What Are Marketing Insights?

Market insights are nudges 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 can be actionable, meaning that they can be converted into specific steps to boost ROI.

Market Insights

Market insight is an essential component of any marketing department’s toolbox, assisting them to stay in touch with their audience or market. It is the process of acquiring information from multiple online sources including social media analytics, and competitor websites that use tools for analysis of competitors, to organize, assess and present the data in a useful way. It is about the identification of patterns, correlations and underlying market trends which can influence future behavior (i.e. market insights).

Consumer and market insights are the two main types of marketing insight. Customer or consumer insights are geared towards understanding the motivations and requirements of individuals and are usually triggered by direct interactions with customers or users. Examples include social media research and audience analytics that reveal users’ preferences this content or feedback, focus groups or surveys that expose the factors that drive user actions, and development and testing of products which is based on the needs of customers and pain points.

Market insights are much more comprehensive in scope, covering all aspects of the market and how they relate to business objectives. This includes cultural and societal trends, demographics, purchasing habits in relation to competition and market size geography, and many more. A software company, for example, that discovers that its intended audience is not convinced about the latest technology can make use of customer insights to highlight benefits and features that are user-friendly and reliability.