When data is used to guide a marketing plan this can assist in achieving specific goals, such as increasing brand loyalty and closing more sales. Information can be obtained from numerous sources, including customer data or competitor research, and even social or cultural trends that influence consumer behavior.
To gain insight marketers mix their personal work and life experiences with carefully collected and analyzed data sets. This process, called market research, should be conducted in that the information adds value and spurs an action plan. It is important to remember, however, that the term “insight” shouldn’t be used in conjunction with raw data or general knowledge. Insight should drive better understanding of future and current buyers in the market, which will allow better decisions regarding growth strategies and identify opportunities for innovation.
Insights help optimize resources by focusing on areas that have the greatest potential, and eliminating the waste of less promising areas. They also aid in benchmarking performance against industry standards and competitors and allow companies to improve their practices over time. Insights can also guide long-term planning by identifying trends or forecasting future conditions that could impact a company’s product or services.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media ad. It can be done by a company or a third party agency that is charged with developing marketing strategies for their clients such as tourism or agriculture, (B2C) or for a whole sector of the economy, like B2B. If your company sells power tools, you might decide to promote your business in home improvement stores and to general contractors.
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