When a marketing plan is driven by insights and data, it allows for quantifiable progress towards goals such as building brand loyalty and closing sales. The information can be gleaned from various sources, including customer information, competitor research and https://www.syedmarketingblog.com/how-to-build-a-responsive-email-list-in-email-marketingpart-2 even cultural or social changes that affect the behavior of consumers.
Marketers draw on their own experiences and work with data sets that are gathered and analyzed in a systematic manner to gain insight. This is referred to as market research and should be conducted so that the data adds to the value of the information and can be used to guide a specific course-of-action. It is important to remember however that the term “insight” isn’t to be used interchangeably with raw data or general knowledge. Insight should drive better understanding of current and potential buyers on the market, and enable the making of informed decisions about growth strategies and identify opportunities for innovation.
Insights can be used to optimize resource use which focuses efforts on areas that have the highest potential and eliminating the waste from less promising areas. They also aid in benchmarking performance against industry standards and competition and allow businesses to improve their own practices as time passes. By uncovering trends and forecasting future trends information can help guide long-term plans.
There are various types of marketing, ranging from traditional word-of mouth campaigns to social media ad. It can be carried out by a firm directly, or by a third-party agent tasked with creating an effective marketing plan for their clients (B2C) or for the entire sector of the economy such as agriculture or tourism (B2B). If your business sells power tools, you may decide to promote your business in the home improvement stores as well as to general contractors.