Market insights are nuggets which reveal the truth about a particular https://www.syedmarketingblog.com/is-software-for-board-room-and-affiliate-marketing-a-good-idea/ market and aid marketers in adjusting their strategy. They’re based upon data-driven research and analysis of audience or market trends. They can also be actionable, meaning that they can be converted into specific next steps to boost ROI.

Market Insights

Market insights are a crucial component of any marketing department’s toolkit, allowing them to stay on top of their target market or audience. It involves obtaining information from a variety of online sources, such as social media analytics and competitor websites that use tools for analysis of competitors, to organize, analyze and present the data in a way that is useful. It is about finding patterns, correlations, and the underlying trends in the market that could influence future behavior (i.e. market insights).

Consumer and market insights are the two broad categories of marketing insight. Customer insights are based upon the understanding of the needs of each individual and their motivations, and are typically dependent on direct interaction with customers or users. Examples include social media research and audience analytics that reveal users’ preferences or feedback, as well as focus groups or surveys that expose the drivers behind user actions, as well as product development and testing that build on customer demands and pain points.

Market insights are much more comprehensive in scope, encompassing all aspects of the market and how they are related to business objectives. This covers societal and cultural changes, demographics and buying habits, competition and market size geography, and more. For instance an software company that discovers that its target market is skeptical of technological advancements could utilize customer information to push features and benefits that are based on ease of use and reliability.