Market insights are bits of truth about a market that can help marketers improve their marketing strategies. They’re based upon data-driven research and analysis of market or audience trends. They may also be actionable, meaning that they can be converted into specific next steps to boost ROI.
Market Insights
Market intelligence is an essential part of any marketing team’s toolkit, helping them keep track of their market or audience. It involves obtaining information from a variety of online sources, including social media analytics as well as competitor websites that use tools for analyzing competitors to https://www.syedmarketingblog.com/aweber organize, analyze and present the data in a way that is useful. It’s also about identifying patterns and correlations, as well as recognizing the patterns in the market that may influence future behaviours (i.e. market insights).
There are two broad categories of marketing insights: consumer and market. Consumer or customer insights are geared towards understanding the needs and motivations of individuals, and are usually triggered by direct interaction with customers or users. Focus groups or surveys can reveal the drivers behind user behavior, while research on social media and audience analytics can reveal the user’s preferences. Development and testing of products can be based on customer demands or problems.
Market insights are broader in scope, encompassing all aspects of the market and how they are related to the business goals. This includes societal and cultural changes, demographics and buying habits, competition and market size geographical factors, and more. For example, a software company that discovers that its target customers are skeptical of new technology can use customer information to push features and benefits centered around ease of use and reliability.