When insights are used to guide the development of a marketing strategy this can assist in achieving measurable goals such as increasing brand loyalty and generating more sales. The information can be gleaned from many sources, including data from customers and competitor research. There are also cultural or social trends that influence the behavior of consumers.

To gain insight marketers mix their personal experiences from their work/life with meticulously collected and analyzed data sets. This is known as market research and should be conducted in a manner that the data provides the value of the information and can be used to guide a specific plan of action. It is important to understand that the term “insights” should not be used in https://www.syedmarketingblog.com/ conjunction with general knowledge or raw data. Insight can help you better know the current and future needs of buyers, allow for informed decisions on growth strategy and identify opportunities for innovation.

Insights enable resource optimization by focusing efforts on areas that have the highest potential and reducing the waste in less promising areas. They let businesses measure their performance against the industry standard and competition and allow them to improve over time. By revealing trends and forecasting future conditions information can help guide long-term plans.

There are many kinds of marketing, ranging from traditional word-of mouth campaigns to social media ads. It could be handled by a company or third party agency, which is charged with developing strategies for their clients’ marketing for specific industries, like agriculture or tourism (B2C) or for a broad sector of the economy, like B2B. For example when your company sells power tools, it may make sense to advertise your products in the home improvement stores or to general contractors.