Market Analytics And Research: 3 Things You Can’t Miss In 2022

By Author: Jency Jane
Total Articles: 5
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1. Competitive intelligence analytics 

A critical aspect of market analytics is benchmarking or gaining competitive intelligence. 

Benchmarking is the practice of collecting and analyzing data about your competitors to understand where you stand in relation to them.  

The knowledge helps you identify gaps in your strategy so that you can come up with new ways to fill them. It also enables you to identify unknown risks and opportunities so that you can counteract and seize them, respectively, in advance.    

Competitive intelligence is legal. It is also ethical if you collect data in ethical ways. Ordinarily, competitive intelligence analytics is used to benchmark and improve verticals like sales, marketing, investment strategies, and product development, to name a few.  

However, market data is abundant and vastly broad such that you can collect and analyze data to improve any aspect of your enterprise you could think of, if you know what data to collect and analyze.  

Market research analysts are known to gain CI to improve management — an aspect that ...
... has a profound impact on revenue. But also, to improve customer support. And hiring. 

Anything. As long as you know what you are looking for. 

2. Customer analytics  

Customer analytics is a massive part of market analytics and is concerned with understanding customer behavior.  

Like competitive intelligence, customer intelligence is gained by collecting and analyzing data about your customers. Depending on the quality of the data collected, the analysis yields crucial insights into the needs and desires of your customers.  

Naturally, enterprises that invest in customer analytics fare better in terms of revenue. That's because they use the insights they learn to create and deliver exactly what their customers need.  

And very much like competitive data, customer data can also be extracted from interactions on websites, apps, marketing communication, and so forth. In fact, analysts go to the extent of using heat maps on their platforms. These maps illustrate the areas their customers paused or deliberated or hovered over the most. They illustrate what your customers find most interesting.  

Provided that the data is sourced from a range of sources and is of high-quality, customer analytics can do wonders for your enterprise. Critical to market analytics, it — 

Improves customer knowledge, which improves sales communication 

Leads to customer-centric decision-making, whether it's marketing or product development 

Identifies future risks and opportunities 

Well incorporates qualitative or the 'why' data as well 

3. ESG research

ESG represents the Environmental, Social, and Governance factors that drive sustainable, long-term growth, instead of short-term profits.  

ESG research is one of the best ways to make the most of market analytics because it enables enterprises to identify future risks that transcend ordinary or conventional factors.  

As markets have become more complex, so have the threats to businesses. The biggest threat to a modern business could be, not a bad product, but being publicly identified as discriminatory against women or minorities. This is one of the hundreds of factors that the S in ESG research covers.  

Or it could be, being identified as blatantly abusing earth's finite resources. Or fined for being anti-competitive. The two represent two of the hundreds and perhaps thousands of factors that the E and G cover in ESG research.  

The point is, businesses engage in various processes and practices that reflect their stance on various environmental, cultural, and political issues. And when the stance is misaligned with those of its investors and customers, their livelihood becomes imperiled.  

ESG research identifies these values, enabling businesses to make strategic changes to align with them. In other words, it identifies future risks or threats well in advance, from all directions, so that you can take the appropriate steps to counteract them.

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