When a marketing plan is driven by insights which are quantifiable, it allows progress towards goals such as building brand loyalty and closing sales. Information can be obtained from numerous sources, such as customer data and competitor research. There are also cultural and social trends that impact the behavior of consumers.
To gain insights marketers mix their personal work and life experiences with carefully collected and analysed data sets. This process, referred to as market research, must be conducted in a way that the data can be used to support an action plan. It’s important to note, however, that this content the term “insight” isn’t to be used in conjunction with raw data or general knowledge. Insight should help improve understanding of current and potential buyers on the market, and enable better decisions regarding growth strategies and identify opportunities for innovation.
Insights allow resource optimization by focusing on areas with the greatest potential, and eliminating the waste of less promising areas. They also assist in benchmarking performance against industry standards and competitors that allow businesses to improve their own practices as time passes. Insights can also guide long-term planning by revealing trends or forecasting future conditions that may impact a company’s product or services.
There are various types of marketing from traditional word-of mouth campaigns to social media ads. It can be done by a company directly or by a third-party agent tasked with creating a marketing strategy for their clients (B2C) or for the entire sector of the economy like tourism or agriculture (B2B). For example when your company sells power tools, it would be sensible to advertise your products in home improvement stores or to general contractors.
