What Are Marketing Insights?
Market insights are little nuggets that reveal truths about a specific market and assist marketers in adjusting their strategy. They’re based upon data-driven research and analysis of audience or market trends. They can also be actionable, which means they can be transformed into specific steps to increase ROI.
Market Insights:
Market insight is a key part of any marketing team’s toolkit, allowing them to stay in touch with their audience or market. It involves gathering information from a variety of online sources — including social media analytics, your own website, as well as competitor websites equipped with tools for analysis of competitors — to organize, assess and present data in a manner that’s helpful. It’s also about identifying patterns as well as relationships, and recognizing the fundamental market trends that could influence future behaviors (i.e. market insights).
There are two broad categories of market insights which are market and consumer. Customer or consumer insights are focused on understanding the motivations and requirements of individuals and are usually triggered by direct interactions with customers or users. Focus groups or surveys can reveal the reasons behind user behavior while research on social media and audience analytics can reveal the user’s preferences. Product testing and development can be based on customer demands or problems.
Market insights are more extensive and cover all aspects of a market and their connection to business objectives. This covers societal and cultural trends, demographics, purchasing habits, competition and market size as well as geographic factors and more. A software company, for example, that discovers that its target audience is not convinced about the latest technology can utilize customer feedback to highlight benefits and features that are user-friendly and dependability.