Market intelligence has gained utmost importance to people who know what to look for and how to use it. This often proves as the deciding factor when it comes to sustenance of your web venture and success.
For those of you, who do not have a clear idea about market intelligence is or do not comprehend its use, let me clarify the it for you.
This intelligence provides you with information about macro and micro factors that affects or can impact your business.
Gathering data for Market Intelligence
Consider a scenario of a leading online cottage rental service in the UK. Over a period we gathered market intelligence data.
We collected data from custom tracking codes that we wrote for the site. We also used data from Google Analytics, Facebook and different other similar services.
There are several methods available to you for tracking your users and gathering behavioural patterns and data.
Analyzing data for Market Intelligence
There were among many others, reports about the demographics of the visitors and several bounces. Bounces counted the number of visitors who visited the site but did not complete a sale or booking.
Let us talk about demographics first, we found that most of the bookings were coming from women instead of men. Women booked a whopping 70%.
Among these around 60% of the bookings came from women in the age range of 50-60.
So what did our client to with this information?
With this data, it was easy for our clients to channel their marketing efforts, offers, design, content. Their target market was clear. They could now easily target their niche market. The result was most promising.
Our client now has a team of people looking through the reports daily to formulate strategies.
Bounces and Cart Abandonment
Based on the data about bounces, we started tracking the visitors. We found that many of them started the booking process but left it unfinished. There were at least 50 to 60 abandonment each day.
What we did was nothing special.
We started sending customized emails to the such visitors asking for them to complete the bookings. Oh! and yes we made sure that if they started back, they started from where they left and did not need to start over again.
With the results, the marketing manager was ecstatic! After all, he was getting bookings without even spending a dime on marketing.
We can go on writing and explaining the power of market intelligence to you based on the different experiences that we have had over the years.
Let us share with you another experience.
Another esteemed client wanted a content rich site on his niche. So he tasked us to create for him around 4,00,000 pages of content before launch. A lot of work went in to create the content and pages.
Finally the site launched. We were by then ready with another 1,00,000 pages. These were ready to publish.
What do you think the results were?
We found that Google was taking its sweet time to index the pages. Actually it took Google more than several months to index all the pages.
Several pages had to deferred and scheduled for late launch. After all if Google did not send in visitors such pages just existed without adding to the site.
Google’s perception – the site was new. It was launching thousands of pages. The activity was suspicious. If this was done by an established site, Google would not mind it.
Such are the nuances of the master! we need to abide by the terms laid.
The launching strategy changed and we started feeding pages to Google in phases. The results now were promising.
Yes, we learnt a lot by experimenting and from our mistakes. We are deeply thankful to our clients for the same.
So over the last 15 years we have experimented and learnt about how the market works and what market intelligence provides. Of course market intelligence takes time to gather and give fruitful data.
There are no golden standards but yes with experience we have ready to use strategies which can get you started. Once your site starts providing you with meaningful intelligence, you then can customize as per requirements.
If you are not using market intelligence to tune your website, believe us, you are loosing. These seem as simple aspects but even simple things can cause major changes in fortunes.
Contact us if you have any queries or want to discuss with us about your requirements.