The Art of Market Insights

The term “Market Insight” gets thrown around a lot. In general, it refers to a game-changing truth uncovered in market research, and is generally the result of deep data analysis.

The best insights reveal information that’s useful for business strategy and decision-making, and provide value for the target audience as well. They are the product of a thoughtful process, and can be applied in any number of ways to drive innovation, customer satisfaction, and even growth.

Market Insights: Trends and Predictions for Investors

Insights can be gleaned from various sources, including social media analytics, competitor research, industry reports, and internal/external feedback. However, the key to producing marketing insights is not in the collection of data, but rather in assessing and interpreting that data to understand its deeper meaning. This is where the art of Market Insights truly lies.

For example, an drinks company discovers through research that consumers are staying at home more frequently due to challenging economic circumstances. This insight can then lead them to reduce ad spend on out-of-home advertising, and instead focus their efforts on digital ads that highlight the drink’s role in a night in.

Another important thing to remember is that correlation does not necessarily equal causation. For instance, a study might find that ice cream sales have a direct correlation with homicide rates – but this doesn’t mean that ice creams are actually responsible for murders. This is an important point to keep in mind when analyzing data sets, and why AI-enabled software like Qualtrics and StatsIQ are so valuable – they help sort the good from the bad.