What Are Marketing Insights?

Market insights are bits of truth about a market that aid marketers in adjusting their marketing strategy. These insights are based on data-driven analysis and research on trends in the market or of the audience. They can also be actionable, meaning they can be converted into specific next steps for increasing ROI.

Market Insights

Market insight is an essential tool for any marketing department, because it allows them to https://www.syedmarketingblog.com/how-to-start-with-right-online-marketing-strategies/ keep connected to their customers and market. It involves gathering data from a variety of online sources, such as social media analytics and competitor websites, using tools for analysis of competitors, to analyze, organize and present the information in a useful way. It’s also about identifying patterns and connections, and identifying the underlying market trends that can influence future behaviors (i.e., market insights).

Consumer and market insights are two main types of marketing insight. Customer insights are based on the understanding of the individual’s needs and motivations, and are typically directly influenced by interactions with customers or users. Examples include research on social media and audience analytics that show user preferences or feedback, focus groups or surveys that uncover the factors that drive user actions, as well as the development and testing of products that is based on customer needs and issues.

Market insights are more comprehensive, covering all aspects of a market and their connection to business goals. This includes cultural and societal changes, demographics and buying habits as well as competition and size, geographic factors, and many more. Software companies for instance, which discovers that its intended audience is not convinced about the latest technology can make use of customer insights to promote the benefits and features around ease of use and dependability.

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