When a marketing strategy is driven by insights which are quantifiable, it allows advancement towards goals like building brand loyalty and closing sales. The insights can be gleaned from a variety of sources, including data from customers or competitor research, and even social or cultural trends that influence the behavior of consumers.
Marketers combine their own experiences and work with data sets that are collected and analyzed in a systematic manner to gain insight. This process, which is referred to as market research, must be conducted in a way that the data adds value and spurs the decision-making process. It’s important to note that the term “insight” isn’t to be used in conjunction with raw data or general knowledge. Insight is a way to better understand the needs of current and potential buyers enable informed decisions on growth strategy and help identify innovation opportunities.
Insights help optimize resources which focuses efforts on areas that have the highest potential and reducing the waste in less promising areas. They also aid in benchmarking performance against competitors and industry standards, allowing businesses to improve their own practices as time passes. By identifying trends and forecasting future conditions, insights can guide long-term plans.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media advertising. It can be done by a firm directly, or by a third-party agency that is tasked with establishing the marketing strategy for https://www.syedmarketingblog.com/creating-the-squeeze-page-part-1/ their clients (B2C) or on behalf of an entire segment of the economy, like tourism or agriculture (B2B). If your company sells power tools, you might decide to promote your business in the home improvement stores as well as general contractors.