A lack of information is the main reason for the failure of many businesses. Good marketing intelligence or business intelligence tools can provide such information which will help you make better plans and informed decisions.
Business intelligence refers to various aspects of gathering, collecting, organizing, and monitoring information. Having a structured approach to employing this strategy can assist a business in gaining a competitive advantage over others. Marketing intelligence is a similar concept that utilizes the same techniques for gathering and analyzing data but is geared toward marketing services or products.
What is Business Intelligence?
Business intelligence (BI) is a set of technology-driven processes that can help extract relevant and essential information from a large amount of internal and external information available through reporting and data visualization. These insights can help various organizational functions like marketing and sales enable better decision-making and calculated actions.
BI includes a combination of analytics, data management, and reporting tools, along with various methodologies for analyzing and visualizing data in dashboards. Business intelligence for marketing helps to:
- Analyze audiences’ pain points, interaction patterns, and purchasing habits to target the right person in the right moment with the right promotion
- Track marketing campaigns’ performance in real-time and optimize data usage to maximize performance
- Data processing and reporting automation allows to see the big picture and not spend marketing specialists’ time on routine, instead of providing them with a powerful tool for valuable insight discovery
Business Intelligence for Marketing: Benefits
Business intelligence for digital marketing helps marketers obtain in-depth insights into a client’s wishes, preferences, and attitudes. Businesses can use these insights to create more efficient marketing campaigns for precise target audience hits and generate outstanding results. Let’s dive deep into the BI benefits for marketing.
Enhanced Customer Experience and Increased Effectiveness
Marketing managers worldwide are competing based on customer experience, and it becomes crucial to know customers’ behavior, needs, and wants. Business intelligence for digital marketing empowers businesses with customer insight to divide customers into segments and attract the right type of prospects to meet the company’s target numbers.
BI tools help release bottlenecks, automate tasks, improve processes, prioritize workflows, and enhance productivity. This way business intelligence for marketing brings a significant improvement in sales, customer experience, day-to-day efficiency, and performance.
Data-driven Marketing Goals and Decisions
BI tools can help companies boost their marketing function and enhance sales information visibility, thereby fine-tuning marketing campaigns. Business intelligence can help pose the right questions to a large dataset and easily define KPIs most relevant to a current business goal. Moreover, BI enables better decision-making. When you run a business, every choice can have a big impact on your bottom line. That’s why it’s so important to have data to back up your decision-making. Business intelligence can provide the data for making smart decisions easily accessible to key stakeholders.
Business intelligence for marketing allows for organizing data into a multi-channel stream, giving businesses the power to efficiently build marketing strategies and come to useful conclusions. Marketers should send campaigns to the right people at the right time using the right channels to bring results, but to do so means analyzing demographic data thoroughly. Sometimes marketing campaigns fail only for one reason: marketers can be mistaken in what the targeted audience is. Thus, this can lead to wasting funds on running uniformed campaign after campaign without even understanding the KPIs they’re aiming for. Robust BI solutions can collect all sorts of data about consumers from any sources available and present a dashboard view about their demographic stats, audiences’ pain points, purchasing habits, preferred product lines, interaction models, and more.
Optimized Marketing Campaigns
Business intelligence tools for marketing can track and analyze organization campaigns’ performance in real-time and even compare them against historical patterns. This comparative analysis offers the benefit of optimizing marketing budgets and, if needed, funneling promotional activities that show the highest results. Being backed up by marketing data allows businesses to effectively execute their best-sell and cross-sell campaigns while slowing down projects that don’t generate as much income as predicted. After a thorough analysis, the processes can be either enhanced or eliminated, which will allow business owners to decrease resource waste and optimize performance. Simultaneously, predicting future opportunities can help organizations adjust production and marketing processes, leading to increased revenue and profit.
Rapid Reporting Process and Quality Insights
Today, many organizations depend on up-to-date data to generate actionable insights to gain value from the data. Large data volumes can slow down the reporting and decision-making processes, which can be critical for an ever-evolving market. This can lead to even losing business to more efficient competitors. As an alternative, automated business intelligence dashboards provide rapid data processing and derive valuable insights more efficiently. Сompanies can reduce report generation time from days to a matter of hours. In the twinkling of an eye, marketing departments can view data visualizations on their dashboard and recommend corrective or reactive strategies to optimize campaigns and strengthen their position on the market. Moreover, business intelligence and analytics software allow to set up notifications for management when trends begin to drop or there is some important data to look through, so issues can be addressed before they become catastrophic.
