"Especially in a down economy," writes Barbara Bix in a Pro article at MarketingProfs, "it's important to understand where the opportunities are—and how to capitalize on them." To learn how one company has approached the challenge, she spoke with the head of marketing intelligence for a midsize provider of B2B software solutions. His department's key responsibilities include:

• Collecting, mining and leveraging customer and prospect data. "For most businesses," Bix says, "the fastest and most cost-effective way to win business is to sell into the current customer base. Therefore, it's no surprise that this company devotes most of its market intelligence budget to analyzing and reporting on its customers and current prospects."
• Conducting market research. "The primary responsibility for [this task] falls to the company's product and industry groups," writes Bix. "The market intelligence group, however, is responsible for ensuring the quality and consistency of that research across product groups."
• Managing strategic planning. "Each year," she says, "the market intelligence team works with each of the customer-facing groups to incorporate any changes in market dynamics, or customer requirements, which could affect the company's long-term direction. Every six months, they also review the tactical plan and make adjustments, if needed."

The Po!nt: More than ever, marketing intelligence can help you reach the right customer with the right offer.

Source: MarketingProfs. Click here for the full post.

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