A market insight manager is a business professional who evaluates the emotional connections that brands have with consumers. In today’s business environment, consumers are interested in brands that they can relate to and connect with emotionally. In order to ascertain what consumers think about an existing brand or new product, companies employ market insight managers to survey and research target markets. After they gather consumer data, they transform it into effective business plans and actionable recommendations.
What Does Marketing Insight Entail?
Market insight covers certain business areas and marketing functions. First, involves research driven customer insights that generate analytical reports on customer behaviors and channel trends. Second, it revolves around marketing channel strategies that drive decision making and employee performance. Third, it entails comprehensive studies that provide monthly and quarterly updates to executives on key brand and marketing initiatives. Fourth, it involves the development, testing and implementation of marketing attribution model. Fifth, it drives customer campaigns and channel initiatives. Sixth, it contributes to company-wide strategic planning. Lastly, it involves sales empowerment, which ensures that sales staff can clearly articulate product benefits, comparisons and differentiation.
What are Their Areas of Expertise?
Market insight managers oversee competitive intelligence gathering to learn how to outmaneuver them while further understanding target audiences, according to LinkedIn. Their goals are to know how and why they buy as well as their purchasing criteria. Market insight managers stay abreast of industry trends and the ecosystem of marketing data and research. Comprehension of product positioning means that they define the product hierarchies and core market differentiation. Market insight managers are experts in digital content creation, such as blogs, videos and social media posts, as well as traditional content generation, such as high-quality brochures and customer materials. They also manage and execute the company’s strategies for new product launches and data tracking.
What are Their Roles and Responsibilities?
Market insight managers lead consumer research projects and execute all stages of new product development. They are in charge of brand positioning data collection and management. They leverage their deep understanding of products and markets to achieve business objectives. They are regularly asked to identify unmet consumer needs, market expansion opportunities and future growth risks. They must work effectively with cross-functional teams made up of marketing analysts, researchers and product development staff. In order to succeed, they must have the ability to visualize analytical concepts and transform data into meaningful graphs. They should be familiar with industry standard data sources and market research techniques, such as syndicated shopper panels.
What is Their Education?
Market insight managers will need at least a bachelor’s degree related to marketing or market research. Newer college majors include digital marketing and social media research, but traditional degrees related to information technology are still valid. These degree programs will teach attendees how to create value in production life cycles, translate business knowledge into well-reasoned action and creatively address business issues. Samples classes include marketing management, which teaches how to manage customer and product relationships. Students learn to apply marketplace theories and differentiate between marketing functions like pricing and promotion.
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Current undergraduate degree holders can become market insight managers with the help of an undergraduate certificate that covers advertising, big data analytics, market research, consumer behaviors and data management.
