When a marketing plan is guided by data, it allows for measurable progress towards goals such as building brand loyalty and closing sales. The information can be gleaned from many sources, including customer information as well as competitor research. It can also include cultural or social patterns that affect consumer behavior.
To gain insights marketers blend their own life/work experiences with systematically collected and analysed data sets. This process is called market research and should be conducted to ensure that the information adds the value of the research and leads to a specific method of action. It is important to keep in mind that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight will help you understand current and future buyers make an informed decision on growth strategy and help identify innovation opportunities.
Insights enable resource optimization by focussing on areas with the greatest potential, and eliminating waste from less promising areas. They enable businesses to compare their performance against the industry standard and competition so that they can improve over time. By identifying trends and forecasting future conditions data can aid in planning long-term plans.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media ads. It can be done by a company or third-party agency, which is tasked with creating strategies for their clients’ marketing, such as tourism or agriculture, (B2C) or for a broad sector of the economy, such as B2B. For example when your company sells power tools, it would be logical to promote your products in stores for home improvement or to general contractors.
https://www.syedmarketingblog.com/winning-and-fresh-strategy-for-your-business