-
Notifications
You must be signed in to change notification settings - Fork 0
/
Module 1
34 lines (18 loc) · 2.83 KB
/
Module 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Market intelligence is defined as the information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics.This module aims to:
Introduce you to the concept of market intelligence,
Uncover why building market intelligence is important with the help of a case study.
Let’s understand how businesses use market intelligence with the help of an example.
Do you have a sweet tooth? Are you someone who loves ice-cream? Are you also someone who has heard of Little Moons? Whether or not your answer is yes to all these questions, you’re in for a sweet-treat! 😉
Little Moons is a UK-based mochi ice-cream brand that shot to fame in 2021 through a viral Tik Tok trend. What was the trend though? This, this was the trend—
Little Moons took to TikTok, setting up a business account to organically enhance their brand recognition. In February 2020, they executed a One Day Max In-Feed Ad campaign. This type of advertisement appears directly on TikTok's For You Page, blending seamlessly with user content as they scroll, giving it a natural look and feel as opposed to seeming like a sponsored ad.
The advertisement was designed to be fun, captivating, and educational.
It highlighted that Little Moons could be purchased at Tesco supermarkets and suggested letting the dessert sit for 5 minutes before indulging in its creamy gelato wrapped in soft mochi dough.
This straightforward advertisement propelled Little Moons to stardom in the dessert category, with Tesco sales soaring by 1,300%.
The advertisement itself amassed 6.7 million views, and the Little Moons TikTok profile grew to 137,000 followers. Furthermore, it sparked a widespread TikTok craze, inspiring users to search for Little Moons in their local stores and share reviews of every flavor they discovered. The hashtags #LittleMoons and #Littlemoonsmochi have since gathered over 101 million and 80 million views, respectively.
But!
Did these soaring social media numbers also indicate long term growth for the brand? Not quite!
In case of Little Moon, they were assisted by Asset, a market research firm specializing in consumer research, to help them identify the right and ideal customer to keep growing their revenue.
Benefits of building market intelligence:
To summarize, building market intelligence allows businesses to get information from a larger sample size of their target audience, eliminating bias and assumptions so that they can make better business decisions from knowing the bigger picture.
ADDITIONAL OPTIONAL WATCH (for later): Top 10 Market Research Companies in 2022
This article tells you exactly why! Before you read the article, here’s a quick side note: consumer profiling is a sort of market research. Now off you go reading the article: