When a marketing strategy is driven by insights and data, it allows for quantifiable improvements towards goals such as building brand loyalty and closing sales. Information can be obtained from various sources, including customer data, competitor research and even social or cultural patterns that affect consumer behavior.
Marketers mix their personal experiences with data sets that are collected and analyzed in a systematic manner to gain insights. This process, referred to as market research, must be conducted in that the data can be used to support a specific course of action. It is important to keep in mind however that the term „insight“ should not be used interchangeably with raw data or general knowledge. Insight should help improve understanding of future and current buyers in the market, enable better decisions regarding growth strategies and recognize opportunities for innovation.
Insights enable resource optimization by choosing areas with the most potential and eliminating waste from less promising areas. They let businesses measure their performance against the industry standard and competition, allowing them to improve over time. By providing trends and forecasting future trends, insights can guide long-term plans.
There are different types of marketing from traditional word-of mouth campaigns to social media advertising. It is carried out by a business directly, or by a third-party agency that is tasked with establishing an effective marketing plan for their clients (B2C) or on behalf of an entire sector of the economy, such as agriculture or tourism (B2B). If your company sells power tools, you might be interested in advertising in home improvement stores and to general contractors.