If a marketing strategy can be driven by insights and data, it allows for quantifiable progress towards goals such as building brand loyalty and closing sales. The insights can be gleaned from numerous sources, such as customer data, competitor research and even cultural or social changes that affect the behavior of consumers.
Marketers mix their personal experiences with data sets that are gathered and analyzed in a systematic manner to gain insights. This process, called market research, should be conducted in such that the data adds value and spurs an action plan. It is important to keep in mind that the term « insights » should not be used in conjunction with general knowledge or raw data. Insight will help you understand current and future buyers make well-informed decisions about growth strategies, and recognize innovation opportunities.
Insights enable resource optimization, focusing efforts on areas with the greatest finding a profitable niche potential and eliminating the waste in less promising areas. They help businesses compare their performance against benchmarks and competitors so that they can improve over time. Information can also help guide long-term planning by providing trends or forecasting future events that could affect a company’s products and service offerings.
There are many types of marketing ranging from traditional word of mouth campaigns to social media ads. It is carried out by a business directly, or by a third-party company responsible for establishing strategies for marketing their clients (B2C) or for an entire sector of the economy, like tourism or agriculture (B2B). For example when your company sells power tools, it would be logical to promote your products at home improvement stores or to general contractors.