When data-driven insights are used to guide the development of a marketing strategy, it can help achieve tangible goals like increasing brand loyalty and closing more sales. You can find insights from various sources, like customer data, competitor analysis, as well as social or cultural trends that influence the behavior of consumers.
To gain insight, marketers combine their own experience from work or life with meticulously collected and analysed data sets. This process is called market research and should be conducted in a way that the information is of the value of the information and can be used to guide a specific plan of action. It’s important to understand, however, that the term “insight” shouldn’t be used interchangeably with raw data or general knowledge. Insight should help improve understanding of the current and future buyers on the market, and enable the making of informed decisions about growth strategies and recognize opportunities for innovation.
Insights help optimize resources by choosing areas with the greatest potential, and eliminating waste from less promising. They also allow performance useful reference benchmarking against industry standards and competitors which allows businesses to improve their own practices over time. Information can also help guide long-term planning by revealing trends or forecasting future events that could affect a company’s product and services.
There are various types of marketing ranging from traditional word of mouth campaigns to social media advertising. It is carried out by a business directly, or by a third-party company responsible for establishing a marketing strategy for their clients (B2C) or on behalf of an entire sector of the economy, such as agriculture or tourism (B2B). For instance the case of a business that sells power tools, it would make sense to advertise your products at home improvement stores or to general contractors.