Market insights are a nugget of information about a market that aid marketers in adjusting their marketing strategies. They’re based on research based on data and analysis of market or audience trends, and they can be actionable, meaning that they can be translated into specific next steps to boost ROI.

Market Insights

Market insights are a crucial component of any marketing department’s toolbox, assisting them to remain on top of their target market or audience. It is the process of obtaining information from a variety of online sources – including social media analytics, your personal website, as well as competitor https://www.syedmarketingblog.com/the-real-benefits-of-a-modern-data-room-platform websites equipped with competitor analysis tools — to organize, analyze and present the information in a way that’s useful. It also involves identifying patterns and correlations, as well as recognizing the key trends in the market that could influence future behaviours (i.e., market insights).

Consumer and market insights are two major categories of marketing insight. Customer insights are based upon the understanding of individual needs and motivations, and are often influenced by direct interaction with customers or users. Focus groups or surveys can reveal drivers behind user behavior, while research in social media or audience analytics can reveal the user’s preferences. Testing and development of products can be based on customer needs or issues.

Market insights are more thorough and cover all aspects of a market and their connection to business goals. This includes cultural and societal trends, demographics, purchasing habits, competition and market size geography, and much more. For example, a software company who discovers that its target customers are skeptical of new technology may use this information to promote features and benefits that are based on the ease of use and reliability.