When insights are utilized to create a marketing plan and strategy, it can help in achieving measurable goals such as increasing brand loyalty and generating more sales. The insights can be gleaned from many sources, including customer data, competitor research and even cultural or social trends that impact the behavior of consumers.
To gain insights marketers blend their own life/work experiences with systematically collected and analysed data sets. This process is referred to as market research and https://www.syedmarketingblog.com/get-20-subscribers-by-craigslist-daily/ should be conducted to ensure that the data adds to value and inspires a specific course-of-action. It is crucial to remember that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight should lead to a better understanding of future and current buyers on the market, and enable informed decisions for growth strategy and recognize opportunities for innovation.
Insights can help optimize resource use by focusing on areas that have the greatest potential and removing the waste of less promising areas. They help businesses compare their performance against the industry standard and competition, allowing them to improve over time. By identifying trends and forecasting future conditions, insights can guide long-term plans.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media advertising. It can be executed by a business directly, or through a third-party agency who is responsible for creating the marketing strategy for their clients (B2C) or on behalf of a whole sector of the economy, such as agriculture or tourism (B2B). If your company sells power tools, you might consider advertising in the home improvement stores as well as general contractors.