When insights are used to drive an effective marketing strategy that can be used to achieve measurable goals such as increasing brand loyalty and generating more sales. The insights can be gleaned from many sources, such as customer data, competitor research and even cultural and social changes that affect the behavior of consumers.

Marketers combine their own experiences with data sets that are gathered and then analyzed to gain insights. This process is called market research and should be conducted so that the information adds the value of the research and leads to a specific plan of action. It is important to keep in mind however that the term «insight» is not to be used interchangeably with raw https://www.syedmarketingblog.com/secure-data-rooms-the-cornerstone-of-modern-business-security/ data or general knowledge. Insight is a way to better know the current and future needs of buyers, allow for well-informed decisions about growth strategies, and recognize innovation opportunities.

Insights can help optimize resource use by focussing on areas with the greatest potential and removing the waste of less promising areas. They help businesses compare their performance against benchmarks and competitors and allow them to improve over time. Data can also guide long-term planning by identifying trends or forecasting future events that could affect a company’s products and services.

There are a variety of types of marketing, from traditional word-ofmouth campaigns to social media advertisements. It can be carried out by a business directly, or by a third-party agency that is tasked with establishing an effective marketing plan for their clients (B2C) or on behalf of a whole segment of the economy, like tourism or agriculture (B2B). If your business sells power tools, you might decide to promote your business in the home improvement stores as well as to general contractors.