When insights are utilized to create a marketing plan this can assist in achieving objectives that are quantifiable, like increasing brand loyalty and closing more sales. The insights can be gleaned from various sources, like customer data, competitor analysis and even social or culture trends that influence consumer behavior.

To gain insights, marketers combine their own experience from work or life with meticulously collected and analyzed data sets. This process is referred to as market research and should be conducted in a manner that the information is of the value of the information and can be used to guide a specific course-of-action. It is important to keep in mind however that the term “insight” isn’t to be used interchangeably with my review here raw data or general knowledge. Insight is a way to better understand the needs of current and potential buyers and allow for more informed decisions regarding growth strategies, and recognize innovation opportunities.

Insights allow resource optimization by focussing on areas with the greatest potential, and eliminating waste from less promising areas. They help businesses compare their performance against industry standards and their competitors and allow them to improve over time. By revealing trends and forecasting future conditions the insights can be used to guide long-term plans.

There are different types of marketing, from traditional word-of mouth campaigns to social media ad. It can be executed by a company directly, or by a third-party agent who is responsible for creating the marketing strategy for their clients (B2C) or for the entire sector of the economy such as agriculture or tourism (B2B). If your company sells power tools, you may want to advertise in the home improvement stores as well as general contractors.