When a marketing strategy is guided by data and data, it allows for quantifiable advancement towards goals like building brand loyalty and closing sales. The information can be gleaned from many sources, including customer information or competitor research, and even the cultural or social trends that impact consumer behavior.
To gain insights, marketers combine their own experiences from their work/life with meticulously collected and analyzed data sets. This process is referred to as market research and should be conducted to ensure that the data adds to value and motivates a particular method of action. It’s important to note, however, that the term “insight” should not be used interchangeably with raw data or general knowledge. Insight should help to better understand the needs of current and potential buyers, allow for informed decisions on growth strategy and identify opportunities for innovation.
Insights help optimize resources, focusing efforts on areas with the highest potential and reducing the waste from less promising areas. They allow businesses to benchmark their performance against industry standards and their competitors which allows them to improve over time. By providing trends and forecasting future trends, insights can guide long-term plans.
There are many kinds of marketing, from traditional word-of mouth campaigns to social media advertisements. It can be done by a company or a third-party agency, which is tasked with establishing marketing strategies for their clients, such as tourism or agriculture, (B2C), or for a whole sector of economy, such as the B2B. If your company sells power tools, you may check here want to advertise in the home improvement stores as well as general contractors.