Business intelligence is a tech-driven process which leverages software and services to transform data into actionable and meaningful insight that acquaints an organization’s strategic and tactical business decisions. Due to various number of tools that enable all-sized businesses to analyze metrics and large amounts of data in real-time, BI is becoming a routine for marketers.
In the organizations, marketing and sales teams can take advantage of this information, organizing campaigns that more precisely target the right audience, and gain a better understanding of which initiatives generate the utmost revenue.
Let’s take a look to best ways Business Intelligence can be applied to marketing.
Business Intelligence can integrate a company’s entire business into one centrally managed solution, along with customer insights too. Customer data from CRM, email marketing, social media campaigns, and website engagements can be tracked in the company’s data management platform. Even, organizations can practice BI software to list customers by the size and frequency of their orders, and their profitability. These all have become very significant for all business market areas because customers have now started interacting with an organization across multiple platforms and channels using companies’ website, social media channels, live chat tools, among others.
Personalized Sales Strategy
It is always vital for marketing and sales team to comprehend other’s business they are trying to work with. For a salesperson, it needs to learn every aspect of a company before pitching them. So, Business Intelligence here will make a company’s sales strategies more composed and effective. BI tools can offer all the data required from the target company’s turnover, budget plans, future expansion plans, sales numbers, competitors, among others. This research can provide the sales and marketing team more information that can help assess and prepare sales pitch on that basis.
Predictive Analytics and other Business intelligence tools have transformed the way organizations yield, analyze, and harness data. For marketers, the best BI application is envisaging the behavior of individual customers. As it notifies the sales team’s automated email campaign, they easily send out the right marketing messages for their stage in the sales pipe. It also enables marketers to send discounts and coupons to those who are close to walking out on their shopping cart, so they can attract shoppers into making a repeat purchase.
Enhancing Competitive Intelligence
Business Intelligence can assist companies to improve and enhance their competitive edge with the effective use of data and turn data into actionable insight. BI solutions make data accessible for accredited users and enable them to interrelate with competitive intelligence from one secure, centrally managed data warehouse. This allows organizations to make more strategic decisions by leveraging information quickly and accessing information in effective ways. It is also vital to have a grip on what the data collected is telling them, as this leads to better business decisions and better ROI.
Making Effective Business Model
Since a company’s marketing team has all the data – market insights, customer behavior, competitor market strategy, they will work more on making their company’s business model more enduring and result oriented. Like enhancing competitive intelligence and improving market intelligence, BI tools help the sales team to scrutinize the company’s own data and consider all the external business information.