Marketing Insights
If insights are utilized to inform a marketing plan that can be used to achieve specific goals, such as increasing brand loyalty and generating more sales. Insights can be found from many sources, including data from customers or competitor research, and even social or cultural trends that impact the behavior of consumers.
To gain insight marketers mix their personal work and life experiences with carefully collected and analysed data sets. This process is referred to as market research and should be conducted in a way that the data provides the value of the information and can be used to guide a specific strategy of action. It's important to understand however that the term "insight" is not to be used interchangeably with raw data or general knowledge. Insight will help you understand the needs of current and potential buyers, allow for an informed decision on growth strategy and help identify innovation opportunities.
Insights allow for resource optimization which focuses efforts on areas with the highest potential and eliminating the waste from less promising areas. They help businesses compare their performance against industry standards and their competitors, allowing them to improve over time. By uncovering trends and forecasting future conditions, insights can guide 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 tasked with creating strategies for their clients' marketing for specific industries, like tourism or agriculture, (B2C) or for a whole sector of the economy, such as the B2B. For example, if your business sells power tools, it would be logical to promote your products in the home improvement stores or to general contractors.
