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If a marketing strategy can be driven by insights and data, it allows for quantifiable progress towards goals such as building brand loyalty and closing sales. There are insights to be found in numerous sources, including customer data, competitor analysis, as well as social or cultural trends that affect consumer behavior.
To gain insights marketers blend their own life/work experiences with systematically collected and analyzed data sets. This process is called market research and should be conducted to ensure that the information is of value and motivates a particular method of action. It is important to remember, however, that the term “insight” isn’t to be used in conjunction with raw data or general knowledge. Insight is a way to better know the current and future needs of buyers, allow for informed decisions regarding growth strategies and help identify innovation opportunities.
Insights help optimize resources which focuses efforts on areas with the most potential and eliminating waste in less promising ones. They allow businesses to benchmark their performance against industry standards and competitors so that they can improve over time. Insights can also guide long-term planning by showing trends or forecasting future conditions that could affect a company’s product and service offerings.
There are many kinds of marketing ranging from traditional word of mouth campaigns to social media ad. It can be carried out by a corporation or a third-party agency, which is responsible for generating marketing strategies for their clients for specific industries, like tourism or agriculture, (B2C) or for a whole sector of economy, such as B2B. For example If your business sells power tools, it may be beneficial to promote your products in home improvement stores or to general contractors.
