If a marketing strategy can be guided by data which are quantifiable, it allows improvements towards goals such as building brand loyalty and closing sales. You can get insights from various sources, like customer data, competitor analysis and even social or culture trends that influence the behavior of consumers.
Marketers combine their own experiences and use data sets that are collected and analyzed thoroughly to gain insight. This process, referred to as market research, must be conducted in such that the data provides value and enables a specific course of action. It is important to understand that the term “insights” should not be used in conjunction with general knowledge or raw data. Insight should lead to a better understanding of current and potential buyers on the market, and enable informed decisions for growth strategy and recognize opportunities for innovation.
Insights enable resource optimization by focusing on areas with the greatest potential and removing waste from less promising. They enable businesses to compare their performance against the industry standard and competition so that they can improve over time. Data can also guide long-term planning by providing trends or forecasting future conditions that may affect a company’s product and service offerings.
There are different types of marketing from traditional word-of mouth campaigns to social media ads. It can be done by a company directly, or by a third-party agency who is responsible for creating strategies for marketing their clients (B2C) or on behalf of an entire segment of the economy, like tourism or agriculture (B2B). If your business sells power tools, you may consider advertising in the home improvement stores as well as to general contractors.
