When insights are used to drive the marketing strategy, it can help achieve specific goals, such as increasing brand loyalty and closing more sales. There are insights to be found in numerous sources, including customer information, competitor analysis, as well as social or cultural trends that influence the behavior dig this of consumers.
To gain insights marketers mix their personal work and life experiences with carefully collected and analyzed data sets. This is known as market research and should be conducted so that the data adds to value and inspires a specific plan of action. It is important to keep in mind, however, that the term “insight” should not be used in conjunction with raw data or general knowledge. Insight should help improve understanding of current and potential buyers in the market, enable informed decisions for growth strategy and recognize opportunities for innovation.
Insights allow resource optimization by choosing areas with the greatest potential and removing waste from less promising. They help businesses compare their performance against the industry standard and competition and allow them to improve over time. Data can also guide long-term planning by providing trends or forecasting future conditions that may impact a company’s merchandise and service offerings.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media ads. It can be done by a company or third party agency that is responsible for generating strategies for their clients’ marketing such as tourism or agriculture, (B2C) or for a whole sector of the economy, for instance B2B. If your company sells power tools, you might decide to promote your business in the home improvement stores as well as general contractors.