Market insights are little nuggets that reveal truths about a particular market and help marketers adjust their strategies. They’re based on data-driven research and analysis of audience or market trends. They can be actionable, meaning they can be converted into specific next steps to boost ROI.
Market Insights:
Market intelligence is an essential part of any marketing team’s toolkit that helps them keep track of their market or audience. It involves gathering data from multiple online sources — including social media analytics, your personal website, and competitor websites equipped with tools to analyze competitors to organize, evaluate and present data in a manner that’s helpful. It’s also identifying patterns and connections, and identifying the underlying market trends that can influence future behaviors (i.e. market insights).
Consumer and market insights are the two broad categories of marketing insights. The 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 social media research and audience analytics that provide insight into user preferences or feedback, as well as focus groups or surveys that reveal the factors that drive user behavior, and product testing and development that builds on customer requests and pain points.
Market insights are broader in scope, covering all aspects of the market and how they are related to https://www.syedmarketingblog.com/setting-up-an-autoresponder-part-1/ business objectives. This includes societal trends, demographics, cultural influences and purchasing habits, market size and competition, geographical factors etc. For example an software company who finds that its target market is sceptical about new technology may use this information to push features and benefits centered around user-friendliness and reliability.
