If a marketing strategy is guided by data, it allows for measurable advancement towards goals like building brand loyalty and closing sales. Information can be obtained from a variety of sources, such as customer data as well as competitor research. It can also include cultural or social trends that impact the behavior of consumers.
Marketers blend their own experiences and work with data sets that are gathered and analyzed in a systematic manner to gain insight. This process, called market research, should be conducted in such a way that the data can be used to support a specific course of action. It is important to keep in mind, however, that the term “insight” should not be used interchangeably with raw data or general knowledge. Insight is a way to better comprehend the needs of buyers today and in the future, allow for an informed decision on growth strategy, and recognize innovation opportunities.
Insights enable resource optimization by focusing on areas with the greatest potential, and eliminating waste from less promising ones. They also facilitate performance benchmarking against industry standards and competitors which allows companies to improve their practices as time passes. The insights can also aid in long-term planning by identifying trends or forecasting future events that could affect a company’s product and service offerings.
There are many kinds of marketing ranging from traditional word of mouth campaigns to social media advertising. It can be done by a corporation or a third party agency that is tasked with establishing marketing strategies for their clients such as tourism or agriculture, (B2C), or for a whole sector of economy, such as B2B. If your company sells power tools, you may consider advertising in the home improvement stores as well as to general contractors.