When a marketing plan is guided by data that are measurable, it can help make progress towards goals such as building brand loyalty and closing sales. Insights can be found from a variety of sources, including customer data and competitor research. There are also cultural and social trends that impact the behavior of consumers.

To gain insights marketers mix their personal work and life experiences with carefully collected and analysed data sets. This process, called market research, must be conducted in that the data provides value and enables the decision-making process. It is important to remember, however, that the term “insight” is not to be used interchangeably with raw data or general knowledge. Insight should help to better know the current and future needs of buyers and allow for more well-informed decisions about growth strategies and identify opportunities for innovation.

Insights help optimize resources and focus on areas with the greatest potential and reducing waste in less promising ones. They let businesses measure their performance against benchmarks and competitors which allows them to improve over time. Insights can also guide long-term planning by identifying trends or forecasting future events that could affect a company’s product and services.

There are many kinds of marketing from traditional word-of mouth campaigns to social media advertising. It can be done by a company or a third-party agency, which is charged with developing strategies for their clients’ marketing like agriculture or tourism (B2C), or for a whole sector of the economy, for instance B2B. If your business sells power tools, you might want to advertise in the home improvement stores as well https://www.syedmarketingblog.com/setting-up-an-autoresponder-series-part-2/ as to general contractors.