When a marketing plan is driven by insights and data, it allows for quantifiable progress towards goals such as building brand loyalty and closing sales. The insights can be gleaned from numerous sources, including customer information as well this website as competitor research. It can also include social or cultural trends that influence consumer behavior.
To gain insight marketers blend their own experience from work or life with meticulously collected and analysed data sets. This is known as market research and should be conducted so that the information is of value and motivates a particular strategy of action. It’s important to note that the term “insight” should not be used in conjunction with raw data or general knowledge. Insight can help you better understand the needs of current and potential buyers, allow for informed decisions on growth strategy, and recognize innovation opportunities.
Insights allow resource optimization by focusing on areas with the most potential and eliminating waste from less promising ones. They allow businesses to benchmark their performance against the industry standard and competition which allows them to improve over time. By providing trends and forecasting future trends information can help guide long-term plans.
There are a variety of types of marketing, ranging from traditional word-of mouth campaigns to social media ads. It could be handled by a company or a third party agency, which is tasked with establishing strategies for their clients’ marketing like agriculture or tourism (B2C), or for an entire segment of the economy, like B2B. If your business sells power tools, you might be interested in advertising in home improvement stores and to general contractors.