When data-driven insights are used to drive the development of a marketing strategy that can be used to achieve specific goals, such as increasing brand loyalty and generating more sales. Information can be obtained from a variety of sources, including customer information, competitor research and even cultural or social patterns that affect consumer behavior.
Marketers blend their own experiences and work with data sets that are collected and analyzed systematically to gain insights. This process, called market research, should be conducted in such a way that the data is valuable and can lead to an action plan. It’s important to understand, however, that the term “insight” is not to be used in conjunction with raw data or general knowledge. Insight should help to better understand the needs of current and potential buyers, allow for informed decisions regarding growth strategies and identify opportunities for innovation.
Insights help optimize resources which focuses efforts on areas with the highest potential and eliminating the waste in less promising areas. They enable businesses to compare their performance against industry standards and their competitors so that they can improve over time. The insights can also aid in long-term planning by identifying trends or forecasting future events that could affect a company’s product and services.
There are different types of marketing, from traditional word-of find this mouth campaigns to social media advertising. It can be done by a company directly, or by a third-party company that is tasked with establishing strategies for marketing their clients (B2C) or for an entire sector of the economy such as agriculture or tourism (B2B). For example If your business sells power tools, it would be beneficial to promote your products in stores for home improvement or to general contractors.