If a marketing strategy can be guided by data and data, it allows for quantifiable progress towards objectives such as building brand loyalty and closing sales. The insights can be gleaned from numerous sources, such as customer data and competitor research. There are also cultural or social trends that influence the behavior of consumers.
Marketers combine their own experiences with data sets that are gathered and analyzed thoroughly to gain insights. This process is called market research and should be conducted so that the information is of value and inspires a specific course-of-action. It is important to note that the term «insights» should not be used interchangeably with general knowledge or raw data. Insight should help improve understanding of current and future buyers in the market, which will allow better decisions regarding growth strategies and recognize opportunities for innovation.
Insights can help optimize resource use by focusing on areas with the most potential and eliminating waste from less promising. They let businesses measure their performance against the industry standard and competition and allow them to improve over time. By revealing trends and forecasting future trends the insights can be used to guide long-term plans.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media advertising. It could be handled by a company get 100s of subscribers or a third party agency, which is tasked with creating strategies for their clients’ marketing such as agriculture or tourism (B2C) or for a broad sector of the economy, like the B2B. For example when your company sells power tools, it may be beneficial to promote your products in home improvement stores or to general contractors.