https://www.syedmarketingblog.com/in-11-steps-to-your-own-online-marketing-strategy/
Market insights are bits of information about a market that help marketers adjust their marketing strategy. These insights are based on data-driven analysis and research of trends in the market or of the audience. They can also be actionable, meaning they can be converted into specific steps to take for increasing ROI.
Market Insights:
Market insight is a vital tool for any marketing department, because it helps them keep connected to their customers and market. It involves obtaining data from multiple online sources – including social media analytics, your personal website, and competitors’ websites equipped with tools for analyzing competitors to organize, analyze and present data in a way that’s beneficial. It involves identifying patterns, correlations, and underlying market trends which could affect the future of your business (i.e. market insights).
There are two broad categories of marketing insight: consumer and market. Customer insights are based on an understanding of the needs of each individual and their motivations, and are usually influenced by direct interaction with users or customers. Focus groups or surveys can reveal the drivers behind user behavior, while research in social media or audience analytics can reveal users’ preferences. Testing and development of products may be based on customer demands or problems.
Market insights are much more comprehensive in scope, encompassing all aspects of the market and how they are related to business objectives. This includes societal trends, cultural factors, demographics and purchasing habits in relation to market size and competition, geographic factors, etc. For instance software companies which discovers that its intended market is skeptical of technological advancements could utilize customer insight to promote features and benefits that revolve around accessibility and reliability.
