When data is utilized to inform a marketing plan, it can help achieve tangible goals like increasing brand loyalty and closing more sales. The information can be gleaned from various sources, including data from customers, competitor research and even social or cultural trends that impact consumer behavior.
To gain insight marketers mix their personal life/work experiences with systematically collected and analyzed data sets. This process, referred to as market research, must be conducted in such that the data can be used to support the decision-making process. It is important to remember, however, that the term “insight” should not be used interchangeably with raw data or general knowledge. Insight should drive better understanding of the current and future buyers on the market, and enable an informed decision-making process for growth strategy and identify opportunities for innovation.
Insights enable resource optimization by focusing efforts on areas with the highest potential and eliminating waste in less promising ones. They also allow performance benchmarking against industry standards and competition that allow companies to improve their https://www.syedmarketingblog.com/why-digital-marketing-tracking-software-is-important-for-affiliates/ practices as time passes. Insights can also guide long-term planning by revealing trends or forecasting future events that could affect a company’s products and service offerings.
There are a variety of types of marketing, from traditional word-ofmouth campaigns to social media ads. It is usually done by a company or a third party agency that is responsible for generating strategies for their clients’ marketing like agriculture or tourism (B2C), or for a broad sector of the economy, like the B2B. For example the case of a business that sells power tools, it might make sense to advertise your products in stores for home improvement or to general contractors.