To ensure your marketing efforts are successful, it’s important to understand your target audience, your competitors, and your industry overall. Marketing insights enable you to improve your business strategy while more effectively meeting the needs of your consumers. This helps increase customer satisfaction and boosts sales growth for your company. Marketing insights are a powerful tool to help you stay ahead of the competition and contribute to the overall success of your business.
What Exactly Are Marketing Insights?
Marketing insights are truths you discover about your business efforts through the use of data analysis. The goal is to use this understanding to guide your marketing strategy to ensure you’re reaching the right people with the right message at the right time. Not only is your mission to boost sales and generate revenue. You also want to ensure you’re effectively meeting the needs of your audience.
Unlike the hard facts of data and feedback, marketing insights are more perceptive. Data is only numbers, but a human can use life experience, observations, and subjective wisdom to interpret those figures and relate them to their business efforts. Marketing insights, which focus on a company driven by innovation, are different from consumer insights, which focus on the needs and perceptions of an audience. While consumer insights could be factored into marketing insights, the two are not interchangeable.
Marketing insights help a company achieve a better understanding of the current market and how they fit into it. Insights should inform you about your customers and prospects, help you to make informed decisions for growth strategy, and recognize trends in the market for the purposes of innovation. Marketing insights should add value and spur a specific course of action.
How to Generate Insights
To generate marketing insights, a company must first identify what data to assess. This is the science of marketing insights. Data can be pulled from multiple online channels, like social media analytics, your own website, and the websites of your competitors. Once collected, you must organize and assess that information, then present it in a way that’s useable. Only then can your company begin to interpret what that data is telling you. This is the art of marketing insights.
One way to gain invaluable perceptions about the data you’ve collected is to assess your marketing attribution reports. These can help you review all of your marketing efforts and reveal what touchpoints were most impactful and where they occur in your marketing funnel. Look for commonalities and gaps and see what worked and what didn’t.
Crafting an insight statement can also help you make sense of your data. Using the facts you’ve discovered, describe the current state of your consumers’ experience. Identify their pain points and what they want from their customer journey. This can help you develop a marketing campaign that enables the consumer to picture themselves in idyllic circumstances with your brand and leads to ultimate business success.
Why Insights Are Important in Marketing
Marketing insights provide invaluable information about the way your customers perceive your brand, how you stack up against the competition, and whether the investment of your time and resources is effective.
Marketing insights help you to:
- Understand your customers’ needs: this allows you to create a better, more personal customer experience that results in brand loyalty and closed sales.
- Increase your revenue: research shows that data-driven marketing increases ROI by 5-8x.
- Stay ahead of the competition: insights empower you to outsmart your competitors rather than simply outspend them.
Marketing insights arm you with the information you need to improve performance through measurement. They help you understand where you are now, but more importantly, they reveal how you can progress for the future.
Gain Invaluable Marketing Insights
Migration Marketing can help you obtain and understand the marketing insights you need to grow and succeed.
Contact us today to learn how we can help shape your plans for the future.