When searching for ways to serve your customers, you might wonder what market intelligence is. This term also comes up when seeking social data collection services.
So, what is it? Market Intelligence Explained
Also called marketing AI, or sometimes business AI, it involves collecting data to use for market research. It’s like traditional survey taking methods that perhaps would take place in a crowded shopping center. Social media intelligence is another way to describe the purpose of market AI because that’s one place it happens often nowadays.
Business AI Versus Marketing AI
These terms are often used synonymously, but business intelligence (BI or business AI) is different than marketing AI. BI refers to mostly analysis of internal operations to improve productivity. After all, running a more efficient business does increase ROI. Marketing AI also improves profit potential, but companies typically use it for promotional methods. It also can steer your social media campaigns or for PPC research. It works for both organic and paid ad setup. However, it doesn’t have to be connected to sales.
You can also use online data tools to drive traffic to your social media profiles and landing pages. In any case, several types of marketing AI exist.
Types of Marketing Intelligence
Most companies have multiple facets to them. Effective marketing AI dashboards accommodate for such. Four primary types of AI marketing data are collected.
Customer service AI – Both instant and recorded trackers within social media intelligence dashboards improve customer relations. Automated chats link to some social media platforms and records customer questions and concerns. Data collected by people messaging your business page improves the way you reach your target audience while not in the office. Reports collected from customer service research also prepares you for content strategy when thinking of how to reach them with blog posts, videos, images and more. Customer service AI could work both for developing private messaging systems and public comment replies.
Market understanding AI – The right social media or keyword-based ad intelligence program can establish direction. It reduces chance of wasted advertising dollars when finding out what paid and organic keywords will promote your business the best. The research collected and stored in your social media intelligence dashboard increases chance you will reach your audience. Finding out what matters to them by tracking their comments, likes, replies and more creates a way for you to effectively design the campaigns.
Competitor intelligence – You need to establish your own brand. However, it also does help to see what works for your competition. For instance, your marketing AI dashboard will provide insights on content popularity. Perhaps it will also show you hashtags or keywords where the conversation is most active.
Product intelligence – Your online social media insight dashboard could use AI technology to gather information. Perhaps you sell an item that behaves the way a competitor’s product does. Effectiveness, performance or success also might shine through in product AI data.
Quid Covers it All
NetBase Quid offers extensive AI integrations for monitoring social media, PPC ads and CTA marketing. You can keep track of every online activity related to past and present customers using extensive tools. Real-time monitoring and long-term marketing intelligence solutions are offered.