When a marketing strategy is guided by data which are quantifiable, it allows progress towards goals such as building brand loyalty and closing sales. You can get insights from various sources, like customer data, competitor analysis, and even social or culture trends that influence the behavior of consumers.
To gain insight marketers blend their own experiences from their work/life with meticulously collected and analysed data sets. This is known as market research and should be conducted so that the information adds value and motivates a particular plan of action. It is important to keep in mind, however, that the term “insight” isn’t to be used in conjunction with raw data or general knowledge. Insight will help you understand current and future buyers, allow for informed decisions regarding growth strategies and help identify innovation opportunities.
Insights allow resource optimization by focussing on areas with the greatest potential, and eliminating the waste of less promising areas. They also facilitate performance benchmarking against competitors and industry standards which allows companies to improve their practices as time passes. By providing trends and forecasting future trends the insights can be used to guide long-term plans.
There are numerous kinds of marketing, ranging from traditional word-of-mouth campaigns to media ads. It can be done by a business or a third party agency, which is tasked with creating marketing strategies for their clients, such as tourism or agriculture, (B2C), or for a broad sector of the economy, for instance the B2B. For instance when your company sells power tools, it would make sense to advertise your products at home improvement stores or to general contractors.
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