If a marketing strategy is driven by insights and data, it allows for quantifiable progress towards goals such as building brand loyalty and closing sales. You can find insights from various sources, like customer data, competitor analysis and even cultural or social trends that influence the behavior of consumers.
Marketers combine their own experiences and work with data sets that are collected and analyzed systematically to gain insight. This process, which is referred to as market research, must be conducted in such that the information is valuable and can lead to a specific course of action. It is important to understand that the term «insights» should not be used interchangeably with general knowledge or raw data. Insight should drive better understanding of the current and future buyers in the market, enable better decisions regarding growth strategies and identify opportunities for innovation.
Insights help optimize resources by focussing on areas with the greatest potential, and eliminating waste from less promising areas. They also allow performance benchmarking against competitors and industry standards which allows businesses marketing insights to improve their own practices over time. By revealing trends and forecasting future trends data can aid in planning long-term plans.
There are a variety of types of marketing, ranging from traditional word-of mouth campaigns to social media advertisements. It can be executed by a company directly or by a third-party company who is responsible for creating a marketing strategy for their clients (B2C) or for the entire sector of the economy, like tourism or agriculture (B2B). If your company sells power tools, you may be interested in advertising in the home improvement stores as well as general contractors.