Market intelligence is essential, and using static residential proxies helps automate data collection. There are various reasons why market intelligence is so crucial, which we explore in this article. We further examine how static residential proxies will help the process along.
Why is Market Intelligence Essential?
Market intelligence is any data or information that relates to a business’s external environment. By that, we mean the business’ clients, competitors, market scenario, and products. Big data provides valuable insights into how to approach customers. In a global study, 77.6% of respondents stated they drive innovation using data.
Market research is a part of market intelligence. Market research is often focused on a specific project or question. Meanwhile, market intelligence focuses on the market condition. It’s a continuous process and provides the following benefits:
- Companies can make smarter decisions and are more likely to succeed
- It provides a competitive advantage over other brands
- It flags and helps mitigate risks to the company’s operations
- It identifies gaps and unmet needs in the market to offer new opportunities
Types of Market Intelligence
The several types of this information can be divided into four categories:
- Competitor Intelligence: Research and analyze your competitors to see what sets them apart. You can thus predict their moves and compete on an equal level.
- Product Intelligence: Analyze your products’ lifecycle. Further, compare their performance with similar market products. It’s a crucial aspect in improving existing products and creating new ones.
- Customer Understanding: Create detailed client profiles to understand their needs and behaviors. It’s the first step to providing consumers with what they want and need.
- Market Understanding: Looking into the market you’re operating in and what factors influence it. Ensures you can spot opportunities and create effective strategies.
A Quick Case Study on How Data Affects Company Decisions
Most of the major global companies depend on these data sets to make business decisions. Starbucks is one such example. Starbucks uses the information it collects from consumers to design new products.
The company has the “My Starbucks Idea” platform to submit feedback and creative ideas for products. That way, it’s constantly aware of what its clients want from the brand. The same happens with multiple other brands, such as Apple Inc., McDonald’s Corporation, and the LEGO Group.
To look at a more generalized case study, say there’s a cafe specializing in coffees and tees. By analyzing the market and customer trends, it realized consumers want specialized options. The company plans to release a special menu with options like Matcha and other exotic flavors.
While developing the product, its competitor analysis shows that a competing company is planning on doing the same. Now, the business can either expedite its product to release it first or enhance it to ensure it’s better than the competition.
Steps in Data Collection Automation
Automated data collection focuses mainly on collecting the information, but that’s not where it ends. Other steps are just as important as collecting the information:
- Collection: Collecting information from various sources using automated methods. The options include CRMs and web scrapers using static residential proxies, among others.
- Processing: Processing the information so it’s in a readable format. It helps companies to read and understand the data, seeing what they really need to focus on.
- Integration: This step is where the brand applies the data to the company’s operations. It includes using the strategies developed while processing the information.
- Analysis: After implementing a data-driven strategy, you must evaluate and analyze it continually. It’s the only way to improve on it and respond to market changes.
What Can You Use to Collect Data?
CRM (Customer Relationship Management) tools analyze, organize, and integrate market information. However, web scrapers are the best bet when collecting data.
Web Scrapers
Web scrapers are tools that automatically collect information from multiple websites. You add a keyword or keywords to the software and activate the operation.
Depending on the parameters, it can scrape websites within a few minutes to a few hours. It also typically has a built-in parser to convert the raw data to a readable format.
Residential Proxies
Proxies aren’t the tools that collect the data, but they are essential for a smooth collection process. As a server that stands between your device and the internet, the entire process is safer. Proxies also change the IP address, which means you can bypass IP blocks. You can also collect data about other markets by changing your geolocation using a proxy.
Advancing Your Business’ Market Intelligence
Automated data collection is much faster than manual data collection, which is already a major benefit. As such, it’s also more accurate, giving you real-time information to use when making decisions. Collect information regarding direct competitors, the market, clients, and products to enhance business decisions.