical business that is linked to the online business, or if the web site is the beginning of a brand new business. Because of this, it is an area both for the experienced and those that are new to the field of business. Whatever the situation, the creation of a business online can have numerous advantages especially given the increasingly technological nature of modern society.