As a business owner or operator, you need to be aware of what’s going on in your industry and your market. This means being up-to-date on the latest news, trends, and developments. But it’s not enough to consume this information passively. You need to understand, interpret, and draw insights from it that you can use to make better business decisions. This is why market intelligence is so important. Below, we’ll discuss how a business can use business intelligence tools to make smarter decisions.
How to Use Business Intelligence Tools
Not just any business information can be considered business intelligence. To be useful, this type of information needs to meet specific criteria. Here is how to use business intelligence tools to make sure you’re getting the most helpful information for your business:
Have Relevant Information
The information you’re using should be specific to your industry and market. This might seem obvious, but it’s important to remember that not all information is created equal. Just because something is interesting doesn’t mean it will be helpful for your business. This way, you can save time by ignoring information that isn’t relevant to your decision-making process.
Be Timely
The information you use should be up-to-date and relevant to the current market conditions. This is why it’s important to have a system for regularly collecting and analyzing business intelligence. With the tools, you can then set up alerts to let you know when new information that meets your criteria is published.
Draw Insights
Once you have relevant and timely information, it’s important to be able to draw insights from it. This is where business intelligence tools can be extremely helpful. These tools can help you to organize, analyze, and interpret the information you’ve collected.
Common Market Intelligence Tools
There are several different business intelligence tools that businesses can use. Some of the most common include:
Lead411
This is a database of companies that can be searched by industry, location, size, and more. This is a useful tool for finding new leads and customers. It can also be used to research competitors if you’re thinking about entering a new market.
Crunchbase
This is a database of information on startups and tech companies. It can be used to find new business opportunities and to research competitors. In most cases, the information on Crunchbase is free to access.
SemRush
This tool provides data on organic search, paid search, and display advertising. It can be used to research keywords, track competitors, and more. It offers both a free and paid version.
Benefits of Using Business Intelligence Tools
Several benefits come with using business intelligence tools. These benefits include:
Better Decision Making
When you have access to better information, you can make better decisions. This is especially important when making strategic marketing, product development, and expansion decisions.
Increased Efficiency
Business intelligence tools can help you to be more efficient in your decision-making process. This is because you’ll have access to the information you need when you need it. This can save you time and money in the long run.
Improved Competitive Advantage
You can gain a competitive advantage over your rivals when you have access to timely and relevant business intelligence. This is because you’ll be able to make better decisions about things like marketing and product development. Your business will be able to adapt and change more quickly, giving you a leg up on the competition.
Market intelligence is critical for businesses of all sizes. By using market intelligence tools, you can ensure that you’re getting the most relevant and timely information. NetBaseQuid is a company that provides business intelligence tools to help businesses make more informed decisions. We offer several business intelligence products, including social media listening and analysis tools. Contact us today to learn more about how we can help you get the most out of your market intelligence.