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 Jan 2023 34451 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?
It 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 about market insight
What are your thoughts? How do you define market insights? If you have an alternate definition let me know.
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Speaker, consultant & founder of Duffy Agency, the flipped digital agency that provides accelerated growth to aspiring international brands.
“Why is a Good Insight Like a Refrigerator? Because the moment you look into it, a light comes on.”
Nice one Dan. Thanks.
Marketing practice tended to be seen as a creative industry in the past, which included advertising, distribution and selling. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science, allowing numerous universities to offer Master-of-Science (MSc) programmes. The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending with pre and post-sales promotional activities. It is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times and the culture.
The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.
You could definitely see your expertise within the work
you write. The world hopes for more passionate writers such as you who aren’t afraid to say how they believe.
At all times follow your heart.