https://www.syedmarketingblog.com/how-to-start-with-right-online-marketing-strategies/
When data is used to guide an effective marketing strategy, it can help achieve measurable goals such as increasing brand loyalty and generating more sales. There are insights to be found in numerous sources, including customer information, competitor analysis, and even cultural or social trends that influence the behavior of consumers.
To gain insights, marketers combine their own work and life experiences with carefully collected and analyzed data sets. This is known as market research and should be conducted to ensure that the data provides value and motivates a particular course-of-action. It’s important to note that the term “insight” isn’t to be used interchangeably with raw data or general knowledge. Insight should help improve understanding of current and future buyers in the market, allowing the making of informed decisions about growth strategies and identify opportunities for innovation.
Insights can be used to optimize resource use by focusing efforts on areas with the greatest potential and reducing waste in less promising ones. They also aid in benchmarking performance against competitors and industry standards and allow companies to improve their practices over time. The insights can also aid in long-term planning by revealing trends or forecasting future events that could affect a company’s product and services.
There are various types of marketing ranging from traditional word of mouth campaigns to social media advertising. It can be carried out by a company or a third party agency that is responsible for generating strategies for their clients’ marketing, such as agriculture or tourism (B2C), or for an entire segment of economy, such as B2B. For instance If your business sells power tools, it may be logical to promote your products in home improvement stores or to general contractors.