Gathering A Market Intelligence Through Hiring An SMM Agency In Melbourne
The Strategic Nature of a Social Media Marketing Agency Melbourne Helps Businesses Make Informed Decisions.
October 8, 2020. You're on Facebook and notice from your competitor's business profile that it has added a new in-house service. Is this a relevant business signal?
We ask Digicreators Digital and Market Intelligence Director, Hyzent Aurelio, for her insights.
Market Intelligence or MI vs. Business Intelligence or BI
"This is where misinterpretation often happens. Market Intelligence and business intelligence are often interchanged in business discussions but the two aren't the same. It's called business intelligence because it is in line with your business like strategic positioning, product sales, revenue, and whatnot, while market intelligence refers to the overall market like competitive advantage, product intelligence, marketing understanding, and consumer understanding."
In general, business intelligence refers to data-relevant business information, and market intelligence refers to the data relevant to marketing efforts.
Gathering Market Intelligence Through Social Media
"In 2021, the consumer usage of social media is at an all-time high. We are at an age where everyone is open to sharing their knowledge, observations, and opinions through various online community platforms. Over the years, Social media has been the leading platform for sharing market signals which is why it is the most useful platform to gather marketing intelligence."
"Its biggest impact on marketing intelligence is its ability to collect and share information quickly. You can easily check your social media business profile or your competitors' profile engagements on a certain date or a certain period, and use it for a marketing strategy or competitor analysis. That's how easy it is to gather market intelligence nowadays, provided you know how to use social media tools. Hiring an SMM agency is also a good way to do it."
What are the Most Popular Social Media Platforms in Melbourne, and Australia as a Whole
"According to Hootsuite, there are 20.5 million Australians active users in social media this 2021. That's almost 80 percent, or rather 79.9% of the Australian population to be exact. And the go-to social media platforms are Youtube (78.2%) and Facebook (77.7%). As one of the leading figures in an SMM agency in Melbourne, I highly recommend these platforms to advertise your products. This is where your customers are. You should be there as well."
What Should You Be Careful When Utilizing Social Media for Market Intelligence
"Let me be brutally honest and say that social media platforms are not 100%ed on hype or baseless rumors. Anyone can manipulate a piece of information and publish it using a different account or a hacked account. You can also be deceived to identify an emerging trend when it is not."
"The bottom line is, yes, social media is a great platform to spread the accuracy as a market intelligence source. The opinions or sentiments gathered can be base on news very quickly, but oftentimes, their authenticity is questionable. Although it is a very good source of consumer behavior information, you should ask a third party expert opinion or ask social media marketing agency Melbourne for their expert analysis on the subject."
Related Article - Why Hiring Social Media Marketing Services is a Wise Business Move
Hire SMM agency in Melbourne To Gather Market Intelligence for You
While you can assign the task to one of your employees to gather market intelligence for your business, an individual can only handle so much. As your company grows, the amount of data that you need will grow larger.
The tools and technologies become more and more complex. In many ways, hiring an SMM agency in Melbourne can be more beneficial than hiring an individual. Social media marketing agency Melbourne like Digicreators has a large pool of market intelligence experts and their analyst combination can develop a more sophisticated picture of the overall market.