When a marketing plan is driven by insights and data, it allows for quantifiable advancement towards goals like building brand loyalty and closing sales. The insights can be gleaned from numerous sources, such as customer data or competitor research, and even cultural and social trends that influence the behavior of consumers.
Marketers combine their own experiences and utilize data sets that are gathered and analyzed systematically to gain insights. This process, which is referred to as market research, must be conducted in such that the data provides value and enables the decision-making process. It’s important to note, however, that the term “insight” should not be used in conjunction with raw data or general knowledge. Insight should drive better understanding of current and potential buyers in the market, allowing informed decisions for growth strategy and identify opportunities for innovation.
Insights enable resource optimization and focus on areas with the greatest potential and eliminating the https://www.syedmarketingblog.com/omnipresent-email-marketing-is-it-still-effective waste in less promising areas. They also allow performance benchmarking against industry standards and competition and allow businesses to improve their own practices over time. By revealing trends and forecasting future trends data can aid in planning long-term plans.
There are many kinds of marketing ranging from traditional word of mouth campaigns to social media ads. It can be done by a business directly, or by a third-party agency that is tasked with establishing strategies for marketing their clients (B2C) or on behalf of a whole segment of the economy, like tourism or agriculture (B2B). If your company sells power tools, you may want to advertise in the home improvement stores as well as to general contractors.
