When a marketing plan is guided by data and data, it allows for quantifiable progress towards objectives such as building brand loyalty and closing sales. Insights can be found from many sources, including customer information and competitor research. There are also cultural and social trends that influence the behavior of consumers.

Marketers blend their own experiences and utilize data sets that are collected and analyzed thoroughly to gain insight. This process is called market research and should be conducted so that the information adds the value of the information and can be used to guide a specific strategy of action. It is important to note that the term „insights“ should not be used in conjunction with general knowledge or raw data. Insight should help to better know the current and future needs of buyers and allow for more informed decisions on growth strategy and help identify innovation opportunities.

Insights enable resource optimization by focusing on areas with the greatest potential, and eliminating the waste of less promising areas. They enable businesses to compare their performance against industry standards and competitors https://www.syedmarketingblog.com/best-software-for-marketing-and-data-management and allow them to improve over time. By revealing trends and forecasting future conditions, insights can guide long-term plans.

There are different types of marketing from traditional word-of mouth campaigns to social media advertising. It can be done by a company directly, or by a third-party agency that is tasked with establishing a marketing strategy for their clients (B2C) or for an entire sector of the economy like tourism or agriculture (B2B). For example If your business sells power tools, it might be logical to promote your products at home improvement stores or to general contractors.