Market insights are the nuggets of truth about the market that help marketers adjust their marketing strategies. These insights are based on data driven analysis and research into trends in the market or of the audience. They are also actionable – meaning they can be turned into specific next steps to boost ROI.
Market Insights:
Market insights are a crucial part of any marketing team’s toolkit, helping them keep track of their target market or audience. It is the process of obtaining data from multiple online sources — including social media analytics, your own website, and websites of competitors equipped with tools for analyzing competitors — to organize, assess and present information in a manner that’s helpful. It is about finding patterns, correlations, and the underlying trends in the market that can influence future behavior (i.e. market insights).
Consumer and market insights are the two broad categories of marketing insight. Consumer or customer insights are geared towards understanding the motivations and requirements of individuals, and are often influenced by direct interactions with customers or users. Examples include research on social media and audience analytics that reveal users’ preferences or feedback, as well as focus groups or surveys that expose the drivers behind user actions, and product testing and development that build on customer demands and their pain points.
Market insights are more complete and encompass every aspect of a market, and their relationship to business goals. This includes societal trends and demographics, cultural aspects https://www.syedmarketingblog.com/what-is-affiliate-marketing buying habits in relation to market size and competition, geographic factors, etc. A software company, for example, that discovers that its customers are skeptical of technology advancements can make use of customer insights to promote benefits and features around ease of use and reliability.