In the current era of research and development, we see all sorts of definitions on the concept of intelligence and also the many other subsidiary concepts that branch out further such as emotional intelligence, artificial intelligence etc. The main focus here however is the idea of market intelligence which comprises of the concept of effective analysis and observatory patterns in terms of demand and supply. Monitoring trends is one of the simplest ways of keeping a check on the demand and supply curves of a certain commodity or even a service in the market.
Entrepreneur Video on Social Media Marketing
The online world is in itself an independent market space which serves to provide great potential for business and commerce. The better the firm at forecasting the market behavior, the better they will be in shaping the goods and services in line with the demand hence minimizing opportunity cost whilst maximizing profit and sales through a regular inflow of customer demands. However, in order to maintain an adequate input and output balance, it is essential to maintain a positive flow of output in terms of brand representation. This will not only require a efficient system of customer care and feedback response services but also a consistent flow of packages and offers to keep the pre-established customer base intact and also to invite newer customers and clients by encouraging a more adaptive approach in terms of varying needs and preferences.
Thanks to the evolution of smart phone technology, most people prefer the use of social media platforms to suit their needs, for the most credible of business sources are those with the most prominent of presences on social media platforms. The credibility is further improved by the fact that it is not easy to duck the clutches of angry clients and customers on social media as most of the popular networks provide very simple and visible systems of response and feedback.
Accurate market intelligence devices through the employment of data received through social media platforms can save the business a good amount of investment costs in terms of ventures that are likely to fail and instead more can be focused on those which are likely to bloom in terms of sales, profits and business activity all in all to keep the firm in the loop of the market. More effective business marketing strategies can also be shaped up with the help of social media devices.
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