When a marketing plan is driven by insights which are quantifiable, it allows progress towards objectives such as building brand loyalty and closing sales. Insights can be found from a variety of sources, including data from customers and competitor research. There are also social or cultural patterns that affect the behavior of consumers.
To gain insights marketers blend their personal experiences from their work/life with meticulously collected and analysed data sets. This process is referred to as market research and should be conducted in a way that the information adds value and inspires a specific plan of action. It is important to keep in mind however that the term “insight” isn’t to 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 allow resource optimization by choosing areas with the greatest potential and removing the waste of less promising areas. They https://www.syedmarketingblog.com/generated-post-2/ enable businesses to compare their performance against benchmarks and competitors which allows them to improve over time. Data can also guide long-term planning by showing trends or forecasting future events that could affect a company’s products and services.
There are many kinds of marketing, ranging from traditional word-of-mouth campaigns to social media ads. It is usually done by a company or a third party agency, which is responsible for generating marketing strategies for their clients for specific industries, like tourism or agriculture, (B2C), or for an entire segment of the economy, for instance B2B. If your business sells power tools, you might decide to promote your business in the home improvement stores as well as general contractors.