Marketing Insights
When insights are used to drive a marketing plan this can assist in achieving tangible goals like increasing brand loyalty and closing more sales. The insights can be gleaned from various sources, including customer data, competitor analysis and even cultural or social trends that influence consumer behavior.
To gain insights marketers mix their personal experiences from their work/life with meticulously collected and analyzed data sets. This process, also known as market research, should be conducted in such a way that the data can be used to support the decision-making process. It is important to keep in mind that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight should help to better understand the needs of current and potential buyers enable informed decisions on growth strategy and help identify innovation opportunities.
Insights help optimize resources which focuses efforts on areas with the most potential and eliminating the waste from less promising areas. They also aid in benchmarking performance against industry standards and competitors that allow companies to improve their practices as time passes. By providing trends and forecasting future trends data can aid in planning long-term plans.
There are many kinds of marketing, ranging from traditional word-of-mouth campaigns to social media advertisements. It can be carried out by a company or third-party agency, which is responsible for generating marketing strategies for their clients like tourism or agriculture, (B2C), or for an entire segment of the economy, like B2B. If your company sells power tools, you might consider advertising in the home improvement stores as well as general contractors.