The latest buzzword in the business environment is called business intelligence. Business intelligence or BI is an umbrella term used for various strategies and technologies. These strategies and technologies you can make use of in business data analysis. Business intelligence involves the collection, research, and presentation of crucial data. It provides historical as well as current views of business operations. Based on these, you can make predictions and essential decisions.
You may consider using systems, such as the PI system, as a business intelligence tool. BI can work with either real-time data or historical data. What BI does is source the data and then organize it into data sets for further analysis. After the analytical querying of data, BI can inform you about the key performance indicators. BI, as a tool, was first used by IT professionals to show business owners their business reports. However, since then, data analysts and business workers themselves have been using BI. Using BI effectively can provide your business with insight that can help you prepare for what-if scenarios. It can also add significant value to your business strategy. Instead of basing the decision-making process on your intuition, a more intelligent approach is to establish them on BI. Here are some ways in which business intelligence can help you improve your marketing strategy:
Goodbye to Guesswork
Before digitalization, it was understandable that marketing campaigns ran on instincts and educated guesses. This kind of marketing strategy was a gamble. It worked in some situations and did not in others. Ours is a digital age, however, where business intelligence can replace guesswork. Still today, many companies rely only on guesswork to make crucial decisions. It is time for you to realize that this is an ineffective and soon to be an obsolete method. You can use a BI system to get insights that will help you make intelligent business decisions. With having all-time data and current updates on the latest trends, you can bid farewell to guesswork.
Most of the data on the internet gets useless within a week or a month. Real-time analytics can feed your marketing campaign new data. While real-time data helps reduce marketing costs, real-time analytics can be used on all channels. It shows you the channel that needs your attention the most and the channel that requires the least attention at the moment. It is the best way to stay up-to-date about the latest happenings in your niche. With real-time data, it becomes easier for you to also provide current feedback to your customers. This adds value to your marketing strategy as 52% of customers want a rapid response. Real-time data also helps in personalization. You can deliver personalized content to each customer with the help of BI.
Know Your Customers
BI gives you a complete overview of who your customers are. Customer behavior is what shapes your marketing strategy. Social media platforms feed your BI with data. More than 500 hours of video is uploaded on YouTube every minute. On average, 6000 tweets are tweeted on Twitter every second. An enormous number of posts are liked and shared on Facebook every moment. There are so many social media platforms that it would take long pages to mention them all. BI can offer you specific information on your customers’ soft spots and what they hate. From demographic analysis to sentiment analysis, BI can do it all for you. You can search for those keywords that generate the highest traffic. You can know where the traffic is coming from and which particular page your website customers spend the most time on. Additionally, BI can analyze social media comments to help you understand what your customers are discussing regarding your brand.
BI is the need of the hour to adapt to the rapidly shifting marketplace. It is entirely your loss if you fail to take advantage of this latest technology. If effectively used, BI can vastly improve your marketing campaign and increase your sales. From predictive analysis to personalized delivery of content, BI can do it all. Say goodbye to all outdated methods and make sure that you never again have to rely on guesswork.