Business intelligence for marketing as a legit marketing meeting suggestion is likely to get you yawns or head-scratching as a reaction.
Even the statistics with respect to business intelligence consideration for marketing automation is rather sad. According to a survey that has been conducted by MiQ amongst marketers both in the US and UK, it has been found that almost half of them find the investment cost of business intelligence tools a rather costly and useless one.
The takeaway from the statistics:
These kinds of statistics with respect to business intelligence for marketing reveals the general lack of knowledge around the fundamentals of business intelligence and how it can drive major and beneficial marketing results.
This fear is not completely superficial as the moment that marketers begin to think about worrisome questions such as :
- 1. How to execute the solutions?
- 2. How to optimize it from their broad range of products?
- 3. Which campaigns will generate the best results from the usage?
Why do marketers need Business Intelligence for Marketing?
Business intelligence for marketing is the need of the hour. It provides precision in the form of insights that strengthens the decision-making process. To clarify and narrow down things further let us dive into the top 3 benefits to devour from the use of business intelligence for marketing:
1. TARGETED AUDIENCE AND PROFILING
A plethora of marketing efforts flop for one reason: advertisers have just the vaguest thought of who they are focusing on and why. Also, here’s the additionally disappointing thing: they burn a large amount of money on pursuing effort battle without realizing the KPIs they’re going for. It is basically putting all your efforts into a never-ending loop.
It couldn’t be any more obvious, for your promoting activities to achieve results, your campaigns ought to have the option to send your message to the correct individuals at the opportune time utilizing the correct social media channels and others. However in order to do so implies getting your hands on volumes of demographics and data—your audience’s breakpoints, interaction history, purchase history, buying capacity, etc.
This is the place business intelligence emerges. Since it enables you to sort out information into a multi-channel stream, it along these lines enables you to proficiently manufacture methodologies around this valuable data information and envision valuable insights and conclusions that can be yielded through your campaigns.
2. OPTIMISING OF MARKETING CAMPAIGNS
Ever pondered which of your marketing efforts is driving the most leads for your business? At that point taking to an analytics tool won’t hurt. With the help of a business intelligence tool, you can follow and examine close that how have your campaigns actually performed and even look at it against your campaign history for any probable pattern matches. It makes your business-handling process better and transparent.
This parallel analysis gives you the advantage of choosing how to rearrange your advertising spending plans and pipe it to special and selected promotions that give you the best yields on the venture. Additionally, having a decent control on your marketing information likewise offers you the chance to successfully execute your up-sell and cross-sell projects, while delicate accelerating ventures that don’t produce the expected income.
Simply consider for example how you can advance moderate moving products when you have full perceivability into your client’s purchasing habits, Or how you can re-showcase overloaded things with value focus that in a split second snare potential purchasers.
With the help of business intelligence used for marketing, you’re engaged with the choice to advance your client acquisition methods and moseying your possibilities down the purchase funnel.
3. Pacier processing
It’s significant for organizations today to gather as much of relative data as they can about their objective market. In any case, doing so doesn’t need to mean a slower announcing procedure and poor bits of knowledge.
A decent business intelligence dashboard would absolutely address this as it converts your decision-making process to a data-driven aspect.
First things first, marketing departments can essentially see data being visualized in a neat and clean manner on their dashboard (no more of those entangled lines and sections that make your reports increasingly inclined to blunders!) and prescribe receptive strategies that can help reinforce your organizational situation in the market.
With a pacier reporting process, showcasing experts won’t likewise need to sit around idly accommodating information streams and modifying estimations as required.
Business intelligence will enable them to drive more concentrate on big business influencing issues of the organization, as opposed to getting burdened with authoritative obligations—time that would have generally been spent on improving consumer loyalty and building procedures for market expansion.
To wrap things:
Marketing data is a real boon to the marketing team’s processing and operation provided your marketing team is intelligent enough to know how to churn out the benefits from it at the right time in the right way. Business intelligence for marketing helps you with evolving dashboards that allow your data to make greater sense instantaneously to help you with your growth. It helps you get rid of:
-Poor forecasting
-Slow reporting process
-Erroneous insights
It is your go-to tool for taking charge of your business for better and for enhancing your competitive advantage a notch higher.
ABOUT THE AUTHOR
Chandrima Samanta
Content-Editor at MartechCube
Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for MartechCube she was a Business Analyst with Capgemini.