https://www.syedmarketingblog.com/mobile-money-code

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

Market Insights

Market insight is a crucial tool for any marketing staff, as it helps them keep connected to their customers and market. It involves collecting data from various sources online — including social media analytics, your personal website, and websites of competitors equipped with tools for analysis of competitors — to analyze, organize and present information in a manner that’s helpful. It also involves identifying patterns and connections, and identifying the key trends in the market that could influence future behavior (i.e. market insights).

There are two broad categories of marketing insight that are categorized as market and consumer. The consumer or customer insights are geared towards understanding the motivations and requirements of individuals, and are often influenced by direct interactions with customers or users. Focus groups or surveys can reveal the reasons behind user behavior while research on social media or audience analytics can reveal the user’s preferences. Product testing and development may be based on customer demands or problems.

Market insights are broad in scope, covering all aspects of the market and how they relate to business goals. This includes cultural and societal patterns, demographics and purchasing habits, competition and market size geographical factors, and much more. For instance an software company that discovers that its target market is skeptical of new technology could use customer insights to help promote features and benefits that are based on ease of use and reliability.