How Business Intelligence can Benefit your Sales and Marketing
Posted by josephtall on June 23rd, 2020
Business Intelligence can benefit marketing in the following ways:
Today’s market is saturated with social media platforms, apps, pay-per-click ads, analytical tools, B2B lead generation tools. BI is vital in helping to determine the Return on Investment for small businesses to figure out if the marketing strategy they invested in is producing results. BI can translate analytical reports where businesses can make wise decisions on solid research, facts, data, intuition, gut, intuition and assumption. Reports can give you a much bigger and better picture of what’s working and what’s not.
The success of any marketing campaign depends upon sending the right message at the right time to the right consumer. An effective BI solution can collect demographic data about consumers from various online platforms and present a unified view of their buying patterns, age groups, product line preferred by them and much more.
Business Intelligence today is more vital than ever. 90% of the data which is present today is derived from the last two year. The rate of data creation is only going to accelerate. The reason behind this is an explosion on social media channels. Business Intelligence is an art of deriving data and knowledge from all the business processes to help enterprises gain a competitive advantage to better understand customer needs and market dynamics. It helps build long term customer relationships.
BI is the key to your entire business information. This includes business insights and customer related data. Customer data can be derived from Newsletters subscription list, CRM, Email Campaigns, social media engagement, website traffic and all this data can be arranged in a holistic view. Your team can use this data to engage with your customers in a more personalized way. Similarly, you can put all your business information like financial reports, sales figures, employee records, marketing campaigns, competitor activities in a holistic view.
Business Intelligence in sales can benefit in the following ways:
Today in this competitive world, BI powered sales data can help acquire larger market shares and revenue. It provides timely support to sales reps through sales intelligence and helps provide better services to customers.
To the online world, customer retention or selling to an existing customer is more cost effective and profitable as compared to selling to the new customer. A study suggests that the probability of selling to an existing customer is upto 14 times higher than selling to a new customer. BI tools help sales professionals to keep a track of what their existing customers are buying. Based on this information, you can target them with specific sales campaigns and opportunities. Your best customer might be the one who is consistently placing good sized orders or services with you.
With BI, you can improve the speed and accuracy of sales forecasts after accommodating information based on promotional campaigns, seasonal product demands such as what you’re going to sell, whom you’re going to sell and when you will make the sale. It can improve the accuracy of forecasting, leading to other benefits like revenue forecasting, procurements, inventory management, product promotions, seasonal demand, slow-moving items, casualties, outliers and other key factors.
With the use of BI tools, companies can now maximise their revenue generated from spending on advertising and marketing campaigns. BI can be used to measure how customers are reacting to your marketing campaigns and allocate resources for the more successful campaigns to produce the best possible ROI.
As you track sales and analyze customer buying habits, you can create a complete picture of customers’ business needs. With data in hand, your sales team can walk with confidence in a meeting with your customer to respond to their questions, discuss potential opportunities for cost savings, introduce new products to increase your sales and review current stock levels to avoid inventory challenges.
To keep with the competitors , you need to access current information about your business and you need to use this information to drive decisions. Decisions based on emotions or intuition pose risks that you cannot afford to take. Having accurate timely data at your fingertips will make it easier for you and your team to take justified actions.
Business Intelligence, Social Media, Marketing Campaigns, Holistic View, Sales, Marketing, Intelligence
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