When a marketing plan is driven by insights which are quantifiable, it allows advancement towards goals like building brand loyalty and closing sales. The insights can be gleaned from many sources, such as customer data, competitor analysis as well as social or cultural trends that influence the behavior of consumers.
To gain insights, marketers combine their own work and life experiences with carefully collected and analyzed data sets. This is known as market research and should be conducted in a manner that the information adds the value of the research and leads to a specific course-of-action. It’s important to understand however that the term « insight » should not be used in conjunction with raw data or general knowledge. Insight will help you know the current and future needs of buyers, allow for informed decisions regarding growth strategies and help identify innovation opportunities.
Insights can be used to optimize resource use by focusing efforts on areas with the most potential and eliminating the waste in less promising areas. They also allow performance benchmarking against industry standards and competitors and allow businesses to improve their own practices over time. The insights can also aid in long-term planning by identifying trends or forecasting future events that could impact a company’s product or service offerings.
There are various types of marketing, from traditional word-of mouth campaigns to social media advertising. It can be executed by a firm directly, or through a third-party agency tasked with creating a marketing strategy for their clients (B2C) or on behalf of an entire segment of the economy, like tourism or agriculture (B2B). For instance when your company sells power tools, it would make sense to advertise your products in stores for home improvement or to general contractors.
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