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If insights are used to guide the marketing strategy this can assist in achieving specific goals, such as increasing brand loyalty and generating more sales. The information can be gleaned from many sources, including customer information or competitor research, and even the cultural or social trends that influence the behavior of consumers.
To gain insights marketers blend their own work and life experiences with carefully collected and analysed data sets. This is referred to as market research and should be conducted in a manner that the information is of value and motivates a particular strategy of action. It is important to understand that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight is a way to gain a better understanding of current and future buyers in the market, allowing an informed decision-making process for growth strategy and identify opportunities for innovation.
Insights allow resource optimization by focusing on areas with the greatest potential and removing waste from less promising. They let businesses measure their performance against industry standards and competitors which allows them to improve over time. By uncovering trends and forecasting future conditions, insights can guide long-term plans.
There are various types of marketing, ranging from traditional word-of mouth campaigns to social media ad. It can be carried out by a company or a third party agency that is tasked with creating strategies for their clients’ marketing like tourism or agriculture, (B2C) or for a broad sector of the economy, like the B2B. If your business sells power tools, you may decide to promote your business in home improvement stores and general contractors.