What Does Insight Driven Marketing Mean?

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Developing a marketing strategy relies greatly on gathering relevant insight driven marketing, Many economists compare business to warfare; in every combat, knowing the enemy's army, terrain, and troops allows one company to plan better.

The general with the greatest knowledge wins the conflict; similarly, the firm has a competitive advantage that will help them rise to the top, That marketer's secret weapon is insight driven marketing: using data to craft marketing plans that succeed in today's company and competitive climate.

What Does Insight Driven Marketing Mean


Benefits for Insight Driven Marketing 

When a company focuses on insight driven marketing, it reaps several advantages. 

According to MicroStrategy, a company's performance improves because of focusing on the below:

● Increased effectiveness and output: 63%

● Decision-making that is both quicker and more precise: 57%

● A 51% increase in financial performance

● At competitiveness of 48%

● Improved customer satisfaction: 48%

● Forty-six percent more customers were acquired and retained.

● Forty-three percent of the time, new income sources are discovered and developed.

Essentials of insight-driven marketing

Insight-driven marketing uses a variety of data sources to build a more comprehensive portrait of the target audience.

Data-driven marketing vs. insight-driven marketing is discussed in further detail in the next section).

Data-driven marketing is just fine; insight-driven marketing is merely the next logical step.

As a result, what does an insight-driven strategy look like in action? As an example, consider the following.

A healthy, Usable Customer Database

A healthy, Usable Customer Database


Data is essential for insight driven marketing. And to utilize that data effectively and efficiently. 

It must be easily accessible and centralized. Depending on your business/industry, you'll require data like:

● Information about prior engagements, demographics (gender, location), buying history, interests, and preferences 

● Aside from having all the appropriate data in one location, a healthy database requires current and accurate data.

After many months, a customer's data is deemed out of date.

Hyper-personalized content 

Personalized, relevant communications that connect create memorable customer experiences and build loyalty and value.

Customer personas help you better understand your target market and what motivates them to choose your brand.

Personas may be used to tailor content and messages to specific customers through email, SMS, account or loyalty member sites, or apps.

This information might help you create better-focused marketing materials.

Continuously adapting

Continuously adapting


Customer data must be entered into a database as soon as possible since connected consumers may engage with your brand. 

This helps marketers avoid saying the incorrect thing and guarantees that their communications are relevant.

Insight driven marketing bases message delivery on consumer behavior.

Ultimately, an insight-driven strategy requires a clear understanding of what insight is required and why.

As well as the processes and technology to support it.

Conclusion

Beyond online marketing, insight driven marketing may boost many other marketing initiatives. Marketing's actionable data insights help connect marketing, sales, and the rest of the c-suite; so that everyone is on board with marketing; such technology insights must be shared with the rest of the firm.

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References:

softwaretrends

mycustomer

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