Wondering what you need to improve your business decisions? No more struggles, welcome data-backed strategies that bring a competitive edge. Discover how market intelligence tools equip your company with advanced insights that will pave the way to becoming a leader in your industry.
And how your business can be propelled to new levels of evolution in a harsh economic environment.
Read on and learn more about the new ways of obtaining vital market data and winning the competition game.
What Is Market Intelligence?
Marketers and entrepreneurs use this information to make better decisions about their product or service offerings, target new markets, and stay ahead of competitors.
What Are Market Intelligence Tools?
Market intelligence tools are advanced software applications used to collect, process and analyse large sets of market data in order to identify actionable insights for strategic decisions.
Such tools are powered by AI algorithms, use NLP technologies and data mining to generate valuable insights from a multitude of unstructured datasets like customer feedback, social media, websites, reports, etc.
Nowadays, businesses can leverage the output of market intelligence tools. To get a better understanding of customer behaviour, market trends, competitive environment and new market opportunities.
And to optimise their strategies to sustain future growth.
Why is market intelligence vital?
Because in a highly competitive market, it allows businesses to make proactive decisions and obtain a competitive advantage.
Realising detailed analysis of competitors’ moves, clients’ preferences and emerging market trends, companies are in a better position to improve their competitiveness. And profit on new opportunities, minimise risks, anticipate changes in demand, etc.
Market intelligence tools play a fundamental role in gathering large amounts of data from multiple sources across the web. And analysing them through complex algorithms and analytics technics to extract valuable insights.
Such tools organise and centralise data in visually appealing and digestible reports. These data visualisations and insights allow leaders and marketing specialists to make decisions backed by data promptly and reliably.
And are becoming indispensable elements in the toolbox of any company that seeks to thrive in a highly competitive medium.
What Are the Advantages of Using Market Intelligence Tools?
In a global and hyper-competitive economic landscape, businesses are always preoccupied with uncovering hidden elements that can offer them a strategic advantage.
Market intelligence tools provide a series of advantages that companies in quest of profitability and expansion cannot ignore:
Market intelligence software delivers the foundation for an intelligent decision process always backed by data.
As leaders have access to updated and comprehensive data regarding a large variety of market conditions they are able to make better decisions for marketing strategies, product improvement, resource planning, etc.
And increase the chances of obtaining superior results.
Benchmarking and competition analysis
Continuously keeping an eye on your competition and knowing what they are up to, is of utmost importance for any company. If they want to conserve their edge.
Consequently, using AI-powered competitor analysis offers real-time insights regarding the competition’s pricing and product strategies. And reveals hidden market gaps, potential opportunities for improvement and agile capacity to adapt to changes.
Customer sentiment and behaviour analysis
There is no news that meeting or surpassing the customers’ expectations is a fundamental pillar of business success.
Market intelligence tools have the capabilities to deliver actionable and in-depth customer insights and analysis. They examine purchase history and patterns, preferences, feedback, and sentiment and provide the necessary details for tailor-made offers and campaigns.
Discover trends in the market
Another mission of market intelligence tools is to identify trends in the early stages, thus delivering a strong competitive edge.
Early adopters of new trends usually enjoy the lion’s share in a new market and attract the most clients.
Regularly checking the “pulse of an industry” puts dynamic companies in a better position to align with shifted consumer demands, act proactively and jump on the innovation path.
Crises and risks are an inherent part of a business’s journey. But today, market intelligence tools have the ability to empower businesses with early warnings and offer them the possibility to prepare in due time for turbulences.
Meaning they can detect future market fluctuations, potential threats, external factors’ unfavourable impact and more.
How AI and NLP Are Transforming Market Intelligence
In the past, market intelligence was a manual process that required significant time and resources. Marketers would have to conduct extensive research and then sift through large amounts of data.
This process was often prone to human error and time-consuming.
The advent of AI and NLP, along with increased accessibility to a vast amount of big data has transformed the capabilities of market intelligence platforms.
These technologies have made it possible to automate many of the manual tasks associated with market research, including data collection and analysis.
