If a marketing strategy can be driven by insights and data, it allows for quantifiable improvements towards goals such as building brand loyalty and closing sales. Information can be obtained from many sources, including customer data as well as competitor research. It can also include the cultural or social changes that affect the behavior of consumers.

Marketers draw on their own experiences and work with data sets that are collected and then analyzed to gain insights. This process, which is referred to as market research, should be conducted in a way that the data adds value and spurs a specific course of action. It is important to understand that the term “insights” should not be used interchangeably with https://www.syedmarketingblog.com/setting-up-an-autoresponder-series-part-2 general knowledge or raw data. Insight should help to better understand the needs of current and potential buyers make informed decisions regarding growth strategies and identify opportunities for innovation.

Insights can be used to optimize resource use which focuses efforts on areas with the greatest potential and eliminating the waste in less promising areas. They also aid in benchmarking performance against industry standards and competitors that allow businesses to improve their own practices over time. By revealing trends and forecasting future conditions information can help guide long-term plans.

There are many kinds of marketing ranging from traditional word of mouth campaigns to social media ad. It can be carried out by a company or third party agency that is tasked with creating marketing strategies for their clients for specific industries, like tourism or agriculture, (B2C), or for an entire segment of economy, such as B2B. For instance the case of a business that sells power tools, it might make sense to advertise your products at home improvement stores or to general contractors.