When insights are utilized to create a marketing plan, it can help achieve objectives that are quantifiable, like increasing brand loyalty and closing more sales. The information can be gleaned from numerous sources, including customer data and competitor research. There are also the cultural or social changes that affect consumer behavior.
Marketers combine their own experiences with data sets that are gathered and then analyzed to gain insights. This process, called market research, must be conducted in a way that the data provides value and enables the decision-making process. It is important to understand that the term "insights" should not be used interchangeably with general knowledge or raw imp source data. Insight should drive better understanding of current and future buyers in the market, which will allow the making of informed decisions about growth strategies and identify opportunities for innovation.
Insights allow resource optimization by focusing on areas that have the greatest potential and removing waste from less promising areas. They help businesses compare their performance against the industry standard and competition which allows them to improve over time. By identifying trends and forecasting future conditions, insights can guide long-term plans.
There are numerous kinds of marketing, from traditional word-of-mouth campaigns to social media ads. It can be executed by a business directly, or by a third-party company tasked with creating an effective marketing plan for their clients (B2C) or on behalf of a whole sector of the economy like tourism or agriculture (B2B). For instance when your company sells power tools, it would be sensible to advertise your products in home improvement stores or to general contractors.