Are your prospects scrutinizing every detail of the proposal you’re pitching? Whether you’re selling media space, creative services or digital marketing services, you have to provide the right information at the right time. Because prospects want the best value for their money, you should use market intelligence tools to ensure you’re using the most relevant and up-​to-​date data. Without that competitive edge, you could easily lose the deal.

How to Use Market Intelligence Tools

As you work with your prospect, you’ll want to position yourself as a credible source of knowledge. You can only do that if you regularly use market intelligence tools. You can begin by learning about the industry your prospect operates in. The best decision-​makers should be tracking new product and service announcement in the industry to stay ahead of what their competitors are doing. Do your prospects know if a new class of customers has started purchasing products that are similar to what they sell? If that’s happening, your prospect has the opportunity to sell to a new target market.

At most small businesses, decision-​makers don’t have time to track industry developments. You can increase your credibility and your chances of closing a deal if you share industry information with them that they haven’t yet heard. Devote a few minutes every day to reading trade news in your target industries. Products like AdMall from SalesFuel make it easy for sellers to find that information in one place.

The Difference Between Business Intelligence and Market Intelligence

Business intelligence refers to data specifically about a company, while market intelligence looks at the overall trends,” writes Jamie Johnson for businessnewsdaily​.com. While you regularly research your target industry, you should also keep tabs on the changes that your prospect company is making. Has a new CEO taken charge of the business? If so, you might want to review that individual’s LinkedIn profile. Take note of whether they were brought into the organization as a change agent or if they were promoted. The knowledge can help you position the solution you’re trying to sell.

By consistently reviewing press releases and news reports about your prospect company, you’ll also learn about their commitment to environmental, social and corporate governance (ESG) issues. If you happen to support a local nonprofit organization that the prospect also donates to, you have a positive way to connect with them.

You’ll find it easier to track this information if you sign up for an automated tool such as the Company Monitoring feature offered in SalesCred. With that tool, you’ll see news on specific companies as it happens and be prepared for your next conversation with decision-makers.

Understanding Digital Marketing Trends

Selling advertising and digital marketing services requires you to possess knowledge of what your prospect’s competitors are doing. Your contacts at the prospect’s company won’t always know how they stack up in terms of display ads that have been run or the number of customer reviews that exist. But that’s exactly the kind of information you need to sell your proposal. Because the prospect and their competitors will be targeting the same audience, you'll benefit by showing them what they need to do to become more visible. The Digital Audit, from AdMall by SalesFuel, serves as a powerful market intelligence tool when you need to convince your prospect to invest in digital marketing.

Having access to great market intelligence tools isn’t the only thing you need. To succeed in today’s marketplace where the speed of information continues to increase, you need the right mindset. Set aside time every day to consider how to best use the data you have to make a difference for your client and deliver the best ROI.

Jonathan Robles at Pexels.