Digital Marketing
Digital Marketing

The 10 Benefits of Business Intelligence for Marketing

These are some ways a robust data analytics software and BI tools can turn your prospects into customers. Here the 10 Benefits of Business Intelligence for Marketing.

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These are some ways a robust data analytics software and BI tools can turn your prospects into customers. Here the 10 Benefits of Business Intelligence for Marketing.

BI Dashboard

1. Ask the right questions

For marketers, it’s vital to not simply ask questions but to pose the right ones. Defining success and metrics to track it are vital components of planning a strategy. They can also be easily misapplied, however, and lead to a misunderstanding of the data that can lead to inefficiencies and lost opportunities. One of the benefits of BI is the ability to sort through massive amounts of data and generate actionable insights from it. To work optimally, it needs to ask the right questions of the data being produced. For this, the best marketing dashboards include the option to define a variety of key performance indicators and other metrics. The problem with massive amounts of data is that while getting one answer is easy, finding new actionable insights can be costly if there is no agile way to scan through terabytes of data quickly.  BI tools help expedite the analysis process while also refining it. This empowers companies to react quickly to industry changes, track their success more effectively, and find the data that is worth exploring more swiftly.

2. Better define and target your key demographics

A major pain point BI can solve for marketing professionals is narrowing down demographics to find the right audiences. The most successful strategies and campaigns work because they are able to send the right message to the right people at the right time. For example, when mailing postcards, BI can help identify the optimal recipients based on demographics, preferences, and behaviors, maximizing the campaign’s effectiveness. One of the biggest benefits of business intelligence and analytics is its capability to collect information from a variety of disparate channels and provide a complete view of a company’s customers across every channel. More importantly, BI can organize this multi-channel stream and create more actionable data that considers a variety of factors. By targeting not just demographics, but also engagement, ROI, purchasing and interaction patterns, companies can build a complete view of their target customers. The best companies who use marketing analytics to evaluate demographics can better define their audiences and thus target them more easily by looking for the right metrics.

3. Improve the quality and speed of reports

It’s vital for companies to collect as much data as possible, from as many sources as they can. The reason is simple. Better insights deliver a company the ability to enhance strategies and also react faster to changing preferences and trends. However, collecting data from disparate sources can become problematic if it isn’t uniform, and there’s no process to standardise it. This can lead to difficulties when attempting to produce actionable insights that aren’t outdated in a few hours. For industries where marketing is around-the-clock such as online gaming like slot online, spending days on reports instead of hours can mean losing customers to competitors. However, it doesn’t have to be that difficult.  Their marketing team depends on data to target their events and promotions better, but incompatible sources meant a substantial portion of time collecting information was spent unifying these data streams into a usable format. One of the biggest benefits of business analytics is that it is programmed to capture data from several sources and convert it into a clean stream for parsing and visualization. By cutting down on the time it takes to standardise data, companies can react to an ever-changing market.

4. Look at the right data

Business intelligence software can help you look at nearly any facet of your business. With so much information at your disposal, it may be a challenge to determine which metrics are the most important for your marketing department. You can start with the basics – the number of site visitors, how long they spend browsing the site and which pages they viewed. You can also look at how people are arriving at your site, whether they found it through an organic search, a social media channel or other avenues. All of these insights can help you find strengths and weaknesses that may shape new initiatives and lead to improvements in site conversions and an uptick in sales.

5. Analyze customers and their behavior

For every type of business, data is a specific business indicator: a customer interaction with your product, a prospect’s every click on your company’s website, a contact detail, etc. the list goes on. To this point, understanding data is crucial for companies. Because understanding data means understanding your customer. Understanding your customer provides a clear roadmap at your customer’s intention to renew their account, the features where they’re having trouble, their company growth and potential for new selling opportunities and if they’re not using the product altogether. Marketing data can provide a clear picture of your customers, making it easier to tailor your online services. For instance, if the majority of your site traffic is coming from landing pages and blog posts, you can concentrate your efforts on those aspects, while spending less time on another part of your site experience that isn’t seeing as much activity. This information can also be used to drive your content. Analyzing the popularity of blog posts can help clue you in to which topics are more engaging, so you can refine your content strategies to improve site visits and conversions.

salesforce dashboard

6. Predictive and prescriptive analytics

Predictive analytics is the process of uncovering data that reveals future trends. Marketers are always seeking actionable insights from their data, and the forecasts produced by predictive analytics offer direct suggestions for future action. One major way this is achieved is by providing information that can support the sales team. Information about individual customers can inform their approach – or even just inform their automated email campaign – and lead to increased revenue. BI Predictive analytics tools can not only determine the best messaging for customers by reading into past behavior, but they can also determine what products to market to which customers. By helping marketers to understand customer behavior better, the marketer is able to be proactive, and make a prognosis of their needs in advance. This drives revenue and engages customers. An example is Amazon’s model: a customer comes to Amazon from a link in an email and browses various pages for a few hours. Based on how the customer arrived to the website, and what products the customer viewed, Amazon is able to guess the desires of this customer with a great degree of accuracy. On the flip side, if data reflects a disgruntled customer that does not open certain types of emails, this BI tool will help the marketer know it in advance, so that they can shape their messaging in a way that will not bore or scare the customer away. Using data from the past, predictive analytics can prescribe precise ways for the marketing department to improve consumer engagement and reach its target audience with more valuable messaging.

