Marketing Insights
When a marketing strategy is guided by data, it allows for measurable improvements towards goals such as building brand loyalty and closing sales. Insights can be found from various sources, including customer data, competitor research and even cultural or social changes that affect consumer behavior.
Marketers combine their own experiences and use data sets that are collected and then analyzed to gain insight. This is known as market research and should be conducted to ensure that the data adds to the value of the information and can be used to guide a specific method of action. It is important to remember that the term “insight” is not to be used in conjunction with raw data or general knowledge. Insight will help you understand the needs of current and potential buyers and allow for more informed decisions regarding growth strategies and identify opportunities for innovation.
Insights enable resource optimization which focuses efforts on areas with the greatest potential and reducing the waste in less promising areas. They let businesses measure their performance against benchmarks and competitors so that they can improve over time. Data can also guide long-term planning by providing trends or forecasting future conditions that could impact a company’s product or service offerings.
There are many types of marketing from traditional word-of mouth campaigns to social media ads. It can be carried out by a business directly, or by a third-party agent who is responsible for creating the marketing strategy for their clients (B2C) or on behalf of a whole segment of the economy, such as agriculture or tourism (B2B). For example the case of a business that sells power tools, it may be logical to promote your products in home improvement stores or to general contractors.
