If a marketing strategy can be driven by insights, it allows for measurable advancement towards goals like building brand loyalty and closing sales. The insights can be gleaned from many sources, such as customer data, competitor analysis, and even social or culture patterns that influence the behavior of consumers.
To gain insight, marketers combine their own life/work experiences with systematically collected and analysed https://www.syedmarketingblog.com/why-you-need-autoresponder-to-build-web-business/ data sets. This is referred to as market research and should be conducted so that the data provides value and inspires a specific method of action. It is important to understand that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight is a way to better know the current and future needs of buyers, allow for informed decisions on growth strategy, and recognize innovation opportunities.
Insights can help optimize resource use by focusing on areas with the greatest potential and removing the waste of less promising areas. They let businesses measure their performance against industry standards and their competitors so that they can improve over time. Insights can also guide long-term planning by identifying trends or forecasting future events that could impact a company’s product or services.
There are many types of marketing ranging from traditional word of mouth campaigns to social media advertising. It is carried out by a business directly, or by a third-party agent tasked with creating strategies for marketing their clients (B2C) or on behalf of an entire sector of the economy like tourism or agriculture (B2B). If your business sells power tools, you might be interested in advertising in the home improvement stores as well as general contractors.
