When a marketing plan is guided by data which are quantifiable, it allows progress towards goals such as building brand loyalty and closing sales. You can find insights from numerous sources, including customer information, competitor analysis, as well as social or cultural trends that affect consumer behavior.

To gain insights marketers blend their personal life/work experiences with systematically collected and analyzed data sets. This process, referred to as market research, should be conducted in such that the data adds value and spurs an action plan. It’s important to note, however, that the term “insight” is not to be used in conjunction with raw data or general knowledge. Insight should help improve understanding of the current and future buyers in the market, enable better decisions regarding growth strategies and identify opportunities for innovation.

Insights help optimize resources by focussing on areas with the greatest potential and removing the waste of less promising areas. They enable businesses to compare their performance against industry standards and their competitors so that they can improve over time. By providing trends and forecasting future conditions data can aid in planning long-term plans.

There are numerous kinds of marketing, ranging from traditional word-of-mouth campaigns to media ads. It can be done by a company directly, or through a third-party agency that is tasked with establishing the marketing strategy for their clients (B2C) or for an entire sector of the economy, such as agriculture or tourism (B2B). If your business sells power tools, you may be interested in advertising in home improvement stores and general contractors.

https://www.syedmarketingblog.com/setting-up-an-autoresponder-series-part-2