How Business Intelligence can benefit your sales and marketing
The importance of business and customer data is not lost on marketing teams, as every decision regarding placement of marketing campaigns, customers to be targeted, as well as the use of the right platform (be it television, print, or Internet) is made from the large volumes of generated data. The evolution of the business intelligence infrastructure from simply a technology buzzword to a deployable platform has provided marketing resources with actionable results and insights from the generated business data.
Modern business intelligence (or BI) tools are provided with user-friendly interfaces, making them convenient to use even by first-time users. Integrating the right BI tool in your marketing initiatives can reap rich returns for any company.
This article highlights how marketing teams can utilize the potential of business intelligence to increase their customer base and sales revenues.
Data insights that can eliminate guessworkBefore the advent of BI technology, most business leaders relied upon informed guesswork to make important business decisions. Making important business decisions requires a dependable structure that can equip you to make informed decisions. BI provides you with accurate data insights, timely updates, and forecasting method that includes predictions for “what-if” scenarios, thus eliminating the need to base decisions on guesswork.
BI metricsCloud-based analytics for your website can provide information such as a number of webpage visitors and the pages visited but are unable to extract more ROI on your next marketing campaign. The adoption of BI-powered dashboards along with data analytics can provide you with powerful metrics including:
Web traffic sources: to determine the value of your marketing campaigns.
Overall reach on social media: to analyse which marketing messages are more viewed on social media.
Clickthrough rate: to determine how many users have clicked on your call to action (or CTA).
Bounce rate: to analyse and improve website pages which users are exiting after a single page view.
Analyse customer behaviour
This benefit of business intelligence can help you identify the products that your customers are buying and ignoring. You can use insights generated from customer behaviour to position relevant products and through the right marketing channel. Insights developed from your customer’s buying patterns and trends can potentially help you convert them into long-term and brand-loyal customers.
Demographics and Behavioural Analysis
BI analytics tools can also benefit online social media and search engine marketing campaigns by providing key metrics and filters that can provide easy-to-understand insights into information from social media. Demographic data (including age, gender, and location) of online buyers and users who are engaging the most with the brand, along with user behaviour to see how customers feel about their preferred brand (through their social media comments) are valuable indicators for marketing teams.
Tracking the progress of external marketing strategiesThe growth of online social media platforms such as Facebook and Twitter have provided innovative ways for marketers to engage with potential customers. Tracking data either through FB likes or retweets can provide valuable insights to marketing teams to understand the effectiveness of your social media campaigns, thus enabling them to devise their online marketing strategies for better returns.
Determining the ROI of your marketing strategy
The bottom line is that every small or large business enterprise wants to determine if their current investment in marketing strategies is reaping a good ROI or not. BI tools can translate data generated from a host of sources including mobile apps, social media platforms, and pay-per-click (PPC) campaigns into valuable BI reports using which marketing leaders can base their decision on real-time data.
With the growing dependence of marketing teams on business data to plan their marketing events and promotions, the relevance of BI tools for providing the right business insight has become very critical. To stay competitive and relevant in an ever-changing market, BI-based solutions are essential for long-term benefits of small and large business enterprises, including positive returns from their marketing initiatives.
Understand how Business Intelligence tools can be beneficial for your business. Get in touch with Countants.