When a marketing plan is driven by insights that are measurable, it can help make improvements towards goals such as building brand loyalty and closing sales. Insights can be found from numerous sources, such as customer data and competitor research. There are also cultural or social trends that impact consumer behavior.
To gain insight marketers mix their personal life/work experiences with systematically collected and analysed data sets. This is known as market research and should be conducted to ensure that the data provides the value of the information and can be used to guide a specific plan of action. It is important to understand that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight is a way to better understand the needs of current and potential buyers, allow for well-informed decisions about growth strategies, and recognize innovation opportunities.
Insights enable resource optimization by focusing on areas with the greatest potential and removing the waste of less promising areas. They also aid in benchmarking performance against industry standards and competition, allowing businesses to improve their own practices over time. Information can also help guide long-term planning by identifying trends or forecasting future events that could impact a company’s product or services.
There are many kinds of marketing ranging from traditional word of mouth campaigns to social media advertising. It can be done by a firm directly, or by a third-party agent who is responsible for creating the marketing strategy for their clients (B2C) or for the entire sector of the economy such as agriculture or tourism (B2B). For example when your company sells power tools, it would be beneficial to promote your products in home improvement stores or to general contractors.