https://www.syedmarketingblog.com/is-software-for-board-room-and-affiliate-marketing-a-good-idea/
When data is used to guide a marketing plan that can be used to achieve objectives that are quantifiable, like increasing brand loyalty and generating more sales. The insights can be gleaned from various sources, including customer data, competitor analysis, as well as social or cultural patterns that influence consumer behavior.
To gain insights, marketers combine their own life/work experiences with systematically collected and analyzed data sets. This process, also known as market research, should be conducted in such a way that the data adds value and spurs an action plan. It’s important to note, however, that the term “insight” should not be used interchangeably with raw data or general knowledge. Insight will help you know the current and future needs of buyers and allow for more informed decisions on growth strategy, and recognize innovation opportunities.
Insights allow resource optimization by focusing on areas that have the greatest potential, and eliminating the waste of less promising areas. They enable businesses to compare their performance against industry standards and their competitors and allow them to improve over time. The insights can also aid in long-term planning by revealing trends or forecasting future conditions that may affect a company’s products and services.
There are different types of marketing ranging from traditional word of mouth campaigns to social media advertising. It is usually done by a company or third-party agency, which is charged with developing strategies for their clients’ marketing such as agriculture or tourism (B2C), or for a whole sector of the economy, such as B2B. If your business sells power tools, you might want to advertise in the home improvement stores as well as general contractors.
