If insights are used to drive the development of a marketing strategy, it can help achieve tangible goals like increasing brand loyalty and closing more sales. The insights can be gleaned from a variety of sources, such as customer data or competitor research, and even cultural or social trends that impact the behavior of consumers.
To gain insight marketers blend their own work and life experiences with carefully collected and analyzed data sets. This process, also known as market research, should be conducted in that the information adds value and spurs an action plan. It is important to keep in mind that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight should help to better comprehend the needs of buyers today and in the future and allow for more an informed decision on growth strategy and help identify innovation opportunities.
Insights can be used to optimize resource use and focus on areas that have the highest potential and reducing the waste in less promising areas. They also facilitate performance benchmarking against industry standards and competitors which allows companies to improve their practices over time. By providing trends and forecasting future trends information can help guide long-term plans.
There are a variety of types of marketing, ranging from traditional word-ofmouth campaigns to social media ads. It could be handled by a corporation or a third-party agency, which is responsible for generating marketing strategies for their clients like agriculture or tourism (B2C) or for an entire sector of the economy, like the B2B. If your business sells power tools, you may be interested in advertising in home improvement stores and to general contractors.