When insights are utilized to inform a marketing plan, it can help achieve measurable goals such as increasing brand loyalty and generating more sales. You can find insights from various sources, including customer data, competitor analysis and even the social or cultural trends that influence the behavior of consumers.
To gain insights marketers mix their personal work and life experiences with carefully collected and analyzed data sets. This is referred to as market research and should be conducted in a manner that the information is of the value of the information and can be used to guide a specific course-of-action. It is important to understand that the term “insights” should not be used to mean general knowledge or raw data. Insight should lead to a better understanding of current and potential buyers on the market, and enable the making of informed decisions about growth strategies and identify opportunities for innovation.
Insights help optimize resources and focus on areas with the greatest potential and reducing the waste in less promising areas. They enable businesses to compare their performance against benchmarks and competitors and allow them to improve over time. The insights can also aid in long-term planning by showing trends or forecasting future events that could affect a company’s products and service offerings.
There are many different types of marketing, from traditional word-of-mouth campaigns to social media ads. It can be executed by a company directly, or by a third-party agency responsible for establishing a marketing strategy for their clients (B2C) or on behalf of a whole segment of the economy, like tourism or agriculture (B2B). For instance If your business sells power tools, it may be logical to promote your products at home improvement stores or to general contractors.