With the help of market intelligence platforms, what were once time-consuming processes can now be done in a fraction of the time, freeing up man hours and resources for your business.
This is particularly valuable for businesses that operate in fast-paced industries where timely information is essential, as well as for larger brands with access to a lot of consumer data.
As technology evolves, it is getting increasingly accurate and provides more detailed insights. Advanced NLP models are now capable of detecting subtle nuances and looking at the broader context to identify sentiment and intent more accurately.
One example is word ambiguity. The word “kill” in the pharma industry has extremely negative connotations. But the same word in the gaming industry may be positive. At Symanto, our technology can make these vital distinctions.
One of the most interesting developments in recent years is the application of psycholinguistics to NLP technology. The way we express ourselves through language can reveal core aspects of our personality and our values.
At Symanto, we’ve created psychographic models capable of identifying key psychological characteristics from text excerpts.
With psychographics, you can identify and segment consumer groups, and better understand your target audience and the audience of your key competitors.
Thorough Competitor Intelligence
Before it became easy to gather and analyse large amounts of unstructured data, gathering market intelligence from social media and online reviews involved a lot of cherry-picking and guesswork.
Analysts would do their best to collect representative samples, but without analysing larger datasets, it was difficult to know for sure.
Now, with AI and NLP technologies, it’s possible to collect and analyse like-for-like data from your competitors quickly and easily. This gives you a much more complete picture of your market, as well as insights into your competitor’s strategies.
Best Market Intelligence Tools
Today, we have many market intelligence tools available, most of them approaching a certain segment. Be it customer intelligence, social media listening, trend intelligence, competitive intelligence or data gathering.
Hence, there are fewer of them that propose all features under one platform:
Symanto is a complex and comprehensive platform, an “all-inclusive” market intelligence tool. It’s a next-generation software solution that transforms unstructured data from customers and employees into critical metrics and actionable insights.
Their customers may enjoy the following services:
- Commercial due diligence – acquire a complete perspective of the competitive landscape and market evolution to make strategic decisions and streamline operations. Depict loyalty drivers and churn generators.
- Market insights – leverage AI capabilities to reveal the perceived brand weaknesses and strengths, clear insights regarding the competitors’ strategies and actions, consumer preferences and touchpoints.
- Voice of the customer – 360-degree understanding of the customer from all angles including the psychological meaning behind words. Obtain emotional insights, valuable consumer psychographics and granular sentiment analysis on topic and text level.
- Product optimisation – get meaningful insights via natural programming language and granular data analysis to develop and optimise products that not only accomplish the customer requirements but overdeliver.
- Brand health – conceive a solid and personalised marketing strategy based on advanced granular qualitative insights from customer feedback available in real-time and at scale.
- Employee satisfaction analysis – streamlines the company’s efficiency and attracts the employees’ full collaboration for growth hacking and solid brand building.
To deliver advanced and comprehensive insights to sustain the needs of their clients Symanto’s offer includes several products:
- Symanto Insights Platform
- Symanto Brain
- Custom Solution
Symanto Insights Platform is our core tool and it’s the only one you need to solve your market intelligence necessities. It delivers highly accurate and advanced insight research to help you build your competitive advantage.
Symanto combines harmoniously psychology with next-gen AI technology to uncover critical details for your company.
Symanto Brain is a powerful no-code AI text analytics application. It creates sturdy automation via AI and transforms text into valuable insights.
Symanto Brain is pre-trained on billions of text data, supports 50+ languages and is able to conceive and deploy customised models for AI text analytics instantly without needing training data.
Custom cutting-edge solution. Are you experiencing difficulties in identifying the right AI tech for your business? Or with collecting and analysing datasets, because you don’t have the expertise nor the time to deal with it?
Symanto is your best option. We already have in place an expert and agile team of AI researchers, psychologists, data scientists and industry specialists capable of creating for you a customised insight generation tool in no time. Just get in touch and see how we can help.
At Symanto our expertise extends to several industries like e-commerce, management consulting, pharma, e-sports, consumer electronics and travel & hospitality.
