We have just entered into the era of automation. We are already seeing smart voice assistant devices, self-driving cars, self-check-outs at stores this shows automation is already changing our daily life. We can notice the application of Artificial Intelligence and Machine learning in various steps of life. According to the numbers presented by the Drum more than 55% of B2B companies have adopted requisite technology by 2016. Automation is transforming the way we shop, connect, live and do business and Market Intelligence is no exception. Marketing Intelligence is the process of collecting and analyzing information relevant to a company’s Market. Market Intelligence acts as a guiding star for business in their journey.
Technical advances have made sure that market intelligence becomes more accurate and efficient and less time consuming. Traditional methods of market intelligence could include telephone surveys, door to door visits, and interviews. These methods are more costly and time consuming, it also involves a lot of man force and has geographical limitation.
Increase in the use of Smartphones and Internet has changed market intelligence in many ways. Social media has also helped in easing functions of market intelligence like engaging and collecting data. Online surveys let firms create a database of information and overcome barriers of geography and time.
Artificial Intelligence and Machine Learning developing Market Intelligence
The biggest game changer in the field of Market Intelligence will be the use of automation with the help of Artificial Intelligence and Machine learning. Products based on natural language processing can help in reporting survey while platform powered by AI can develop a research report using machine learning. AI and Machine learning also help in presenting complicated data of research in an easier form, guiding marketers in understanding the trends of the market and assistance in decision making. They bring significant changes in Market intelligence functions, making the marketing process easier.
Improving the accuracy of Market Intelligence through automation
Market Intelligence is one of the most important functions of the marketing process. Data collected and reports made from them helps a company in taking the decision and making a future plan. No firm can afford any type of error in the data or report as it may conclude into a big loss for the company. Automation has helped methods of Marketing intelligence evolve and in making the errors negligible. There are some of the measurements and readings that were not possible to calculate but automation has made it possible. It has also helped in eliminating human errors, making the data and report more accurate and precise.
Improving Efficiency of Marketing Intelligence through automation
With accuracy, improvement in efficiency can also be noticed in marketing intelligence through automation. Improvement in efficiency results in high-quality data and reports. In this competitive market, companies are trying to cut cost and accelerate growth, and traditional market intelligence methods were more cost consuming and less efficient, but now because of application of automation in Market Intelligence, cost-cutting and data efficiency has become highly accessible and economical. Improvement in efficiency helps in faster growth of a firm with the help of accurate and efficient readings to predict future possible trends of the market.
Marketing Intelligence also helps in understanding the business structure of your competitors. This can be anything from information on the effectiveness of their advertising, to their appeal with a variety of different demographics. The information must be obtained in a legal manner as a lot can be learned about a competitor by studying big data. Earlier it was very difficult to get the information of the competitors and find a way to tackle them, that can be considered as one of the reasons why the market was less competitive then, but today every step of the competitors is noted and plans are made to tackle them. This is done in a legal way using social networking sites and digital platforms. This function of Market Intelligence has now become very easy because of automation.
So what does automation in market intelligence sum up to? It more or less means that brands that need to profit from this growth would need to gain comprehensive and real-time knowledge into the mind of clients or prospects, their requirements, pain points, and aspirations. The era of automation has started and every function in the world is getting renovated by technology.