If a marketing strategy can be driven by insights and data, it allows for quantifiable improvements towards goals such as building brand loyalty and closing sales. Insights can be found from many sources, including customer information or competitor research, and even social or cultural changes that affect the behavior of consumers.
To gain insight marketers blend their own experiences from their work/life with meticulously collected and analysed data sets. This is known as market research and should be conducted to ensure that the information adds the value of the information and can be used to guide a specific method of action. It is important to understand that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight should lead to a better understanding of future and current buyers in the market, enable better decisions regarding growth strategies and recognize opportunities for innovation.
Insights can help optimize resource use by focusing on areas that have the greatest potential, and eliminating waste from less promising ones. They help businesses compare their performance against industry standards and their competitors and allow them to improve over time. By revealing trends and forecasting future conditions the insights can be used to guide long-term plans.
There are many kinds of marketing, from traditional word-of mouth campaigns to social media advertising. It is usually done by a corporation or a third-party agency, which is tasked with creating marketing strategies for their clients, such as agriculture or tourism (B2C), or for a whole sector of the economy, for instance the B2B. For example the case of a business that sells power tools, it might be logical to promote your products at home improvement stores or to general contractors.
