When data-driven insights are used to guide the marketing strategy this can assist in achieving objectives that are quantifiable, like increasing brand loyalty and generating more sales. The information can be gleaned from many sources, such as customer data, competitor research and even social or cultural patterns that affect the behavior of consumers.
Marketers combine their own experiences with data sets that are collected and analyzed thoroughly to gain insight. This process is referred to as market research and should be conducted in a manner that the data adds to value and inspires a specific plan of action. 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 comprehend the needs of buyers today and in the future and allow for more informed decisions on growth strategy and help identify innovation opportunities.
Insights help optimize resources and focus on areas with the highest potential and reducing the waste from less promising areas. They also allow performance benchmarking against industry standards and competitors which allows companies to improve their practices over time. By revealing trends and forecasting future trends, insights can guide long-term plans.
There are a variety of types of marketing, from traditional word-ofmouth campaigns to social media advertisements. It can be executed by a business directly, or by a third-party company tasked with creating the marketing strategy for their clients (B2C) or for an entire sector of the economy like tourism or agriculture (B2B). For example, if your business sells power tools, it would make sense to advertise your products at home improvement stores or to general contractors.