Advantages of Market Monitoring and Analytics for Business

 

1.  Integrated Marketing Data

The marketing teams put a lot of effort across different platforms to get the relevant word out for the company and its products. The data gathered from various resources in one place requires a high level of coordination and accuracy. Marketing analytics will centralize the data for analysis. When you have all your data in one place, it helps in understanding what is working for you, and which are as need more effort or budget. It also helps in sharing the learning across different channels and teams.

For example, if an image is fetching a lot of clicks on Facebook, but your Twitter is not getting similar likes, you can bring the Facebook image to Twitter and see if it performs. You can add elements to your marketing mix over time to create a picture of what is working. Analytics is all about getting data in one place and in same format. This example only shows a small part of the wonders that market monitoring does for your business.


2.  Improved Efficiency Of Marketing Strategy

When you pay attention to customer experience it offers marketing insight that can go beyond quantitative data. Also, having a look at the metrics such as page views and time spent on a page can help in identifying the problem areas. When this type of data is combined with qualitative data like interviews, customer feed back, and surveys, it can help in prioritizing efficient and effective marketing techniques and tools. The marketing mix is a very complicated phenomenon, and market monitoring and analytics helps you in having a guideline for implementing the same in an effective manner.

Learn More

Comments

Post a Comment

Popular posts from this blog

2022 is the Transforming era for Manufacturing Businesses

Image
  The pandemic is almost over but still, it lurks somewhere in the corner to just prance on so we should not let our guards down. Businesses are well aware of this very fact, especially the manufacturing industry and are taking steps like incorporating price optimization for retail , competitive pricing intelligence, data analysis of manufacturing industry needs, and competitor price monitoring. Having said that, the end of 2021 showed some positive outcomes for the manufacturing businesses, especially truck parts. This has made many companies go for PriceIntelGuru’s truck parts price monitoring tools. We will delve into specific segments in this blog addressed to the truck parts industry. Keep on reading this blog, to get a better idea about price optimization for retail business and data analysis manufacturing industry uses. Post-pandemic Strategy The manufacturing industry took one of the biggest hits during the worldwide pandemic. Due to the lack of manpower and smoo...
Read more

Manual Vs. Automated Product Matching Software- Which Is Better?

  In this age of digitization, the enormous availability of data has changed the way e-commerce businesses are done! Though it has offered great insight, it has also made things complex. A well-known fact is that software and tools which help in price monitoring of competitors are playing a crucial role in determining your pricing strategy. Many products are seen in the eCommerce platforms which are the same in many ways but, did you know how that happens? Well, we will discover everything about that in this blog. If you are wondering what enables businesses to monitor price in a cost-effective manner it is the product matching software! Without product matching, price monitoring or comparison would not be possible, and your pricing strategy will be based on an inaccurate parameter. Product matching in e-commerce plays a crucial role in pricing the products for sustaining in the highly competitive market. For businesses,  competitive intelligence product analysis  hel...
Read more

Psychological Pricing & Competitive Pricing: Unlocking Buyer Behavior in 2025

Image
In the age of digital commerce, pricing is no longer a static number—it’s a strategic conversation. Whether leveraging dynamic pricing , conducting competitor price monitoring, or simply adjusting offers based on market response, psychological pricing remains one of the most underutilized tools in your pricing strategy arsenal. Let’s explore how psychology, paired with the right price monitoring tools, can reshape consumer decisions and drive better conversions. What Is Psychological Pricing? Psychological pricing is the art of presenting prices in a way that triggers emotional or subconscious responses, often influencing the buyer without them realizing it. When combined with competitive pricing models, brands can drive sales volume without sacrificing brand equity. Key Psychological Pricing Strategies 1. Charm Pricing Using prices like $9.99 instead of $10.00 makes a product feel significantly cheaper. It’s a classic psychological trick used across industries—from retail to SaaS. 2....
Read more