Market insights are nuggets of truth about the market that help marketers adjust their marketing strategy. These insights are based on data-driven analysis and research of trends in the marketplace or for the audience. They can also be actionable, meaning they can be translated into specific steps to take for increasing ROI.

Market Insights:

Market analysis is a key tool for any marketing team since it helps them stay connected to their customers and market. It involves obtaining information from multiple online sources, including social media analytics, and competitor websites that use competitor analysis tools, to analyze, organize and present the data in a manner https://www.syedmarketingblog.com/scalping-strategies-in-cryptocurrency-markets-which-one-are-you-good-at that is beneficial. It also involves identifying patterns and connections, and identifying the patterns in the market that may influence future behaviors (i.e. market insights).

There are two broad categories of marketing insights: consumer and market. Customer or consumer insights are geared towards understanding the needs and motivations of individuals and are usually triggered by direct interactions with customers or users. Focus groups or surveys can reveal the reasons behind user behavior while research on social media and audience analytics can reveal the user’s preferences. Development and testing of products can be based on user needs or complaints.

Market insights are broad in scope, encompassing all aspects of the market and how they relate to business goals. This includes societal trends and demographics, cultural aspects buying habits in relation to market size and competition, geographical factors etc. For instance an software company who discovers that its target customers are skeptical of new technology can use customer insight to promote features and benefits that revolve around accessibility and reliability.