If insights are used to drive a marketing plan, it can help achieve tangible goals like increasing brand loyalty and closing more sales. You can get insights from various sources, like customer information, competitor analysis, and even social or culture patterns that influence the behavior of consumers.
To gain insight marketers mix their personal experiences from their work/life with meticulously collected and analysed data sets. This process, called market research, must be conducted in such a way that the data adds value and spurs a specific course of action. It is important to note that the term “insights” should not be used to mean general knowledge or raw data. Insight is a way to gain a better understanding of future and current buyers in the market, allowing the making of informed decisions about growth strategies and identify opportunities for innovation.
Insights help optimize resources, focusing efforts on areas with the greatest potential and reducing waste in less promising areas. They also facilitate performance benchmarking against industry standards and competition that allow businesses to improve their own practices over time. By providing 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 advertisements. It is carried out by a company directly or by a third-party agency responsible for establishing strategies for marketing their clients (B2C) or on behalf of an entire sector of the economy, such as agriculture or tourism (B2B). For example when your company sells power tools, it might be logical to promote your products in home improvement stores or to general contractors.