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 insights can be gleaned from many sources, such as customer data, competitor analysis and even social or culture trends that influence the behavior of consumers.
To gain insight marketers mix their personal work and life experiences with carefully collected and analysed data sets. This process, referred to as market research, should be conducted in that the data adds value and spurs an action plan. It is important to remember however that the term “insight” isn’t to be used interchangeably with raw data or general knowledge. Insight should help to better comprehend the needs of buyers today and in the future make well-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 greatest potential and reducing waste in less promising ones. They help businesses compare their performance against the industry standard and competition and allow them to improve over time. Data can also guide long-term planning by providing trends or forecasting future conditions that may affect a company’s product and services.
There are different types of marketing, from traditional word-of mouth campaigns to social media advertising. It can be done by a business or a third party agency that is tasked with creating marketing strategies for their clients like agriculture or tourism (B2C) or for a broad sector of economy, such as B2B. If your company sells power tools, you might decide to promote your business in home improvement stores and to general contractors.
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