Market insights are a nugget of truth about a market that allow marketers to adjust their marketing strategy. These insights are based on data driven analysis and research on trends in the market or of the audience. They can also be actionable, meaning they can be converted into specific steps to take for increasing ROI.

Market Insights

Market insight is a key part of any marketing team’s toolkit that helps them keep track of their target market or audience. It involves gathering information from a variety of online sources — including social media analytics, your own website, and competitor websites equipped with tools for analysis of competitors — to organize, analyze and present the information in a way that’s beneficial. It’s also about identifying patterns as well as connections, and identifying the underlying market trends that can influence future behaviors (i.e. market insights).

There are two broad categories of marketing insight which are market and consumer. Customer insights are based upon the understanding of the needs of each individual and their motivations, and are often affected by direct interactions with users or customers. Examples include research on social media and audience analytics that provide insight into user preferences or feedback, focus groups or surveys that reveal the motivations behind the actions of users, and also development and testing of products that build on customer demands and pain points.

Market insights are much more comprehensive in scope, covering all aspects of the market and how they are related to business goals. This includes societal and cultural trends, demographics and purchasing habits as well as competition and size geographical factors, and much more. Software companies for instance, which finds out that its intended audience is skeptical of technology advancements can make use of customer insights to promote the benefits and features around ease of use and reliability.

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