If a marketing strategy is driven by insights, it allows for measurable advancement towards goals like building brand loyalty and closing sales. The information can be gleaned from many sources, including customer information, competitor research and even cultural or social changes that affect consumer behavior.
Marketers draw on their own experiences with data sets that are gathered and then analyzed to gain insights. This process, which is referred to as market research, should be conducted in that the data provides value and enables the decision-making process. It is important to note that the term "insights" should not be used to mean general knowledge or raw data. Insight will help you comprehend the needs of buyers today and in the future and allow for more an informed decision on growth strategy, and recognize innovation opportunities.
Insights enable resource optimization, focusing efforts on areas that have the highest potential and eliminating the waste in less promising areas. They also aid in benchmarking performance against industry standards and competitors, allowing companies to improve their practices over time. By providing trends and forecasting future conditions, insights can guide long-term plans.
There are a variety of types of marketing, from traditional word-of-mouth campaigns to social media advertisements. It can be carried out by a business or a third party agency, which is charged with developing strategies for their clients' marketing, such as tourism or agriculture, (B2C) or for an entire segment of the economy, like B2B. For example If your business sells power tools, it may make sense to advertise your products at home improvement stores or to general contractors.