What Are Marketing Insights?

Market insights are bits of information about a market that allow marketers to adjust their marketing strategies. These insights are based on data-driven analysis and research on trends in the marketplace or for the audience. They can also be actionable, which means they can be converted into specific steps to take to increase ROI.

Market Insights:

Market insight is an essential element of any marketing team’s toolbox, assisting them to stay in touch with their market or audience. It is the process of acquiring information from a variety of online sources, including social media analytics and competitor websites that use tools to analyze competitors, to organize, assess and present the information in a manner that is beneficial. It’s also about identifying patterns as well as correlations, and recognizing key trends in the market that could influence future behaviors (i.e., market insights).

There are two broad categories of marketing insights including market and consumer. The consumer or customer insights are geared towards understanding the motivations and needs of individuals and are often driven by direct interactions with customers or users. Examples include social media research and audience analytics that show user preferences or feedback, as well as focus groups or surveys that reveal the drivers behind the actions of users, and also development and testing of products which is based on the needs of customers and their pain points.

Market insights are broad in scope, covering all aspects of the market and how they are related to business goals. This includes societal trends and cultural factors, demographics buying habits in relation to market size and competition, geographical factors etc. A software company, for example, that finds out that its https://www.syedmarketingblog.com/generated-post-2 customers are skeptical of technology advancements can use the information of customers to promote benefits and features about ease of use and reliability.

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