Market intelligence (MI) uncovers information you can use both to shape your marketing and product strategies and to rise above your competitors. Simply put, it's vital to business (and marketing) success.
Product intelligence, competitor intelligence, market understanding, and customer understanding are the cornerstones of MI. The raw data for that intelligence and understanding can exist in text, video, and voice form, and sources of that raw data include e-commerce analytics, Internet research, sales logs, social media, and surveys.
Understandably, then, businesses today have access to more customer data than they can reasonably analyze. That's called the Big Data Paradox.
So how can marketers, analysts, and business in general overcome that paradox?
You may like these other MarketingProfs articles related to Market Research:
- 10 of the Best Tools for Market Research
- Why Customers Take Brand Surveys
- How to Identify and Avoid Survey Response Bias [Infographic]
- Small Towns Present Big Opportunities for Marketers: Rural-Business Expert Becky McCray on Marketing Smarts [Podcast]
- Qualitative Research: Even More Important in the Age of Big Data
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