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

Market Insights

Market insight is a crucial tool for any marketing team, as it helps them stay in touch with their customers and market. It involves collecting data from a variety of online sources — including social media analytics, your own website, and websites of competitors equipped with tools for analyzing competitors — to organize, assess and present data in a manner that is useful. It is about finding patterns, correlations, and underlying market trends which can affect future behavior (i.e. market insights).

There are two broad categories of market insights that are categorized as market and consumer. Customer insights are based upon the understanding of the needs of each individual and their motivations, and are usually directly influenced by interactions with users or customers. Focus groups or surveys can reveal reasons behind user behavior while research on social media or audience analytics can reveal users’ preferences. Development and testing of products could be based upon customer demands or problems.

Market insights are broader in scope, covering all aspects of the market and how they relate to the https://www.syedmarketingblog.com/all-about-blogging business goals. This includes societal and cultural patterns, demographics and purchasing habits as well as competition and size geography, and many more. A software company, for example, that finds out that its intended audience is skeptical of new technology could utilize customer feedback to promote benefits and features that are user-friendly and reliability.