When data is used to drive an effective marketing strategy, it can help achieve measurable goals such as increasing brand loyalty and generating more sales. You can get insights from many sources, such as customer data, competitor analysis, and even social or culture trends that affect the behavior of consumers.
Marketers mix their personal experiences with data sets that are gathered and analyzed in a systematic manner to gain insight. This process, referred to as market research, should be conducted in such a way that the software for marketing and data management data adds value and spurs an action plan. It’s important to note, however, that the term “insight” is not to be used in conjunction with raw data or general knowledge. Insight should help improve understanding of future and current buyers in the market, enable informed decisions for growth strategy and identify opportunities for innovation.
Insights can help optimize resource use by choosing areas with the greatest potential and removing waste from less promising. They also allow performance benchmarking against industry standards and competition that allow companies to improve their practices over time. Insights can also guide long-term planning by showing trends or forecasting future conditions that could affect a company’s product and service offerings.
There are many types of marketing from traditional word-of mouth campaigns to social media ads. It can be executed by a firm directly, or by a third-party company responsible for establishing strategies for marketing their clients (B2C) or on behalf of a whole sector of the economy such as agriculture or tourism (B2B). For instance when your company sells power tools, it might be logical to promote your products in home improvement stores or to general contractors.