Among Symanto’s valuable clients, we count Microsoft, Adidas, Paramount and more.
Contify promotes itself as a competitive intelligence and market platform helping businesses to surveil their competition.
The platform uses over 500,000 data sources as a basis to extract updated information related to customers, competitors, key topics, and industry segmentation.
Contify’s main features are:
- Configurable dashboards.
- Custom taxonomy.
- Intelligence reports.
- AI-based insights.
- Global newsfeeds manually curated.
As products, they develop a market and competitive intelligence platform and have a news API.
Contify aims to be considered the single source of truth for the whole company thanks to its centralized repository. Their services are dedicated to organizations active in industries like pharma, IT, Consulting, BFSI, etc.
Contify serves renowned customers like Deloitte, E&Y, Siemens, Groww, AT&T, MetLife, Yokogawa, etc.
Digimind is another remarkable social listening and market intelligence tool. Today it prides itself on doubleduble AI integration – ChatGPT and AI Sense.
Their purpose is to help agencies and brands with insights and data. And to support them in their digital transformation journey. Plus, presenting this data in a meaningful manner and in one place.
Digimind delivers its customers a relevant array of services:
- Brand reputation.
- Trend tracking.
- Competitive intelligence.
- Consumer insights.
- Influencer identification.
- Campaign analysis.
Their product is an all-in-one solution that covers social listening and market intelligence.
Digimind is the secret power behind large brands like Asus, Accenture, Canon, Audi, Nike, Deloitte, etc.
Brand24 is primarily an AI social listening tool that supports your business by measuring your brand’s awareness, analysing your competitors, discovering customer insights and protecting your reputation.
Their tool gathers data from multiple sources like all social media channels, news, blogs, podcasts, videos, forums and reviews among others. It monitors over 25 million online sources in real-time.
Main features of this market intelligence tool:
- Marketing analytics
- Influence score
- Sentiment analysis
- Mentions feed
- Discussion volume chart
- Data exporting
Its services have been serving more than 4,000 companies across the globe and some worldwide known brands like Intel, Samsung, Carlsberg, McCann, Stanford University, etc.
Brandwatch calls itself a social suite created for a laser-speed world. And proposes the following components consumer intelligence, social media management and influencer marketing.
It promises to conduct deep research and support businesses with brand monitoring, content creation insights and customer engagement. With the early discovery of new trends for better decision-making. And to improve their ROI and gain superior results via a well-informed and executed social media strategy.
As a multi-awarded company, Brandwatch has a collection of famous clients like Unilever, TUI, GSK, Toyota, and Nestle.
What Is the Future of Market Intelligence Tools?
Market intelligence tools are poised to high proliferation thanks to the innovations in the tech industry and the increasing exigencies of the business landscape.
Among the most promising trends for market intelligence tools we can count:
Integration of Artificial Intelligence (AI) and Machine Learning (ML)
- AI and ML will gain in power and speed allowing streamlined data processing and faster detection of patterns.
- Increased accuracy for ML algorithms and more precise insights.
Proactive decision-making processes reinforced by powerful predictive analytics
- Forecasts will be more accurate thanks to an increased degree of algorithms sophistication.
- Predictive analytics will include actual market trends and sets of historical data.
Secure data sharing via blockchain
- Blockchain thanks to its decentralised nature and unalterable system provides a secure avenue for data sharing.
- Guarantees the integrity of data and fosters trust.
- The future of market intelligence tools revolves around industry-tailored solutions and enhanced customisation.
- To deliver accurate and highly relevant insights the tools need to increase their level of specialisation.
If you’re not already using market intelligence platforms that use the most advanced AI and NLP for market intelligence, now is the time to start.
Get Started with Symanto
Symanto is at the cutting edge of NLP research and technology. We apply the most innovative models to our suite of tools. We have created personalised solutions from companies of all sizes and markets and have pre-prepared use cases for major industries including banking, hospitality, retail and pharma.
To learn more and get started with a solid market intelligence tool, get in touch or book your free personalised demonstration today.