7. Marketing technology integration

Business intelligence tools can contribute significantly to a fully integrated marketing approach. Customers are going to be using all available channels and resources to research and discuss a product, and ultimately to make the decision of whether or not to buy that product. Marketers must be sure they are, in turn, integrating data from all available platforms to design ideal interactions. Marketing technology integration is about conveying a unified message throughout a customer’s entire experience with a brand: from email and social media to billboards and in-store advertisements. This is important to marketers striving to make the entire customer experience seamless. This is achieved by integrating real-time customer behavior data into personalized responses. Statistics show that 45% of American consumers plan to split their buying between online and in-store purchases, underscoring the importance of this unified approach. For example, one customer may download an app that is partnered to a certain store. When the customer uses the app and checks in on Facebook at a location near that store, he receives a discount to shop there. After making a purchase, he receives an email with coupons and an invitation to discuss the brand on social media. According to a 2011 Gartner survey, companies that use such “event triggered” techniques have seen the response rates to their campaigns increase by 600%. Integrated marketing technologies provide customers with consistent messaging across platforms and can make a brand stick out in the mind of a customer, and ultimately be a determining factor in a purchase.

8. Social analytics

Social analytics tools gather information from user conversations and actions across social media channels and the rest of the Web. It offers the marketing department insight into the behavior and sometimes even the thought-processes of customers. The field can be subdivided into two primary categories: web analytics, which examines page browsing statistics, and social media analytics. Web analytics offer marketers a comprehensive vision of who is visiting their site, how they are getting there, and what they are most interested in. These tools can be used to determine the success of certain areas of the site, in addition to the success of links and other advertising in drawing traffic to the site. Statistics can also demonstrate which page a user is on when they leave the site. This can inform the marketer’s decision-making when it comes to the site’s content and messaging. Social media analytics mines information from posts, link shares, comments, and other engagements on Facebook, Twitter, blogs, comments sections and more. This data provides marketers with a unique window into the hearts and minds of consumers. This can improve consumer engagement, as companies learn more about who their target audience is and what they want. For example, in reacting to an episode of a TV show, who were the users that mentioned the show the most? Why did they like the show or why didn’t they The most common actionable insight that is drawn from social media analytics is campaign tracking: judging the performance of a given campaign, and determining the factors that impact performance. Which outreach methods are working and which are not? How does the messaging need to be changed so that the product stands out in conversation from the competition? For example, social analytics could compare the amount of social mentions of a TV show, versus how many people actually watched the show. Perhaps more than any other business intelligence tool, social analytics foster an intimate understanding of a customer’s opinions. This is important not just for engagement, but for monitoring performance and the strategic aims of a campaign. Social media offers an easy and effective way for companies to reach their audience, and business intelligence can improve the return on investment. You can track data such as Facebook likes and Twitter retweets to get a better understanding of how effective different posts are. For instance, if a beauty retailer is sharing photos of celebrities without makeup on, and they’re not garnering much attention, the business may want to figure out a different option to engage customers.

9. Marketing KPIs

Marketers rely on key performance indicators, measurements of success in important categories, to determine the most important influences on business performance. KPI’s monitor the efficiency of a marketing campaign through metrics such as Cost Per Lead Acquisition. Determining the cost of each lead, where the most expensive leads came from, and where the most valuable leads came from, can provide valuable insight into best practices. It can also answer the question of how resources should be allocated. For example, a company could host a very expensive tradeshow and only receive a few leads. The Cost Per Lead Acquisition might then be very high. However, if those few leads turned out to be major clients that increased revenue, marketers better understand the value of that tradeshow. KPI’s can also help marketers determine if their content contains the right messaging. A great way for digital marketers to measure this is by watching the Landing Page Conversion Rates. This KPI gauges how successful a page of content is in getting visitors to either fill out of a form or buy a product. By using this KPI to watch different pages over time, marketers can discover which kind of content draws the most “conversions”, whether they be leads or sales. KPI analysis is not only an easy way to keep an eye on metrics that are vital to the business, but it can also create connections for marketers between metrics. Certain KPI’s can serve as indirect indicators of other categories. By monitoring KPI’s over time, marketers can see which KPI’s are related to customer satisfaction, increased revenue, and the categories that matter the most to them.

10. Unifying customer data

Important data on customers can come from many places and from many different campaigns; whether the information be handwritten on a comments card or filled out in an online registration form, it is most valuable when it is all gathered together and used to inform marketing decisions. Customer data unification is important to marketers for a simple reason: the more accurate data the company has, the better they are going to be able to engage the customer. Without unified data, marketers might be communicating inaccurate, out of date, or distasteful messaging to customers. In the very least, they won’t be taking maximizing the value of big data. Business intelligence tools like data warehouses can draw together data from multiple places and organize it in a single format. This unified view provides insight not just to the customer but to the place where it came from. Marketers can tell which kind of customers engage them where. Ultimately it can result in another form of campaign performance: which method is working best? Whether that means Facebook over Twitter, or direct mail over email, unifying data from across channels provides marketers with meaningful insights.