Market insights are nuggets of truth about a market that aid marketers in adjusting their marketing strategies. These insights are based on data driven analysis and research on trends in the market or among the audience. They can also be useful – that is, they can be turned into specific next steps for increasing ROI.
Market Insights:
Market analysis is a key tool for any marketing team, because it helps them keep in touch with their customers and market. It involves collecting data from a variety of sources online — including social media analytics, your own website, as well as competitor websites equipped with tools for analysis of competitors to organize, analyze and present the information in a manner that is useful. It also involves identifying patterns and relationships, and recognizing the key trends in the market that could influence future behaviors (i.e. market insights).
There are two broad categories of marketing insights that are categorized as market and consumer. Customer insights are based on an knowledge of the individual’s needs and motives, and are frequently directly influenced by interactions with customers or users. Examples include social media research and audience analytics that reveal user preferences or feedback, focus groups or surveys that reveal the reasons behind the actions of users, and also product testing and development that is based on customer needs and their pain points.
Market insights are broader in scope, covering all aspects of the market and how they relate to the business goals. This includes societal trends and demographics, cultural factors as well as purchasing habits and market size, competition, geographic factors, and so on. A software company for instance, which discovers that its intended audience is skeptical about new technology can utilize customer feedback to promote benefits and features that are user-friendly and reliability.
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