When a marketing plan is guided by data which are quantifiable, it allows advancement towards goals like building brand https://www.syedmarketingblog.com/google-sniper-2-0/ loyalty and closing sales. The insights can be gleaned from various sources, such as customer data and competitor research. There are also cultural or social trends that impact the behavior of consumers.
To gain insights marketers blend their personal work and life experiences with carefully collected and analyzed data sets. This is referred to as market research and should be conducted in a way that the information adds value and inspires a specific course-of-action. It’s important to understand that the term “insight” isn’t to be used interchangeably with raw data or general knowledge. Insight is a way to gain a better understanding of the current and future buyers on the market, and enable informed decisions for growth strategy and identify opportunities for innovation.
Insights enable resource optimization and focus on areas that have the highest potential and eliminating the waste from less promising areas. They also facilitate performance benchmarking against industry standards and competition 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 product or services.
There are many kinds of marketing, from traditional word-of mouth campaigns to social media advertising. It can be done by a company directly, or by a third-party company responsible for establishing a marketing strategy for their clients (B2C) or for an entire segment of the economy, like tourism or agriculture (B2B). If your business sells power tools, you might be interested in advertising in home improvement stores and general contractors.