What Are Marketing Insights?

What Are Marketing Insights?

Market insights are nuggets that provide information about a specific market and can help marketers modify their strategy. They’re based on research based on data and analysis of market or audience trends. They may also be actionable. That means they can be converted into specific next steps to increase ROI.

Market Insights

Market intelligence is an essential element of any marketing team’s toolbox, assisting them to stay on top of their target market or audience. It involves collecting information from a variety of online sources – including social media analytics, your own website, and competitor websites equipped with competitor analysis tools to organize, analyze and present data in a way that’s beneficial. It’s also about identifying patterns and correlations, and recognizing patterns in the market that may influence future behaviours (i.e., market insights).

Market and consumer insights are two major categories of marketing insight. The consumer or customer insights are geared towards understanding the motivations and requirements of individuals, and are often driven by direct interactions with customers or users. Examples include social media research and audience analytics that reveal users’ preferences or feedback, focus groups or surveys that reveal the motivations behind user behavior, and the development and testing of products that builds on customer requests and pain points.

Market insights are more thorough and cover every aspect of a market and their connection to business objectives. This includes societal and cultural trends, demographics and purchasing habits in relation to competition and market size geographical factors, and much more. A software company, for example, that discovers that its intended audience is skeptical of technology advancements can use customer insight to promote benefits and features that are user-friendly and reliability.

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