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“Insight” is a term you hear often in the world of marketing. But just what does it actually mean? A piece of marketing insight is the awareness of a previously unknown piece of information that has the potential to foster meaningful and profitable change for an organization. The result of careful data analysis via one or more marketing research techniques, marketing insights are far more than simple facts and figures. They represent a unique and inspired understanding of a subject, which allows for perceptive forecasting and the manifestation of change. In short, data doesn’t produce insights; people do. Take a look at three ways your business can begin leveraging marketing insights:
Marketing insights depend on intuitive people who can look at information and see patterns, as well as anomalies; who can infer significance from seemingly insignificant details; and who can leap from the concrete to the abstract in order to create context and incentive for change. To leverage marketing insights, then, you first have to develop them, and for that, you need skilled people. Our team here at Research America, for example, has decades of experience helping businesses conceptualize and test research projects so that only the most relevant and reliable feedback is gathered. We then listen and question; prioritize, test and validate; and then extrapolate, synthesize and interpret the information such that novel comprehension of a problem or issue occurs.
Of course, people work better when the materials they need are at hand and organized. In order to discern marketing insights, businesses must structure marketing information so that it is both storable and retrievable - capable of being sorted, investigated and displayed in ways that foster the discovery of cogent and novel associations among its various data points. Good software, for instance, can mean the difference between lost facts and feedback and the ability to establish meaningful marketing insights.
Finally, to truly leverage marketing insights businesses must set aside the time and effort needed to implement them once they’ve been identified. Too often, marketing research leads to insights that are tossed around and discussed but then forgotten. Marketing insights only bring about profitable change if they are acted upon in a timely manner. To get the most out of them, businesses must immediately take action, bridging concepts and beliefs with physical interaction with consumers and markets.
To properly leverage your marketing insights, you need to take immediate action, implementing strategies based on the information you’ve gleaned and the inferences you’ve made from the data on hand. A skilled team of professional marketing researchers can help your business navigate the research process and make meaning out of the facts and figures gathered. To learn more about how marketing insights can translate into better business decisions, please contact our team at Research America today.