What is market insight?

If you work in marketing, particularly on the strategy or account planning side, then you probably use the word “insight” a doze...

13 Oct 2008 34154 Views

If you work in marketing, particularly on the strategy or account planning side, then you probably use the word “insight” a dozen times a day. Either in framing your own thoughts  (The main insight is…)  or in demanding it of others (Where is the insight here?). Perhaps you have listened to people arguing over “insights” in the same intangible manner people argue over abstract concepts like “beauty” or “spirit” — usually without resolution. So, what are market insights?

What is market insight?

what is market insightIt wasn’t until I attended a talk by  Morgan Shorey that I ever tried to define the term market insight myself. Morgan is Director of Business Development at Berlin Cameron United, an ad agency in New York. She is considered one of the best in the business and recently spoke at our TAAN (Transworld Advertising Agency Network) meeting in Reykjavik. Her presentation on how to approach new business was brilliant. But it was her market insight definition that was a key take-away for me. She said she had picked it up at a seminar some weeks before.  Hope you find it useful.

“Insight: A truth which until now has not been leveraged, but if leveraged will generate revenue.”

The takeaway

What are your thoughts? How do you define market insights? If you have an alternate definition let me know.

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Sean Duffy | @brandranter
Speaker, consultant & founder of Duffy Agency, the flipped digital agency that provides accelerated growth to aspiring international brands.