When a marketing plan is guided by data that are measurable, it can help make advancement towards goals like building brand loyalty and closing sales. The information can be gleaned from numerous sources, including customer data or competitor research, and even cultural or social changes that affect the behavior of consumers.
Marketers blend their own experiences and utilize data sets that are gathered and analyzed in a systematic manner to gain insights. This process is referred to as market research and should be conducted to ensure that the data provides value and inspires a specific strategy of action. It is important to keep in mind that the term “insights” should not be confused with general knowledge or raw data. Insight is a way to better understand current and future buyers and allow for more informed decisions regarding growth strategies and identify opportunities for innovation.
Insights help optimize resources by focusing on areas with the greatest potential, and eliminating waste from less promising areas. They allow businesses to benchmark their performance against industry standards and their competitors which allows them to improve over time. By providing trends and forecasting future conditions, insights can guide long-term plans.
There are various types of marketing from traditional word-of mouth campaigns to social media ad. It is carried out by a company directly, or through a third-party agency responsible for establishing the marketing strategy for their clients (B2C) or on behalf of an entire sector of the economy such as agriculture or tourism (B2B). If your company sells power tools, you may want to advertise in home improvement stores and general contractors.
