If a marketing strategy is driven by insights which are quantifiable, it allows progress towards goals such as building brand loyalty and closing sales. There are insights to be found in numerous sources, including customer information, competitor analysis, and even the social or cultural trends that influence consumer behavior.

To gain insight marketers mix their personal experiences from their work/life with meticulously collected and analyzed data sets. This process is called market research and should be conducted in a way that the data adds to the value of the information and can be used to guide a specific course-of-action. It is important to keep in mind that the term „insights“ should not be used interchangeably with general knowledge or raw data. Insight should drive better understanding of future and current buyers in the market, allowing the making of informed decisions about growth strategies and identify opportunities for innovation.

Insights help optimize resources by choosing areas with the greatest potential, and eliminating waste from less promising ones. They enable businesses to compare their performance against the industry standard and competition, allowing them to improve over time. By identifying trends and forecasting future conditions data can aid in planning long-term plans.

There are many types of marketing ranging from traditional word of mouth campaigns to social media ad. It can be executed by a firm directly, or through a third-party agency responsible for establishing an effective marketing plan for their clients (B2C) or on behalf of an entire sector of the economy such as agriculture or tourism (B2B). For example If your business sells power tools, it might make sense to advertise your products in home improvement stores or to general contractors.

https://www.syedmarketingblog.com/two-investment-strategies-a-fundamental-overview/