Marketing Insights

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When a marketing plan is guided by data that are measurable, it can help make progress towards objectives such as building brand loyalty and closing sales. There are insights to be found in many sources, such as customer information, competitor analysis, as well as social or cultural trends that affect consumer behavior.

To gain insight marketers blend their personal work and life experiences with carefully collected and analyzed data sets. This process is called market research and should be conducted to ensure that the information is of the value of the research and leads to a specific plan of action. It is important to note that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight is a way to better understand current and future buyers and allow for more informed decisions regarding growth strategies and identify opportunities for innovation.

Insights can be used to optimize resource use, focusing efforts on areas with the greatest potential and eliminating waste in less promising areas. They also allow performance benchmarking against industry standards and competition, allowing companies to improve their practices as time passes. Information can also help guide long-term planning by revealing trends or forecasting future events that could impact a company’s merchandise and services.

There are many kinds of marketing, from traditional word-of-mouth campaigns to social media ads. It could be handled by a company or a third party agency that is charged with developing marketing strategies for their clients such as tourism or agriculture, (B2C), or for a broad sector of economy, such as B2B. If your company sells power tools, you might consider advertising in the home improvement stores as well as general contractors.