When data-driven insights are utilized to create a marketing plan, it can help achieve tangible goals like increasing brand loyalty and closing more sales. The information can be gleaned from numerous sources, such as customer data and competitor research. There are also social or cultural trends that impact the behavior of consumers.
Marketers draw on their own experiences and work with data sets that are collected and analyzed systematically to gain insight. This process, also known as market research, must be conducted in such that the information adds value and spurs an action plan. It is crucial to remember that the term “insights” should not be confused with general knowledge or raw data. Insight can help you better understand current and future buyers, allow for well-informed decisions about growth strategies and help identify innovation opportunities.
Insights help optimize resources which focuses efforts on areas with the greatest potential and eliminating the waste from less promising areas. They also allow performance benchmarking against industry standards and competitors which allows companies to improve their practices over time. Data can also guide long-term planning by showing trends or forecasting future conditions that could impact a company’s merchandise and services.
There are many types of marketing, ranging from traditional word-of mouth campaigns to social media ad. It can be carried out by a company directly or by a third-party agent that is tasked with establishing strategies for marketing their clients (B2C) or for an entire sector of the economy, like tourism or agriculture (B2B). For example, if your business sells power tools, it might be beneficial to promote your products in the home improvement stores or to general contractors.
