If insights are used to drive an effective marketing strategy and strategy, it can help 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 as well as social or cultural patterns that influence the behavior of consumers.

To gain insights, marketers combine their own life/work experiences with systematically collected and analyzed data sets. This is known as market research and should be conducted in a manner that the data provides value and inspires a specific plan of action. It’s important to understand, however, that the term “insight” should not be used interchangeably with raw data or general knowledge. Insight is a way to better comprehend the needs of buyers today and in the future enable an informed https://www.syedmarketingblog.com/mobile-money-code/ decision on growth strategy and identify opportunities for innovation.

Insights allow resource optimization by focusing on areas with the most potential and eliminating waste from less promising areas. 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 showing trends or forecasting future conditions that could affect a company’s products and service offerings.

There are various types of marketing ranging from traditional word of mouth campaigns to social media ad. It can be executed by a company directly, or by a third-party agent that is tasked with establishing a marketing strategy for their clients (B2C) or for the entire sector of the economy, like tourism or agriculture (B2B). If your business sells power tools, you might be interested in advertising in the home improvement stores as well as general contractors.