Market insights are little nuggets that reveal truths about a particular market and can help marketers modify their strategy. They’re based upon data-driven research and analysis of audience or market trends. They may also be actionable, meaning that they can be translated into specific steps to increase ROI.
Market Insights
Market intelligence is an essential element of any marketing toolbox, assisting them to stay in touch with their target market or audience. It involves collecting data from a variety of online sources – including social media analytics, your personal website, and competitor websites equipped with tools to analyze competitors — to analyze, organize and present data in a way that’s useful. It involves identifying patterns, relationships, and market trends that could influence future behavior (i.e. market insights).
There are two broad categories of market insights which are market and consumer. Consumer or customer insights are focused on understanding the motivations and needs of individuals and are often driven through direct interaction with customers or users. Examples include social media research and audience analytics that reveal users’ preferences or feedback, as well as focus groups or surveys that reveal the reasons behind user actions, as well as product development and testing which is based on the needs of customers and their pain points.
Market insights are more comprehensive and cover all aspects of a market, and their relationship to business goals. This includes societal trends, demographics, cultural influences buying habits in relation to market size and competition, geographical factors, and so on. Software companies for instance, which finds out that its intended audience is skeptical of technology advancements can use customer insight to promote benefits and features that are user-friendly and reliability.