Market insights are bits of truth about a market that aid marketers in adjusting their marketing strategies. They are based on data-driven research and analysis of market or audience trends. They may also be actionable, meaning they can be translated into specific next steps to boost ROI.

Market Insights:

Market insight is an essential tool for any marketing browse this site team because it allows them to keep connected to their customers and market. It involves gathering data from multiple online sources, such as social media analytics and competitor websites, using tools to analyze competitors, to organize, analyze and present the data in a meaningful manner. It involves identifying patterns, correlations, and the underlying trends in the market that can influence future behavior (i.e. market insights).

There are two broad categories of marketing insight which are market and consumer. Consumer or customer insights are geared towards understanding the motivations and requirements of individuals and are often influenced by direct interaction with customers or users. Focus groups or surveys can reveal the factors that drive user behavior, while research in social media or audience analytics can reveal the user’s preferences. Development and testing of products may be based on customer requests or pain points.

Market insights are broad in scope, encompassing all aspects of the market and how they relate to business objectives. This includes societal trends, demographics, cultural influences buying habits in relation to market size and competition, geographic factors, etc. A software company, for example, that discovers that its customers are skeptical of technology advancements can use the information of customers to promote the benefits and features about ease of use and reliability.