Why is market insight important?
Market Insights are insights derived from a deep subjective analysis of the data received about your target market. Market insights provide a better understanding of what your customers want and empower marketers with relevant, actionable, and previously unknown facts about the target market. Market insights enable marketers to optimize, tweak, innovate or change their marketing strategy to achieve their business goals.
Difference between market insights and feedback
The right comprehension of a market insight report is very critical. Market insights are often confused or interchanged with data, feedback or knowledge. Data can be converted to insights, but data alone are just numbers, so it is essential for marketers to draw out correct logical market insights from numbers.
But what about feedback? Why do marketers often make the mistake of considering feedback as market insights. While feedback are hard facts (“I like green tea”), insights are more perceptive and subjective (“I like green tea, it helps me calm down”). The goal of deriving the right market insights is to bring clarity and understanding the right approach to target your customer segment.
What is the difference between market insights and consumer insights?
Market insights reports gathers data about an entire market and a brand positioning within that market vis a vis their competitors. It also provides signals around the growth potential of a specific sector.
Consumer insight report provides insights into customer engagement and experience with a specific product/brand. This informs the marketers on the features that truly consumers value, and the products performance with respect to that. Consumer insights help you take profitable actions which enable a brand to meet its consumers’ needs.
What is a market insight report useful for?
Market insights are critical for innovation. Once specific market intelligence is gained to innovate, a repeatable process can be created to gain specific market insights. For example, market insights can be used to –
a. Ensure messaging is reaching the correct audience it has been tailored for
b. Find new revenue sources
c. Develop new marketing campaigns
d. Create the right pricing strategy
e. Measure current performance verses historical performances
f. Monitor brand awareness and customer sentiment
g. Understanding your competitors
h. Understanding historical data better and customer behavior
There are numerous options available for creating market value, but challenge is in determining which insights bring the most value to your business and marketing goals.
