If a marketing strategy can be driven by insights which are quantifiable, it allows advancement towards goals like building brand loyalty and closing sales. Insights can be found from numerous sources, including customer information, competitor research and even cultural or social changes that affect consumer behavior.
Marketers combine their own experiences and work with data sets that are collected and analyzed in a systematic manner to gain insights. This is referred to as market research and should be conducted to ensure that the information is of the value of the information and can be used to guide a specific method of action. It is important to remember, however, that the term « insight » is not to be used interchangeably with raw data or general knowledge. Insight is a way to gain a better understanding of future and current buyers in the market, enable informed decisions for growth strategy and recognize opportunities for innovation.
Insights can help optimize resource use by choosing areas with the greatest potential and removing the waste of less promising areas. They enable businesses to compare their performance against the industry standard and competition and allow them to improve over time. By revealing trends and forecasting future trends data can aid in planning long-term plans.
There are numerous 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 that is tasked with creating marketing strategies for their clients like agriculture or tourism (B2C) or for a whole sector of the economy, like the B2B. For example the case of a business that sells power tools, it may be sensible to advertise your products in the home improvement stores or to general contractors.