Market insights are the nuggets of information which reveal the truth about a specific market and help marketers adjust their strategy. These insights are based on data driven analysis and research on market or audience trends. They can also be actionable – meaning they can be translated into specific next steps to boost ROI.
Market Insights:
Market insight is a crucial tool for any marketing department, since it helps them stay in touch with their customers and market. It involves gathering information from a variety of online sources — such as social media analytics, your own website, and competitors’ websites equipped with tools to analyze competitors — to organize, assess, and present information in a way that’s beneficial. It’s also about identifying patterns as well as connections, and identifying the patterns in the market that may influence future behaviours (i.e., market insights).
There are two broad categories of market insights including market and consumer. Consumer or customer insights focus on understanding the motivations and requirements of individuals and are usually triggered by direct interaction with customers or users. Focus groups or surveys can reveal drivers behind user behavior, while research on social media and audience analytics can reveal users’ preferences. Product testing and development may be based on customer needs or issues.
Market insights are more complete and encompass every aspect of a market, and their connection to business goals. This includes societal and cultural patterns, demographics and purchasing habits, competition and market size geographical factors, and more. Software companies, for example, that discovers that its customers are skeptical of technology advancements can make use of customer insights to promote features and benefits focused on ease of use and reliability.
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