When a marketing plan is guided by data and data, it allows for quantifiable progress towards goals such as building brand loyalty and closing sales. You can find insights from various sources, like customer information, competitor analysis, and even the social or cultural patterns that influence the behavior of consumers.
To gain insights marketers blend their own life/work experiences with systematically collected and analyzed data sets. This process, called market research, should 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 to mean general knowledge or raw data. Insight is a way to gain a better understanding of future and current buyers in the market, enable an informed decision-making process for growth strategy and recognize opportunities for innovation.
Insights can help optimize resource use by choosing areas with the most potential and eliminating the waste of less promising areas. They also assist in benchmarking performance against competitors and industry standards and allow companies to improve their practices over time. Insights can also guide long-term planning by showing trends or forecasting future events that could affect a company’s products and services.
There are different types of marketing, ranging from traditional word-of mouth campaigns to social media ads. It can be executed by a firm directly, or through a third-party agency who is responsible for creating an effective marketing plan for their clients (B2C) or on behalf of an entire sector of the economy such as agriculture or tourism (B2B). If your business sells power tools, you may consider advertising in home improvement stores and to general contractors.