Recently updated on June 28th, 2023 at 08:28 am
Insights are a key in bringing about transformation to marketing, and to realise this change marketers need to be able to read and analyse the trends found in market data. One of the most important aspects of analysing data is the ability to make sense of it, turning the data into valuable 1st party information. Does your marketing team know how to sift through data to find valuable and worthwhile insights?
Google has identified 8 types of insights:
Diagnostic Insights
Diagnostic Insights refer to the conclusions drawn from the analysis of data in order to identify the root cause of a problem or to inform decision-making. They help businesses identify specific reasons behind underperforming campaigns, for example, and inform their decision-making with regard to the tactics employed to improve the campaign performance moving forward.
Search Trends
Search trends refer to the patterns of search behaviour and topics that people are searching for online. Analysing search trends can provide insights into current interests, needs and concerns of internet users, and it can help businesses understand their audience and develop effective marketing strategies.
Demand Forecasts
Demand Forecasts help businesses make sense of predicted search results and they also prepare them for future demand interests. Demand forecasts are important for businesses to optimise their pricing strategies and overall resource allocation to meet future demand and maximise profitability.
Search Term Insights
Search Term Insights analyse the search behaviour of your audience, and which keywords your ads are better matched with. Search term insights also provide valuable information about the language, phrasing, and keywords that audiences are using online, enabling businesses to optimise their SEO and improve their visibility in search results.
Audience Insights
Audience Insights provide businesses with an overall view of its audience’s psychographics, helping businesses to understand their target audiences better.
Audience insights provide detailed information about the characteristics, interests, behaviour, and demographics of a particular audience or customer segment, which can be used to develop more effective marketing strategies and improve overall engagement and conversion rates.
Change History Insights
Change History Insights highlight any changes made to a business’s account that may have had an impact on the performance of its campaigns. Change history insights also provide a detailed record of modifications or updates made to a system, application, or database, which can be used to track errors, identify patterns, and improve overall performance and security.
Auction Insights
Auction Insights keep track of any updates or changes from other advertisers who participate in the same auctions, and whether or not these differences impact your business. Auction insights provide valuable information about the performance of a company’s ads in relation to competitors in the same auction, including impression share, ad position, and other metrics, enabling businesses to optimise their bidding strategies and gain a competitive advantage.
Performance Shifts
Performance shifts refer to changes in the performance of a system, process, or organisation over time, which can be caused by internal or external factors, and require analysis and adjustment in order to maintain or improve performance levels. They seek to trace any changes within a campaign that could have had an impact on campaign performance.
By analysing the trends in data, relevant to specific products or services, marketers can better understand the needs of consumers. For marketers the goal behind analysing data is to provide valuable insights to help inform decision-making. This is the true value of data & insights.
The way we think about value has to be different from the conventional school of thought. Value is determined by consumer perceptions and they are the primary driving force behind marketing decisions. With consumer needs, tastes and habits constantly changing marketers need to understand the underlying factors behind these changes.
Marketing extends far beyond simply turning data into valuable insights. It’s in finding relevant market insights and creating value where the real work begins. Marketing recommendations are typically based on insights gained from market research, consumer behaviour analysis, and other data-driven methods. Turning data into insights can provide several benefits:
- Improved decision-making: When data is transformed into meaningful and actionable information, it can help individuals and organisations make better decisions.
- Increased efficiency: By organising and analysing data, marketers can identify areas where they can streamline their operations and reduce costs.
- Better forecasting: Analysing data can help individuals and organisations make better predictions about future trends and events.
- Improved communication: When data is turned into information, it can be presented in a format that is easy to understand and share with others.
If you’re looking for a team to help your business gain insight into your specific market trends or if you’re looking for a team to help your own team learn more about interpreting market data, don’t hesitate to get in touch.
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[…] measurement goes beyond surface-level metrics to encompass qualitative insights, customer feedback and broader business objectives. The flow of data should be a two-way process […]