If insights are used to guide a marketing plan and strategy, it can help in achieving objectives that are quantifiable, like increasing brand loyalty and generating more sales. There are insights to be found in many sources, such as customer information, competitor analysis, and even social or culture patterns that influence consumer behavior.
Marketers combine their own experiences and work with data sets that are collected and analyzed thoroughly to gain insight. This process is referred to as market research and should be conducted so that the information is of value and motivates a particular strategy of action. It is important to note that the term « insights » should not be confused with general knowledge or raw data. Insight can help you better comprehend the needs of buyers today and in the future and allow for more informed decisions regarding growth strategies, and recognize innovation opportunities.
Insights can help optimize resource use by choosing areas with the greatest potential, and eliminating waste from less promising ones. They also aid in benchmarking performance against competitors and industry standards and allow businesses to improve their own practices as time passes. Data can also guide long-term planning by identifying trends or forecasting future conditions that could impact a company’s merchandise and services.
There are many different types of marketing, from traditional word-of-mouth campaigns to social media advertisements. It can be executed by a company directly, or by a third-party company who is responsible for creating the marketing strategy for their clients (B2C) or for the entire segment of the economy, like tourism or agriculture (B2B). If your company sells power tools, you may consider advertising in the home improvement stores as well as to general contractors.