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What Are Marketing Insights?

Market insights are a nugget of truth about a market that allow marketers to adjust their marketing strategy. They’re based on research based on data and analysis of market or audience trends, and they can be actionable. That means they can be translated into specific steps to increase ROI.

Market Insights:

Market analysis is a key tool for any marketing staff, since it helps them stay in touch with their target audience and market. It involves collecting information from a variety of online sources – including social media analytics, your own website, as well as competitor websites equipped with competitor analysis tools to organize, analyze and present data in a way that’s beneficial. It’s also identifying patterns and relationships, and recognizing the underlying market trends that can influence future behavior (i.e. market insights).

Market and consumer insights are two major categories of marketing intelligence. Consumer or customer insights are focused on understanding the motivations and needs of individuals and are usually triggered by direct interactions with customers or users. Focus groups or surveys can reveal drivers behind user behavior, while research on social media or audience analytics can reveal users’ preferences. Development and testing of products could be based upon customer requests or pain points.

Market insights are more extensive in scope, encompassing all aspects of the market and how they relate to the business goals. This covers societal and cultural patterns, demographics and purchasing habits as well as competition and size geographical factors, and much more. For example, a software company that discovers that its target market is skeptical about new technology can use customer information to push features and benefits around user-friendliness and reliability.

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