“There’s an insight for that.” “Don’t miss these essential insights.” “Are you getting the insights your business needs?” But what is the real definition of a Market Insight.

If you were alive in the year 2017, it’s likely you heard the word “insight” too many times to count — in fact, it’s become many innovation market testers’ favorite word. But what exactly does it mean?

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.

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.