What is an Insight? Why do businesses in the search for ‘insightful’ information
Businesses talk about big words like planning and strategies and whatnot, however, they would often be found oblivious to the most crucial factor of the business. Customer!
How many businesses understand their customers to its true sense? When it comes to creating new products and services, or marketing products to potential consumers, very few firms refer to what they call market research insights.
Companies have done a lot of research to create something which can be called insights. Many of them don’t even know the actual meaning of the word. Most of them are misled in the name of it.
A dictionary defines the term as knowledgeable information that holds an accurate and deep understanding of something or someone.
We would look a couple of more definitions which would clear the air by explaining its meaning in a better way.
A study suggests the denotation of Insight lies in a meaningful opportunity created from the information perceived through research.
While that research can be called as insights. Others have interpreted insight as to the answer to why rather than what of a trend or behavior along with further explanation of what if?
Insight is something that seems obvious to a layman but important to a marketing fellow. Industry insights give you ‘I never thought of it that way’ moments eventually helping you to turn the information into opportunities.
If we try to study different words related to insight, we can comprehend the word well.
Fact: 66.7% employees in an organization drink coffee.
Observation: Employees drink coffee twice a day.
Insight: Employees drink more coffee when they are stressed.
From above examples, we can understand that insight has to be new, focused, intense and directional.
It outlines our thinking of how we see a situation, leading us towards creativity.
Market research companies can give you insights in following ways which would have prospects to accelerate your marketing strategies of the company.
- Consumer insights
- Cultural insights
- Future insights
- Products insights
- Brand insights
- Market insights
- Purchase insights
- Usage insights
- Owner insights
Incorporating insights into marketing the product
- Insight helps to understand your target group in a way that you can market products towards your customer to propel purchasing habits.
- Demographics, psychographics cultural impact can help you analyze how your customers make decisions while buying a product. Besides, it enables organizations to know what can be done to influence customers’ choices.
- It involves accurately determining which marketplaces have a demand for your product as it can be an important element to increase your product sales.
- Research on your competitors focused on where they’re most effective and how their marketing strategies are affecting customers can help to analyze your company’s strategies and the necessary changes to be done in your operations.
- With rapid changes seen in technology, you have to select the right channels to sell your product which would keep pace with technological trend most effectively.
These are only a few ways how you can incorporate insights to market your brand. Market researchers comment, insight is rather an open concept which open thousands of doors trailing innovations and creative visions.