When a marketing plan is driven by insights, it allows for measurable progress towards goals such as building brand loyalty and closing sales. The insights can be gleaned from various sources, including customer data, competitor analysis and even cultural or social trends that affect consumer behavior.
To gain insight marketers blend their personal experience from work or life with meticulously collected and analysed data sets. This process is called market research and should be conducted in a way that the data adds to value and inspires a specific method of action. It is important to note that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight is a way to better 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 enable resource optimization, focusing efforts on areas with the most potential and reducing the waste in less promising areas. They also aid in benchmarking performance against competitors and industry standards which allows companies to improve their practices as time passes. The insights can also aid in long-term planning by showing trends or forecasting future conditions that may impact a company’s product or services.
There are numerous kinds of marketing, ranging from traditional word-ofmouth campaigns to social media advertisements. It can be executed by a business directly, or through a third-party agency tasked with creating the marketing strategy 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 may want to advertise in the home improvement stores as well as general contractors.