When insights are utilized to inform the marketing strategy and strategy, it can help in achieving objectives that are quantifiable, like increasing brand loyalty and generating more sales. The information can be gleaned from various sources, including data from customers or competitor research, and even the cultural or social trends that impact the behavior of consumers.\n<\/p>\n
To gain insight marketers blend their own life\/work experiences with systematically collected and analysed data sets. This is known as market research and should be conducted in a way that the information adds the value of the information and can be used to guide a specific method of action. It is important to keep in mind that the term “insight” should not be used interchangeably with raw data or general knowledge. Insight is a way to gain a better understanding of current and future buyers on the market, and enable an informed decision-making process for growth strategy and identify opportunities for innovation.\n<\/p>\n
Insights can help optimize resource use by focusing on areas that have the greatest potential, and eliminating waste from less promising ones. They let businesses measure their performance against the industry standard and competition, allowing them to improve over time. By uncovering trends and forecasting future trends data can aid in planning long-term plans.\n<\/p>\n