If a marketing strategy can be driven by insights which are quantifiable, it allows progress towards objectives such as building brand loyalty and closing sales. The insights can be gleaned from various sources, such as customer data or competitor research, and even social or cultural trends that influence the behavior of consumers.

To gain insight, marketers combine their own life/work experiences with systematically collected and analysed data sets. This process, referred to as market research, should be conducted in such a way that the data provides value and enables the decision-making process. It is important to remember that the term “insight” is not to be used in conjunction with raw data or general knowledge. Insight should drive better understanding of future and current buyers in the market, enable the making of informed decisions about growth strategies and identify opportunities for innovation.

Insights help optimize https://www.syedmarketingblog.com/let-others-drive-tons-of-web-traffic-for-you/ resources by focusing efforts on areas that have the highest potential and reducing waste in less promising ones. They allow businesses to benchmark their performance against benchmarks and competitors which allows them to improve over time. Insights can also guide long-term planning by revealing trends or forecasting future events that could impact a company’s product or services.

There are numerous kinds of marketing, ranging from traditional word-ofmouth campaigns to social media advertisements. It is usually done by a company or third party agency, which is responsible for generating marketing strategies for their clients like agriculture or tourism (B2C) or for an entire sector of the economy, for instance the B2B. If your business sells power tools, you might want to advertise in home improvement stores and general contractors.