If a marketing strategy is guided by data that are measurable, it can help make improvements towards goals such as building brand loyalty and closing sales. Insights can be found from numerous sources, including customer information and competitor research. There are also cultural and social changes that affect the behavior of consumers.
To gain insight marketers blend their own experiences from their work/life with meticulously collected and analyzed data sets. This is referred to as market research and should be conducted in a way that the information is of the value of the research and leads to a specific plan of action. It is crucial to remember that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight should help improve understanding of future and current buyers in the market, enable the making of informed decisions about growth strategies and identify 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 also aid in benchmarking performance against industry standards and competition that allow companies to improve their practices as time passes. The insights can also aid in long-term planning by showing trends or forecasting future events that could affect a company’s product and service offerings.
There are various types of marketing, ranging from traditional word-of mouth campaigns to social media advertising. It can be carried out by a company or third-party agency, which is charged with developing marketing strategies for their clients for specific industries, like agriculture or tourism (B2C) or for an entire sector of economy, such as 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.