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:
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.
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.
Marketers around the globe compete on the basis of 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.
Business Intelligence helps in releasing inefficiency bottlenecks, automate tasks, refine processes, and prioritize 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 expose inaccuracies that could lead to increased cost and potential brand damage.
When all the above points are met the company experiences a major improvement in their 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 adapt 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.