Market intelligence is the use of data to prove theory in marketing and communications (as well as many other parts of a business). In this blog, we delve into how you can apply market intelligence to supercharge your communications programme:
- Engaging your consumer’s need – generate 3x more revenue
- Supporting your CMO’s marketing strategy
- Using market intelligence to generate sales – get a 506% return on investment
Market data tells us the facts – but transforming raw facts and figures into valuable insight is king. Here at Wild Card and Wild West Communications, market intelligence is the bedrock of our digital department and client campaigns. We want to give businesses a superhero style ‘power-up’, enabling you to make strong business decisions founded in real data and insight.
If this blog captures your imagination and you’d like to chat through some ideas with our
digital team, get in touch with us below – we’d love to hear from you!
Basing campaigns on insights from the beginning is empirical, as it allows us to stand strong on our ideas.
1. Engaging your consumer’s need
In the world of ‘Ab Fab’ PR, understanding consumer needs might have meant sipping champagne, prophesizing about what was missing in an industry and running with it. This isn’t us. We use market intelligence to identify market opportunity, building our communications programmes on empirical data.
We use a tool called Pulsar to kickstart our creative thinking. At the start of every campaign we harness the power of audience intelligence to show us the treasure in online conversations between consumers.
We search topics and audiences of specific brands online to understand what they want from the brands they love, why they want it and how they like to talk about it. With those golden nuggets we can build a programme that packs a punch.
For example, one of our national food retail clients wanted to identify opportunities for new product development with a competitive advantage. We knew that we had to find out what consumers wanted to help them develop a product that was relevant to its target buyer. By doing that, our comms programme would be better by design because it would be focused and fit for purpose.
Using Pulsar, we helped them identify the when, what and how when talking to their consumers within a crowded market. The result being a 20% increase in positive brand sentiment online, as well as an increase in engagement by 60% around new product launches and, in turn, revenue.
We recently attended the Market Intelligence Summit held by SimilarWeb. We spoke to Colin Brown from Johnson & Johnson and discussed the benefits of identifying what your consumer really wants. They know that their mission statement of ‘believing their first responsibility is to the doctors, nurses and patients, to mothers and fathers’ – and all others who use their products – is the link between everything they do.
With a full grasp of their mission, they researched what their consumers wanted from a subsidiary brand producing contact lenses. They learned two key things from using SimilarWeb:
- The consumer journey is sporadic for contact lens customers – they could see through online traffic journeys, conversation around problems and purchase habits that consumers didn’t have a clear and easy way to purchase contact lenses
- Social listening helped inform their campaign angle – through commissioned research, and tracking social conversation on social media platforms and blogs, they were able to firmly establish that 50% of the world’s population needs visual correction, yet only 10% are treated.
The upshot is that campaigns are stronger when they are based on strong data and insights. So, when you tackle your next campaign, consider the following steps to smash your campaign creation.
- Find the best data possible
- Pair it with what you already know about your industry
- Develop compelling insight
- Ground your entire campaign in that insight
2. Supporting your CMO’s marketing strategy
As an agency we support brand managers and CMOs with insight to make the best business decisions possible. A major part of this is supporting a marketing strategy with data on a regular basis that helps build a structure and constantly improve campaigns.
Here’s how you can own your space and identify sector opportunities online, as well as
- Know your channels
For this, step place your brand amongst five competitors. Using tools like SimilarWeb and Pulsar create an insightful report to illustrate opportunities clearly to directors. Our digital team love doing this, so give them a call to help with this process.With this information you can then show which parts of a sector each competitor owns the most – this can be very informative when evaluating product offering in a competitive market before investing in research and development.
- Know your products
Now find out which products each brand in the sector owns the best. You can then combine the data from step one to understand a brand’s strengths, weaknesses and evaluate risks and opportunities to invest in moving forwards e.g. PR to support car insurance over home insurance.
- Take over the market
Next you can create a channel strategy that identifies the gaps in audiences and consumers online. We can then measure progress over a specific period as a campaign goes live, to show the effect of our work against the sector ownership by a brand and product. We’re focused on ROI, so this step is really key to show our clients how our work is impacting a business.
- Discover the next opportunity
This step applies to brand planning. Following campaign implementation, we can use intelligence tools to show how the market has shifted, and empirically show the best way to move forward.
In short, here’s a checklist for the start of every campaign:
- Evaluate the market
- Know their channels
- Understand their customers
- Know their products
- Take over the world – you’ve got an award-winning campaign, keep going!
- Discover the opportunity – rinse and repeat the above process
3. Using market intelligence to generate sales
When we attended the SimilarWeb Market Intelligence summit in October, we listened to a captivating presentation by DHL.
They harnessed market intelligence on-the-ground as a part of the sales process – with sales representatives using it on their mobile phones with customers. They used real time data to show customers how they could beat competitors with a better postage programme – this is one of the first times this has been done.
The stats speak for themselves. Since giving their pitch teams market intelligence software they saw the following results:
- 30% increase in sales opportunities – identified using market intelligence tools
- 18% reduction in days to closing on sales pitches
- 20% of all new leads being identified using market intelligence alone
- 506% return on investment since it was implemented across the senior team
The learning is that market intelligence is incredibly powerful across businesses. Following this presentation, we were able to set up a similar search in our tool Pulsar alongside SimilarWeb, which led us to find the following insights:
- Consumers expect to be able to purchase any time, any place and to buy from anywhere – of the e-commerce retail brands we tracked in our search, the ones that didn’t offer the above saw an average sentiment 20% lower than competitors towards their brand
- Customers are twice as likely to repurchase after a positive delivery experience – by tracking conversations around e-commerce Christmas gifting in the UK, we learnt that customers that enjoyed their experience from start to finish were more than happy to purchase with a brand again
How do I apply this?
At Wild West Communications and Wild Card, we work with regional start-ups, international brands and everything in between. We have a digital department dedicated to making budgets work hard and helping tell brand stories in complicated online spaces.
So… to get started using market intelligence tools you can get in touch with either of us, Aaron or Sam or trial some of the tools we mentioned in the blog yourself.
We’d love to hear how you get on and wish you the very best on your next market intelligence led campaign!
Just remember to live by these rules:
- Have a purpose – have one focus and clear success metrics to make sure your
brand offers something truly helpful
- Be focused – focus on one key deliverable. Whether that be brand sentiment or
higher market awareness in a new product sector
- Use data science – absorb all the latest insights and research from data scientists in
your sector and use market intelligence tools to inform every insight with real data
Thanks for reading our blog and please don’t hesitate to get in touch if our digital team can be of assistance.