According to Kotler (2009), a marketing intelligence system is a set of procedures and

sources managers use to obtain “everyday information about developments in the marketing

environment”. Keeping track of your competition and the state of your industry is an integral

part of operating any business. Traditionally, that information has been termed "market

intelligence." In recent years, however, the practice of collecting market intelligence has

expanded to include analysis and analytics that can help you improve your business model

and projections.

Brown Eta (2009) stated that the marketing intelligence system help the companies meet their

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customer’s needs by gathering customer level information that assists in business decision

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making. Managers use the marketing intelligence system tool to collect information about the

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daily happenings in the market, analyze them and develop results for the company. The
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marketing intelligence is based on a mix of data from company, its competitors, consumers,
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customers and the macroeconomic impacts.

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Marketing intelligence includes the procedures and data sources used to obtain information
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from the business environment for decision making. This information can be external or
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internal. This data usually pertains to various political, economical, technological and
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sociocultural elements. It also can include information on customer demographics and

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competitors. Small-company managers usually collect marketing intelligence data either by

themselves or through various research or government agencies.

Hans Hedin (2010) says that these data must be integrated into the company’s market

intelligence systems through proper intelligence for successful corporate decision-making.

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 Also, it is important for the company to focus and prioritize on the collected information that

is absolutely important.

I read an online article where Thomas Winninger (2006) says that the company’s success

depends on the quality of its marketing intelligence. Businesses fail not because the

companies lack good ideas but due to the fact that they make poor decisions based on

improper information. A marketing intelligence system would fulfill customer’s needs since it

identifies their profiles, motives, habits, needs and wants.

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Kotler (2009) discusses the following steps that are to be taken by the company to improve

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the quality of its marketing intelligence.

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(a) Train and motivate the sales force to pot and report new developments
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(b) Motivate distributors, retailers and other intermediaries to pass along important
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intelligence
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(c) Network externally

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(d) Set up a customer advisory channel

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(e) Take advantage of government data resources

(f) Purchase information from outside suppliers

(g) Use online customer feedback systems to collect competitive intelligence

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 Thus quality data collected and analyzed from different sources can help the company

develop good results both in the present and in the future markets.

Goals and process

Successful market intelligence answers concrete questions about current and potential

customers and competitors, and helps the company determine internal goals. Questions that

market intelligence can address include:

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 Where should the company devote more resources?

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 Which markets should it try to infiltrate next?

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
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Are there patterns to what our best customers buy?
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 What products could be cross-marketed to existing customers?
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 Into what demographic segments can the company push new and existing products?
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HOW CAN MARKETING INTELLIGENCE HELP YOUR COMPANY?

Every business can set a marketing plan but it is worth investing in marketing intelligence.
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Businesses can create their own marketing intelligence strategies based on the needs of the
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company. According to Think with Google: Google Analytics Solutions, intelligent

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“marketers who deploy a complete marketing analytics stack of five or more tools are 39%
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more likely to see improvement in the overall performance of their marketing programs.” A

few components to gear a company’s marketing team towards marketing intelligence are data

collection, analysis and end use.

Consumer interactions with companies are constantly changing due to greater uses of

technology. To keep up with changes, understanding a consumer requires current analytical

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 methods that hone in on data points to reveal the behavior and interactions with a company’s

product.

Marketing research is undoubtedly the foundation of any company’s business plan,

discovering insights about consumers and generating prospective sales. As data collection and

analysis technology advances in the revival era of artificial intelligence, company marketing

methods need to be revised as well to effectively adopt the new digital resources. The greater

and more widespread amounts of data available at companies’ disposal opens new

opportunities, and challenges, for marketers to learn about their consumers and produce

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leads.

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A new focus on marketing research sets up businesses in the direction to conduct more
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efficient, in-depth research to better cater to their consumers, find new market opportunities,
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reduce risk in investments, stay ahead of competition, maintain brand identity and make up-
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to-date, strategic marketing decisions.

Internal Databases
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Marketing managers also use market intelligence they obtain from customers. This
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information goes far behind the typical name, address and emails of customers. For example,
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a marketing manager may have detailed information about key customers, including their
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average age, income, education and what they typically spend per visit. This allows

companies to create profiles of typical customers, characteristics they use to target other

noncustomer consumers.

Competitive Information

Another type of marketing intelligence is competitive information. Business owners usually

use industry reports, articles, newsletters and personal observation to study their competitors.

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 They may also collect competitive brochures or study their websites. Small companies use

competitive information to learn more about competitors' investments, organizational changes

and strategies. They may also purchase competitive products to study various features and

technology. Marketers may also study competitive information to determine the types of

customers they serve.

References

Brown, C., Varley, P., & Pal, J. (2009). University course selection and services marketing.

Marketing Intelligence & Planning.

Hedin, H. A. N. S., & Alliance, G. I. (2010). Market Intelligence is now more socially

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engaged. Information Today, 27(4), 20.

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Kotler, P. (2009). Marketing management: A south Asian perspective. Pearson Education

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India.
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