When data is used to guide an effective marketing strategy, it can help achieve measurable goals such as increasing brand loyalty and generating more sales. The insights can be gleaned from many sources, such as customer data, competitor analysis and even the social or cultural trends that affect the behavior of consumers.

To gain insight, marketers combine their own work and life experiences with carefully collected and analysed data sets. This process is called market research and should be conducted in a manner that the information adds the value of the information and can be used to guide a specific method of action. It is important to remember that the term « insight » shouldn’t be used in conjunction with raw data or general knowledge. Insight should help improve understanding of future and current buyers in the market, enable the making of informed decisions about growth strategies and identify opportunities for innovation.

Insights can be used to optimize resource use by focusing efforts on areas with the most potential and reducing the waste in less promising areas. They help businesses compare their performance against industry standards and competitors so that they can improve over time. Data can also guide long-term planning by identifying trends or forecasting future conditions that could impact a company’s merchandise and services.

There are many different types of marketing, ranging from traditional word-of mouth campaigns to social media ads. It can be executed by a firm directly, or by a third-party agent that is tasked with establishing strategies for marketing their clients (B2C) or on behalf of an entire sector of the economy like tourism or agriculture (B2B). If your company sells power tools, you might decide to promote your business in the home improvement stores as well as general contractors.

https://www.syedmarketingblog.com/drive-targeted-traffic-by-h-a-r-0