Market insights are the nuggets of information which reveal the truth about a particular market and aid marketers in adjusting their strategy. They are based on data-driven research and analysis of audience or market trends, and they can be actionable. That means they can be transformed into specific next steps to increase ROI.
Market Insights:
Market insight is an essential part of any marketing team’s toolbox, assisting them to stay on top of their market or target audience. It involves collecting data from a variety of online sources — such as social media analytics, your personal website, and competitors’ websites equipped with tools for analyzing competitors to organize, analyze and present data in a manner that’s helpful. It’s also about identifying patterns as well as connections, and identifying the key trends in the market that could influence future behavior (i.e. market insights).
Consumer and market insights are the two main categories of marketing insight. The consumer or customer insights are geared towards understanding the needs and motivations of individuals, and are often driven by direct interactions with customers or users. Focus groups or surveys can reveal motivations behind user behavior while research in social media or audience analytics can reveal user preferences. Development and testing of products can be based on customer needs or complaints.
Market insights are much more comprehensive in scope, covering all aspects of the market and how they are related to business goals. This covers societal and cultural trends, demographics and purchasing habits as well as competition and size geographical factors, and many more. For example, a software company that discovers that its target market is skeptical of technological advancements could utilize customer information to promote features and benefits that revolve around accessibility and reliability.