When data is utilized to inform a marketing plan and strategy, it can help in achieving measurable goals such as increasing brand loyalty and generating more sales. You can find insights from various sources, including customer data, competitor analysis as well as social or cultural trends that influence the behavior of consumers.

To gain insight marketers mix their personal experience from work or life with meticulously collected and analyzed data sets. This is referred to as market research and should be conducted to ensure that the data provides value and motivates a particular plan of action. It is important to keep in mind that the term “insights” should not be used interchangeably with general knowledge or raw data. Insight should drive better understanding of current and future buyers on the market, and enable the making of informed decisions about growth strategies and recognize opportunities for innovation.

Insights enable resource optimization by focussing on areas with the greatest potential, and eliminating waste from less promising ones. They also assist in benchmarking performance against competitors and industry standards that allow businesses to improve their own practices as time passes. By identifying trends and forecasting future trends, insights can guide long-term plans.

There are many types of marketing, ranging from traditional word-of mouth campaigns to social media advertising. It can be executed by a business directly, or by a third-party agent who is responsible for creating strategies for marketing their clients (B2C) or on behalf of a whole sector of the economy such as agriculture or tourism (B2B). If your company sells power tools, you might consider advertising in the home improvement stores as well as general contractors.

https://www.syedmarketingblog.com/finding-a-profitable-niche/