If insights are used to drive the development of a marketing strategy this can assist in achieving specific goals, such as increasing brand loyalty and generating more sales. The information can be gleaned from many sources, including customer information as well as competitor research. It can also include cultural or social trends that influence the behavior of consumers.
Marketers mix their personal experiences and use data sets that are collected and analyzed systematically to gain insights. This process, which is referred to as market research, should be conducted in such that the data provides value and enables an action plan. It is important to note that the term “insights” should not be confused with general knowledge or raw data. Insight should lead to a better understanding of future and current buyers in the market, enable an informed decision-making process for growth strategy and identify opportunities for innovation.
Insights allow resource optimization by choosing areas with the most potential and eliminating waste from less promising. They help businesses compare their performance against the industry standard and competition which allows them to improve over time. By uncovering trends and forecasting future conditions data can aid in planning long-term plans.
There are various types of marketing from traditional word-of mouth campaigns to social media advertisements. It can be executed by a business directly, or through a third-party agency tasked with creating a marketing strategy for their clients (B2C) or for an entire sector of the economy, such as agriculture or tourism (B2B). If your company sells power tools, you may consider advertising in the home improvement stores as well as to general contractors.