Market insights are the nuggets of truth about the market that allow marketers to adjust their marketing strategies. These insights are based on data driven analysis and research into market or audience trends. They are also actionable, which means they can be transformed into specific steps to take for increasing ROI.
Market Insights
Market insight is a vital tool for any marketing team because it helps them keep in touch with their audience and market. It involves obtaining information from a variety of online sources – including social media analytics, your own website, and websites of competitors equipped with tools for analysis of competitors — to organize, assess and present the information in a manner that’s helpful. It’s also about identifying patterns as well as relationships, and recognizing the key trends in the market that could influence future behaviors (i.e., market insights).
Consumer and market insights are the two broad categories of marketing intelligence. Customer insights are based upon the understanding of the individual’s needs and motivations, and are typically directly influenced by interactions with customers or users. Focus groups or surveys can reveal reasons behind user behavior while research on social media and audience analytics can reveal users’ preferences. Development and testing of products can be based on customer requests or pain points.
Market insights are broad in scope, covering all https://www.syedmarketingblog.com/list-building-with-a-responsive-list aspects of the market and how they are related to the business goals. This includes societal and cultural trends, demographics, purchasing habits competitiveness and size of market geography, and many more. For example an IT company who discovers that its target customers are skeptical of new technology may use this information to promote features and benefits that revolve around accessibility and reliability.