“There’s an insight for that.” “Don’t miss these essential insights.” “Are you getting the insights your business needs?”. It has become many innovation market researchers’ favorite word. But what is the real definition of a Market Insight?
It seems that the more it’s used, the more vague its definition becomes. Here, we’ll define what a market insight is, what it isn’t, how they’re best utilized and how you can get the best insights for your innovation.
First of all: What are market insights?
What it is
Simply put, a market insight is the discovery of a relevant, actionable and previously unrealized reality about a target market as the result of deep, subjective data analysis. The goal of insight in marketing — especially when marketing a previously unused or unknown innovation — is to benefit both parties, meeting your target audience’s true needs and wants while simultaneously profiting. In other words, the best market insights offer value for both the seller and the companies in need of the innovation.
What it is not
Market insights are often confused or interchanged with data, knowledge or general feedback. While data has the potential to become an insight, data alone is simply numbers — only a real, breathing, thinking human can turn such knowledge into an insight.
What’s the difference between insights and feedback? While feedback is a hard fact (“my car is big”), insights are more perceptive, with a hint of subjective wisdom (“my car is big, which makes me feel safer on the road”). The goal of a market insight is to bring understanding and clarity through the conveyance of fresh perspectives.
Further, market insights shouldn’t be confused with consumer insights — market insights address not individuals, but professionals in a field directly impacted by innovation.
Using the word “insight” in marketing
Good marketing practice includes being wary of how the word “insight” is used, being especially careful not to interchange it with raw data, quantitative research or general knowledge. Insightful marketing should always drive better understanding of current and future buyers in the market, enable informed decisions when choosing a specific growth option and identify market trends in innovation. If it doesn’t add value or incite specific action, it’s probably not a market insight.
How are market insights used?
Equally as important as understanding market insight’s definition is knowing the value you hope to gain from them. True insights are essential for innovations with little to prior time on the market. Once you know what specific market intelligence your innovation needs to prosper, you can create a repeatable process in which you can garner such specific market insights.
For example, key market insights can be used to:
● Find new revenue sources
● Ensure messaging is reaching the precise customers for which it was tailored
● Develop marketing campaigns and pricing strategies
● Measure current performance against market potential
● Monitor brand awareness and customer sentiment
● Learn how your target market actually uses your innovation on a daily basis, as well as their thought process during the buying process
● Understand what draws businesses to purchase from your competitors
● Utilize previous buying patterns or behaviors to offer customized interactions or predict future actions
The options for creating market value are essentially limitless — the challenge is determining which insights bring the most value for the goals of your specific innovation.
Getting great market insights for your innovation
Once you’ve accumulated all of the research data needed, there are several different ways it can be analyzed depending on which insights are deemed the most valuable and urgent for your market.
Vital market insights can also be drawn from data points such as social media analytics, market growth statistics, channel sizing and so on. Insights gained from market research can act as a guidepost for anticipating future needs, forecasting market conditions, gauging competition and acting fast in response to newly-discovered needs and wants.
The urgency of technological innovations make quick market insights a necessity. Today, automated digital market research has the ability to produce global market insights for a fraction of the time and money, enabling key insights to be produced in real time. When it comes to the ever-changing, growing and evolving field of innovation, insights need to be quick. How might your innovation benefit from real-time market insights?