Developing Marketing Information
Marketers can obtain the needed information from internal data, marketing intelligence, and marketing research Internal Data Many companies build extensive internal databases, electronic collections of consumer and market information obtained from data sources within the company’s network. Marketing managers can readily access and work with information in the database to identify marketing opportunities and problems, plan programs, and evaluate performance. Internal data can provide strong competitive advantage. “Locked within your own records is a huge, largely untapped asset that no [competitor] can hope to match,” says one analyst. Companies are “sitting on a gold mine of unrealized potential in their current customer base.”6 Information in the database can come from many sources. The marketing department furnishes information on customer demographics, psychographics, sales transactions, and Web site visits. The customer service department keeps records of customer satisfaction or service problems. The accounting department prepares financial statements and keeps detailed records of sales, costs, and cash flows. Operations reports on production schedules, shipments, and inventories.
Marketers can obtain the needed information from internal data, marketing intelligence, and marketing research Internal Data Many companies build extensive internal databases, electronic collections of consumer and market information obtained from data sources within the company’s network. Marketing managers can readily access and work with information in the database to identify marketing opportunities and problems, plan programs, and evaluate performance. Internal data can provide strong competitive advantage. “Locked within your own records is a huge, largely untapped asset that no [competitor] can hope to match,” says one analyst. Companies are “sitting on a gold mine of unrealized potential in their current customer base.”6 Information in the database can come from many sources. The marketing department furnishes information on customer demographics, psychographics, sales transactions, and Web site visits. The customer service department keeps records of customer satisfaction or service problems. The accounting department prepares financial statements and keeps detailed records of sales, costs, and cash flows. Operations reports on production schedules, shipments, and inventories.
The sales force reports on reseller reactions and competitor ac- tivities, and marketing channel partners provide data on point-of-sale transactions. Harnessing such information can provide powerful customer insights and competitive advantage. For example, consider upscale retailer Barneys, which has found a wealth of information contained in online customers’ browsing and buyingdata: A glance at any spam folder is proof positive that most online retailers haven’t yet refined their customer tracking. To wit: My spam box currently features Petco.com advertisements for kitty litter (I’m a dog person), a Staples.com ad for Windows software (I’m a Mac girl), and four ads for Viagra (enough said). But the e-mails from Barneys.com are different. Barneys knows that I like jewelry and yoga. My most recent Barneys e-mail read, “Love it! Jennifer Meyer Ohm Necklace.” I do love it. How does Barneys know? It sorts through the data left by millions of anonymous people clicking around its site and predicts who’s likely to buy which products, when, and at what price
Digging deep into such data provides a wealth of actionable insights into customer buying patterns. Barney’s can target customers based on their overall habits, such as “fashionistas” who buy risky new designer products, “bottom feeders” who always buy sale items, or cosmetics zealots. “We even know when you’re gonna run out of shampoo, so we might as well send you an e-mail,” says Barneys director of Internet marketing. Rather than feeling spied on, customers are thrilled because the message is relevant. Barneys is now considering expanding such analysis to its stores tracking products as well as customers to marry its in-store and online marketing efforts.
Internal databases usually can be accessed more quickly and cheaply than other information sources, but they also present some problems. Because internal information is often collected for other purposes, it may be incomplete or in the wrong form for making marketing decisions. Data also ages quickly; keeping the database current requires a major effort. Finally, managing the mountains of information that a large company produces requires highly sophisticated equipment and techniques
Competitive Marketing Intelligence
Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace. The goal of competitive marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats. Marketing intelligence gathering has grown dramatically as more and more companies are now busily eavesdropping on the marketplace and snooping on their competitors. Techniques range from monitoring Internet buzz or observing consumers firsthand to quizzing the company’s own employees, benchmarking competitors’ products, researching the Internet, lurking around industry trade shows, and even rooting through rivals’ trash bins. Good marketing intelligence can help marketers gain insights into how consumers talk about and connect with their brands. Many companies send out teams of trained observers to mix and mingle with customers as they use and talk about the company’s products.
Other companies routinely monitor consumers’ online chatter with the help of monitoring services such as Nielsen Online or Radian6. For example, Radian6 helps companies to keep track of almost any relevant online conversation: Social media make it easier than ever for people to share to have conversations and express their opinions, needs, ideas, and complaints. And they’re doing it with millions of
Digging deep into such data provides a wealth of actionable insights into customer buying patterns. Barney’s can target customers based on their overall habits, such as “fashionistas” who buy risky new designer products, “bottom feeders” who always buy sale items, or cosmetics zealots. “We even know when you’re gonna run out of shampoo, so we might as well send you an e-mail,” says Barneys director of Internet marketing. Rather than feeling spied on, customers are thrilled because the message is relevant. Barneys is now considering expanding such analysis to its stores tracking products as well as customers to marry its in-store and online marketing efforts.
Internal databases usually can be accessed more quickly and cheaply than other information sources, but they also present some problems. Because internal information is often collected for other purposes, it may be incomplete or in the wrong form for making marketing decisions. Data also ages quickly; keeping the database current requires a major effort. Finally, managing the mountains of information that a large company produces requires highly sophisticated equipment and techniques
Competitive Marketing Intelligence
Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace. The goal of competitive marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats. Marketing intelligence gathering has grown dramatically as more and more companies are now busily eavesdropping on the marketplace and snooping on their competitors. Techniques range from monitoring Internet buzz or observing consumers firsthand to quizzing the company’s own employees, benchmarking competitors’ products, researching the Internet, lurking around industry trade shows, and even rooting through rivals’ trash bins. Good marketing intelligence can help marketers gain insights into how consumers talk about and connect with their brands. Many companies send out teams of trained observers to mix and mingle with customers as they use and talk about the company’s products.
Other companies routinely monitor consumers’ online chatter with the help of monitoring services such as Nielsen Online or Radian6. For example, Radian6 helps companies to keep track of almost any relevant online conversation: Social media make it easier than ever for people to share to have conversations and express their opinions, needs, ideas, and complaints. And they’re doing it with millions of
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| Many companies routinely monitor consumers’ online conversations with the help of monitoring services and platforms such as Radian. |
blogs, tweets, videos, and comments daily. Marketers face the difficult task of sifting through all the noise to find the gems about their brands. Radian6 gives companies a Web-based platform that lets them listen to, share with, learnfrom, and engage customers across theentire social Web. Radian6’s Web dashboard provides for real-time monitoring of consumer mentions of the company, its brands, relevant issues, and competitors on millions of blog posts, viral videos, reviews in forums, sharing of photos, and twitter updates. For example, lifestyle retailer PacSun uses Radian6 to track important trends and better respond to customers in the online space. Microsoft uses Radian6 to monitor what’s being said online about the company and its products and respond
to problems after purchase.
Companies also need to actively monitor competitors’ activities. Firms use competitive marketing intelligence to gain early warnings of competitor moves and strategies, new-product launches, new or changing markets, and potential competitive strengths and weaknesses. Much competitor intelligence can be collected from people inside the company executives, engineers and scientists, purchasing agents, and the sales force. The company can also obtain important intelligence information from suppliers, resellers, and key customers. And it can get good information by observing competitors and monitoring their published information
to problems after purchase.
Companies also need to actively monitor competitors’ activities. Firms use competitive marketing intelligence to gain early warnings of competitor moves and strategies, new-product launches, new or changing markets, and potential competitive strengths and weaknesses. Much competitor intelligence can be collected from people inside the company executives, engineers and scientists, purchasing agents, and the sales force. The company can also obtain important intelligence information from suppliers, resellers, and key customers. And it can get good information by observing competitors and monitoring their published information
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