How marketing became a data-driven industry!
With many marketing tools, businesses, and customers existing online, marketing has now become an increasingly data-driven industry. The efficiency of marketing can be tracked and analyzed with the help of open rates, click-through rates, movements of prospective clients around websites, downloaded content or social media engagement, and reach.
Social media is perhaps the best platform to gain real-time audience feedback, which gives businesses their best opportunity to interact with customers, solve their queries, and increase customer satisfaction. Business Intelligence tools provide marketers with the capability to capitalize on the data generated by various social media platforms. These business Intelligence tools also help to measure the impact marketing campaigns create on various platforms.
With so much information available online, customers have become tech-savvy and more socially informed than ever before. With the number of customers increasing each day, solutions that provide all the user data in one place have become very challenging. This is where web analytics plays a vital role. It provides insights using various forms of data that a customer leaves on your website, to help in increasing leads.
Predictive Analytics and other big data tools have changed the way different organizations analyze and harness data. Predictive analytics uncover data that reveal future trends. It finds patterns in a huge amount of data. The information provided by predictive analytics help businesses in creating better marketing campaigns by forecasting trends. It helps in analyzing the past behavior of the customers to draft the best message for them. With the rise of AI and predictive analytics, the art of marketing has just gotten better.
Most brands, businesses, entrepreneurs, and owners alike understand how important it is to have a web presence for their company. However, they fail to understand the importance of capturing, analyzing, conceptualizing, and then closing on the traffic they receive. SplashBI gives an efficient understanding of the business and offers a strong relationship to the intelligence already in place or a solution for businesses that don’t have any BI software yet.
SplashBI offers solutions that help in:
- Determining the upcoming budget
- Discovering actionable analytics for your organization
- Campaign planning
- Budget analysis
- Sales and marketing resource management
- Combining the data for use in your existing business intelligence (BI) applications
According to a study at McKinsey Global Institute, Data-driven companies are 23 times more likely to acquire customers, 6 times likely to retain customers, and 19 times as likely to be profitable as a result.
63% of marketing professionals say that big data/analytics functionality would be critical to enhancing customer experience in their company.
Marketing Analytics is a combination of technology and processes that help marketers in evaluating the success of their marketing initiatives. It helps them evaluate the performance of marketing initiatives like blogging, channel communications, social media, etc. It uses key business metrics like marketing attribution, ROI, and others and gives a clear report of how your marketing initiatives are performing.
They help you determine which campaign elements generated the most revenue last quarter. They also help you understand how customers are engaging with your company and the channel they prefer the most to engage with your company.
Let’s look at how business intelligence for marketing help you deliver the desired results for your company:
- Smart decision making
For any business, it is vital to have a grip on what their data is telling them. Business Intelligence helps them convert important information into structured and analyzable insight. This leads to better business decisions and better revenues.
- Marketing goals
For most organizations, their business intelligence programs help them boost their marketing function. They help their sales and marketing teams to work in tandem. BI offers improved visibility of sales information, which helps in fine-tuning the marketing campaigns. When both the sales and marketing teams work together, marketing initiatives turn out to be more profitable and effective.
- Deliver Outstanding CX
Marketers around the globe compete based on customer experience. So it becomes imperative to understand customers and their behavior. Business Intelligence provides companies with customer insight; this helps them in segmenting customers to identify their most profitable customers. It also helps to attract the right type of prospects and meet your growth targets.
- Increase productivity
Business Intelligence helps in releasing inefficiency bottlenecks, automating tasks, refining processes, and prioritizing work. This improves the productivity of the entire organization considerably.
- Compliance and Data Accuracy
Business Intelligence helps organizations in understanding where their data resides, what is important, and who should have access to it. It helps them in centralizing data and exposing inaccuracies that could lead to increased cost and potential brand damage.
- Increased ROI
When all the above points are met the company experiences a major improvement in its ROI. Right from sales deals, CX, day-to-day efficiency, and future growth strategies, everything sees a spike in performance.
Business Intelligence for Marketing help businesses adapts to customer needs be it through increased availability of merchandise or improved sales reps. Business Intelligence is here to stay and companies are investing heavily in the training of end-users on business intelligence tools, to encourage fact-based decision-making.