The world is in business again after COVID-19 closed stores, factories, and offices. People stayed home, and Gross Domestic Product (GDP) growth started circling the toilet. But Gross Domestic Product growth is in full swing again. According to the Federal Reserve Board, GPD growth in 2021 could hit 10%. That’s an incredible turnaround since GDP growth in the second quarter of 2020 was waist-deep in negative territory.
Executives in all segments of the economy use intelligence of some kind to identify what they have to do to increase their revenue stream after the vaccines surfaced. The main issues businesses faced are pinpointing market penetration and analyzing their market opportunities after COVID changed the way consumers buy products and services.
Market Intelligence Helps Executives Understand The Condition of Their Market
The question on the minds of some executives is the effectiveness of its post-pandemic marketing campaign. Consumers turned to the Internet during the pandemic because of the uncertainty in all sectors of the economy.
Executives had to reassess marketing strategies, and they had to collect new competitor intelligence to determine where they fit in a post-pandemic economy. Data collecting methods that produce intelligence vary depending on the social media analytics used, according to NetBaseQuid executives. NetBaseQuid’s social media tools help companies like Coco-Cola and American Airlines with their marketing information needs.
Effective Marketing Intelligence helps executives identify market penetration as well as understand the new market metrics that developed because of the virus. Finding the right post-pandemic opportunities is also part of a successful intelligence platform. An effective intelligence platform includes competitor, product, and market information.
Market research is the old name for market intelligence. The information executives depend on includes market changes, competitive research, and new product development information.
There Are Three Key Ingredients In Market Intelligence
Knowing where a business stands in its industry is another key element in increasing revenue growth after the pandemic. Market share is the measuring stick for consumer participation and acceptance of products and services, as well as the trends that developed during and after the virus, did its dirty work.
The basic data collection methods still play a role in giving businesses the information they need to maintain as well as increase market share. Businesses need competitor product development information. And all businesses need consumer feedback, according to NetBaseQuid.
NetBaseQuid’s Name Comes Up A Lot In Market Intelligence Meetings
When businesses need marketing information of any kind, they find out how the corporate giants get their intelligence. The New York Times, American Airlines, Coca-Cola, and United Airlines use NetBaseQuid’s Artificial Intelligence platform. That platform is able to find out what consumers think about products and services offered by those companies.
The voice of a key opinion leader is another tool in NetBaseQuid’s intelligence platform. That platform also AI has in its bag of tech tricks. The big auto companies are in market and competitor intelligence mode, thanks to Elon Musk. Musk introduced the world to Tesla, his electric-powered vehicle company.
Musk is a key opinion leader in several industries. And he is also an influencer in some financial markets. Musk needs intelligence of all kinds in order to stay number one in space travel, electric vehicle manufacturing, and tunnel drilling.
Mr. Musk and other key opinion leaders play a role in market intelligence. They usually have connections that produce pertinent intelligence in product and service development, marketing, operations, and social media acceptance.