Does it give you a kick to bring out the next big market disruption? Are you interested in finding trends that are most important to consumers and businesses? Are you a creative thinker with the ability to develop ideas into executable plans? Then, you can consider this really cool profession, in which you can evaluate new business opportunities and develop strategies for your brand’s market penetration.
While the U.S., Europe and other parts of the world are using Marketing Intelligence (MI) in a big way, India is far behind. Harnessing technology to achieve marketing objectives is estimated to be worth $120 billion globally. The Indian market is a mere $100-150 million currently. The current trend towards digitisation will also lead to Marketing Intelligence being required to present business growth analytics.
What it involves
For those who work in Marketing Intelligence, the Business Development team will be your closest colleagues but you will also work broadly across Marketing Communication. Your daily work will involve collaborating with the management on its goals, planning, and forecasting short- and long-term business development plans. You will need to be aware of new developments in the industry, track investments, opportunities and trends at a global and local level.
You need to use data to enable and take scientific decisions for current and the upcoming goals. Strong analytical skills and ability to interpret and translate data into non-technical, commercial recommendations are also necessary.
Education
Relevant tertiary qualifications (Bachelors Degree/Diploma in Business, Marketing and/or Research/Statistics) are necessary. Employers require certified education in Marketing Intelligence, Consumer Insights or Research Environment, all of which are available in India and abroad. A few organisations may also want familiarity with SQL queries on large data sets to extract and manipulate data. Marketing students will also learn about MI software tools as part of their curriculum. Job readiness also requires strong communication skills and capabilities to articulate complex analysis to both technical and non-technical audiences.
In the digital world triggered by COVID-19, Marketing Intelligence is going to be the most important differentiator.
The writer is Integrated Marketing Specialist at Topline Consulting Group
