Market insights are the nuggets of truth about a market that allow marketers to adjust their marketing strategies. They’re based on data-driven research and analysis of audience or market trends. They may also be actionable, meaning they can be transformed into specific steps to increase ROI.

Market Insights:

Market analysis is a key tool for any marketing team since it helps them keep connected to their customers and market. It is the process of acquiring information from multiple online sources, such as social media analytics and competitor websites, using tools to analyze competitors, to organize, analyze and present the data in a useful way. It also involves identifying patterns and correlations, and recognizing underlying market trends that can influence future behaviours (i.e. market insights).

Consumer and market insights are the two major types of marketing insight. Customer insights are based on the understanding of the individual’s needs and motivations, and are usually dependent on direct interaction with users or customers. Focus groups or surveys can reveal the drivers behind user behavior, while social media research or audience analytics can reveal user preferences. Testing and development of products can be based on user demands or problems.

Market insights are more thorough and encompass every aspect of a market, and their relationship to business goals. This includes societal trends and demographics, cultural factors buying habits in relation to market size and competition, geographical factors, etc. For instance an IT company that discovers that its target customers are skeptical of new technology can use customer information to promote features and benefits around user-friendliness and reliability.

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