Market insights are bits of truth about a market that aid marketers in adjusting their marketing strategies. They are based on data-driven research and analysis of market or audience trends. They can be actionable, meaning they can be converted into specific steps to boost ROI.
Market Insights
Market insight is an essential tool for any marketing department, as it helps them keep in touch with their customers and market. It involves obtaining information from a variety of online sources — such as social media analytics, your own website, and competitor websites equipped with tools to analyze competitors to analyze, organize and present data in a way that’s beneficial. It’s also about identifying patterns https://www.syedmarketingblog.com/how-to-create-a-quick-tips-newsletter and correlations, and recognizing underlying market trends that can influence future behaviors (i.e., market insights).
There are two broad categories of market insights that are categorized as market and consumer. Customer insights are based upon the understanding of the needs of each individual and their motives, and are frequently influenced by direct interaction with users or customers. Examples include social media research and audience analytics that provide insight into user preferences or feedback, as well as focus groups or surveys that reveal the motivations behind user actions, and the development and testing of products that builds on customer requests and their needs.
Market insights are more comprehensive and cover all aspects of a market, and their connection to business goals. This covers societal and cultural trends, demographics and purchasing habits as well as competition and size, geographic factors, and much more. For example, a software company who finds that its target customers are skeptical of new technology could use customer information to push features and benefits centered around accessibility and reliability.