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When a marketing strategy is driven by insights that are measurable, it can help make improvements towards goals such as building brand loyalty and closing sales. You can find insights from various sources, including customer information, competitor analysis, and even cultural or social trends that affect consumer behavior.

To gain insight marketers blend their own life/work experiences with systematically collected and analysed data sets. This process, referred to as market research, must be conducted in such a way that the data can be used to support the decision-making process. It is crucial to remember that the term “insights” should not be used to mean general knowledge or raw data. Insight should help to better understand current and future buyers, allow for an informed decision on growth strategy, and recognize innovation opportunities.

Insights help optimize resources and focus on areas that have the highest potential and eliminating the waste in less promising areas. They allow businesses to benchmark their performance against the industry standard and competition so that they can improve over time. The insights can also aid in long-term planning by showing trends or forecasting future events that could affect a company’s product and services.

There are various types of marketing ranging from traditional word of mouth campaigns to social media ad. It can be carried out by a company directly or by a third-party agent that is tasked with establishing a marketing strategy for their clients (B2C) or for an entire segment of the economy, like tourism or agriculture (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.