When data is utilized to create the development of a marketing strategy this can assist in achieving objectives that are quantifiable, like increasing brand loyalty and generating more sales. The insights can be gleaned from various sources, including customer information, competitor analysis, and even social or culture trends that affect consumer behavior.
Marketers combine their own experiences and work with data sets that are gathered and analyzed thoroughly to gain insight. This is known as market research and should be conducted so that the information is of value and motivates a particular plan of action. It is important to keep in mind that the term « insight » should not be used in conjunction with raw data or general knowledge. Insight should help improve understanding of current and future buyers in the market, enable informed decisions for growth strategy and recognize opportunities for innovation.
Insights help optimize resources by focusing on areas that have the greatest potential, and eliminating waste from less promising ones. They enable businesses to compare their performance against industry standards and their competitors and allow them to improve over time. By providing trends and forecasting future trends, insights can guide long-term plans.
There are various types of marketing, ranging from traditional word-of mouth campaigns to social media ad. It can be carried out by a corporation or a third party agency that is tasked with establishing strategies for their clients’ marketing like agriculture or tourism (B2C) or for a whole sector of the economy, for instance B2B. If your company sells power tools, you might be interested in advertising in the home improvement stores as well as general contractors.