UK Marketers - Engagement
Market Intelligence is currently being adopted more and more in the UK with 3/4th of Marketers and Financiers having faith that market intelligence will help them prepare for predicting changes in the market. Market Intelligence has already been implemented by companies such as Turner and Townsend with them releasing their Market Intelligence Report in Spring 2017. Market Intelligence also discovered that a 5% increase in customer loyalty will boost profits by 85% with multiple UK companies. With the second largest Market Research Sector in 2016 it was surprising to discover that it had shown a slower growth rate when compared to the US.
Market Intelligence in use and uses
UK Market Intelligence is currently running strong with only 1/4th of the Marketers and Financiers having no faith in Market Intelligence with 26% of marketers and 23% of financiers believing that their market intelligence would not prepare them for predicting changes. With this information we can see that 74% of marketers and 77% of financiers do believe that Market Intelligence would help them in predicting change.
Market Intelligence Data is also driving Marketing Methodology with the advent of marketing automation platforms as seen with what James Wray (Digital Analyst) says, "As businesses familiarize themselves with marketing automation platforms, we’re going to begin seeing more and more campaigns that harness market intelligence over the coming months. Data such as a prospect’s age, location, lifestyle and consumer patterns continues to drive marketing methodology, allowing brands to send out the right communications to the right prospects… at just the right moment."
An example of the efficiency of data obtained from Market Intelligence is seen with the survey done by Visionone which discovered that, “Many companies lose over 45% of their customers every five years and just a small 5% increase in customer loyalty can increase profits up to 85% depending on the industry.” These insights come from Market Intelligence data and helps a company to take effective decisions not explored so far.
Visionone also showed how a study of Brand Equity through scores given on 8 parameters help in understanding the growth potential of a brand. "With 80% of the UK population going online regularly in 2017, almost four out of every five internet users do it via a smartphone. These near-ubiquitous devices are the communication's success story of the last decade, with 42.7 million UK smartphone users this year. Although the growth is likely to slow as penetration increases, it is thought that over two-thirds of the population will be using a smartphone by 2019." But even though EE is the market leader as a network provider, the Brand Equity study by Vision one suggests that Giffgaff is the brand with the highest brand equity and set to continue growing for the foreseeable future.
Some industries in UK, such as Turner and Townsend, are using Market Intelligence for their benefit. Turner and Townsend has published their own Market Intelligence Report for Spring 2017 which has charted out data backed insights regarding their operations in coming years. For example Chart 1 in page 4 gives Turner & Townsend tender price index in terms of Annual percentage change for both Infrastructure and building for years 2016 – 2021.
Companies in UK are using Market Intelligence in a larger scale than rest of the world. As per an article published on 20th of September 2017, The market for the traditional global market research sector in UK in 2016 was $6.6bn and was the second largest market in the world after with 15% Market share after US. This Indicates that companies in UK are using Market Intelligence in a larger scale than rest of the world. Also, according the article the Growth was slower in the biggest markets of US and UK which indicates saturation in the Industry. Whereas, increasing legislation such as the European GDPR and the Do Not Call Lists in the US and UK, will have an impact on how research is conducted for gathering market intelligence data in the future
UK Market Intelligence is trusted by 3/4 of Marketers and Financiers as of 2017, will be important for Marketing Methodology online since it will help to realize the key moment to show an advert to the right person, discovered that 5% increase to customer loyalty with boost profits by 85% and help retain customers by 45% every 5 years.
It also showed a possible growth by Giffgaff that may occur with current market conditions and in other cases it helped with showing a company's projections of costs and profits like in the case of Turner and Townsend.