Marketing Insights

For marketers, information and market date are very crucial. They are the source that can provide very useful ‘tools’ to help in your campaigns and other activities.

Are Insights a passing phase?

The truth is, ‘insights’ is one term that has got a lot of traction in the marketing world recently. But what does marketing insights really entail? One thing for sure, insights and data is not the same thing. When the term Marketing Insights is used, it does not mean Marketing Data. In other words, the data that you found in the market would not be sufficient to give you any form of insight.
The term insights meanwhile can be referred to as the result of any form of reasoning applied to data that has been analyzed by human beings.

Why do you need marketing insights?

Admit it! There is no way you can win in marketing without any form of analyzed data. Why would companies like Facebook and Google be so powerful if not for their analytics? If you are planning to launch a product in the market or if you are planning to launch a new brand in your segment, the one thing you need to start on would be to get the right marketing insights. This will help you in more ways that you can ever imagine.
With marketing insights, you can:

  1. Understand what the consumer needs – This basically gives you information about what your targeted customers are looking for. If there is no demand and very low reception of what your product is going to be, then forget about launching it!
  2. Target audience – Only through marketing insights can you determine who your customers are and more importantly, where are they! Without such data, you will probably be moving about blindly.
  3. How to sell – This refers not only to the act of selling but on your marketing mainly. In other words, you need to know what strategy to implement and which marketing campaign would best suit your product. When you know what to do before you start, then you know what you are in for
  4. 4Ps – This might sound age-old but it is still fundamental. Through the right marketing insights will you be able to find the correct marketing mix. Analyzed data gives you all the information you need about price points, product features and other related information.

Putting it all together

So, what does all this mean? Do you really need marketing insights or do you have the means to get there? For starters, marketing insights can be expensive. This means that if you are a new startup, you might not be able to afford such campaigns. But you surely need to have something to work with. Google analytics might be a good place to start. Look for affordable options that could work for you and then steadily move your way up from there. You will get better as time passes where you can then take information that you need and cut off those that you don’t.

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