Marketing Insights
When data is used to drive a marketing plan this can assist in achieving objectives that are quantifiable, like increasing brand loyalty and closing more sales. There are insights to be found in many sources, such as customer data, competitor analysis and even cultural or social trends that affect consumer behavior.
Marketers mix their personal experiences and utilize data sets that are collected and then analyzed to gain insights. This process, called market research, must be conducted in such a way that the data can be used to support a specific course of action. It is important to remember, however, that the term “insight” shouldn’t be used interchangeably with raw data or general knowledge. Insight should help to better comprehend the needs of buyers today and in the future make informed decisions regarding growth strategies and identify opportunities for innovation.
Insights can be used to optimize resource use which focuses efforts on areas with the highest potential and eliminating the waste in less promising areas. They also assist in benchmarking performance against competitors and industry standards, allowing businesses to improve their own practices as time passes. By providing trends and forecasting future conditions the insights can be used to guide long-term plans.
There are a variety of types of marketing, ranging from traditional word-of mouth campaigns to social media ads. It can be carried out by a business directly, or through a third-party agency tasked with creating strategies for marketing their clients (B2C) or for an entire sector of the economy, like tourism or agriculture (B2B). For instance, if your business sells power tools, it would be beneficial to promote your products at home improvement stores or to general contractors.