What Are Marketing Insights?
Market insights are nuggets that reveal truths about a particular market and can help marketers modify their strategies. They’re based upon data-driven research and analysis of audience or market trends. They https://www.syedmarketingblog.com/two-investment-strategies-a-fundamental-overview/ may also be actionable, which means they can be transformed into specific steps to boost ROI.
Market Insights
Market insight is a crucial tool for any marketing department, because it allows them to keep connected to their customers and market. It involves obtaining data from a variety of sources online — including social media analytics, your own website, and competitor websites equipped with tools to analyze competitors — to analyze, organize and present information in a way that’s beneficial. It is about the identification of patterns, correlations and the underlying trends in the market that can affect future behavior (i.e. market insights).
There are two broad categories of market insights: consumer and market. Customer or consumer insights are geared towards understanding the motivations and needs of individuals and are often driven by direct interactions with customers or users. Examples include social media research and audience analytics that reveal users’ preferences or feedback, as well as focus groups or surveys that expose the reasons behind user actions, as well as the development and testing of products that is based on customer needs and their pain points.
Market insights are much more comprehensive in scope, encompassing all aspects of the market and how they are related to business objectives. This covers societal and cultural trends, demographics, purchasing habits in relation to competition and market size geographical factors, and much more. For instance, a software company who discovers that its target market is sceptical about new technology may use this insight to promote features and benefits that revolve around ease of use and reliability.
