If a marketing strategy is guided by data which are quantifiable, it allows advancement towards goals like building brand loyalty and closing sales. Information can be obtained from many sources, including data from customers or competitor research, and even cultural or social trends that influence consumer behavior.
Marketers combine their own experiences and utilize data sets that are gathered and analyzed in a systematic manner to gain insight. This process is referred to as market research and should be conducted to ensure that the data provides value and inspires a specific strategy of action. It’s important to note however that the term « insight » is not to be used interchangeably with raw data or general knowledge. Insight should drive better understanding of future and current buyers on the market, and enable the making of informed decisions about growth strategies and identify opportunities for innovation.
Insights can help optimize resource use by focusing on areas with the greatest potential, and eliminating waste from less promising ones. They also allow performance benchmarking against industry standards and competition and allow businesses to improve their own practices as time passes. By identifying trends and forecasting future conditions information can help guide long-term plans.
There are various types of marketing ranging from traditional word of mouth campaigns to social media ads. It can be carried out by a company or third party agency, which is tasked https://www.syedmarketingblog.com/finding-a-profitable-niche with creating marketing strategies for their clients, such as tourism or agriculture, (B2C), or for an entire segment of the economy, like the B2B. For instance, if your business sells power tools, it might be logical to promote your products in home improvement stores or to general contractors.