Marketing Insights
If a marketing strategy can be driven by insights, it allows for measurable progress towards goals such as building brand loyalty and closing sales. Insights can be found from numerous sources, including customer information, competitor research and even the cultural or social trends that impact consumer behavior.
Marketers draw on their own experiences and utilize data sets that are collected and analyzed systematically to gain insight. This process, also known as market research, must be conducted in such a way that the data is valuable and can lead to the decision-making process. It is crucial to remember that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight will help you understand current and future buyers enable an informed decision on growth strategy and help identify innovation opportunities.
Insights can be used to optimize resource use, focusing efforts on areas with the most potential and eliminating the waste from less promising areas. They also facilitate performance benchmarking against competitors and industry standards which allows businesses to improve their own practices over time. Insights can also guide long-term planning by showing trends or forecasting future conditions that may affect a company’s products and services.
There are many kinds of marketing, from traditional word-of-mouth campaigns to social media advertisements. It can be executed by a company directly or by a third-party company tasked with creating an effective marketing plan for their clients (B2C) or on behalf of a whole segment of the economy, like tourism or agriculture (B2B). If your company sells power tools, you may consider advertising in the home improvement stores as well as to general contractors.
