How can digital marketers use business intelligence? – WAU
I believe that you must have heard about business intelligence, one of the trends in the market that are booming lately in digital marketing. In addition, I’m sure you know how important data is for a business strategy. Yes, having a feeling is essential too, but you can’t […]
I believe that you must have heard about business intelligence, one of the trends in the market that are booming lately in digital marketing.
In addition, I’m sure you know how important data is for a business strategy. Yes, have feeling it is also essential, but you cannot rely on it alone to make decisions.
With the mega competitive market, professionals in the area need to know how to interpret some metrics well to develop better actions.
This is exactly the role of business intelligence in digital marketing.
I bet you are also interested in techniques and optimized results, right?
Read on and find out how business intelligence manages to give a fantastic upgrade to your digital marketing performance!
Before continuing your reading, learn all about Digital Marketing
This comprehensive guide will teach you everything about digital marketing and how to apply it.
Why is data so essential?
We already talked about the relevance of the data in the introduction, but we need to emphasize a few things.
They are so important because justify any and all decision making based on hard facts.
By seeing what is working and what is not for your company and the market, you can do an analysis of the scenario and develop strategies with greater chances of succeeding in it.
The process begins with the collection, which can be from your own records, from competitors and from your area of operation in general.
With them in hand, it’s time to work on putting that information into context.
Thus, it is possible to make interpretations that guide the next steps.
Thus, so that the data does not become just a waste of time filed, it is necessary to investigate and, thus, generate insights going improve your processes and your return on investment, the famous ROI.
There is an incredible diversity of what can be collected, which gives rise to reports demographic and behavioral, for example.
Among the statistics, you must establish the Key Performance Indicators – KPIs -, which are the main indicators that will reveal the performance of your business in the activities that it proposes.
If you still don’t know what to look for, check out the main marketing metrics that you should measure to validate your efforts.
What is business intelligence?
Okay, we already know why it is necessary to get the most significant data and that it should converge into information relevant to your strategy.
However, isn’t it really complicated to do this collection, reports, and this whole process continuously?
For this, there are the softwares business intelligence.
They group together what’s important to your business and apply it to dashboards.
They reveal statistics capable of presenting specific and hidden performance indicators, Besides insights that can transform your business.
BI – short for business intelligence, since we are going to talk about it a lot – is the means to achieve the objectives of competitive intelligence, another trend that has been popping up in the business world.
Competitive intelligence is about an informational process for the best possible decision making, strategically and operationally speaking.
She reduces risk and induces a greater likelihood of achieving success wanted.
Thus, business intelligence is the information technology operating system that makes use of data to enable good reviews with information that helps in making strategic decisions responsible team.
Various tools, methods and applications are contemplated.
The collection is not restricted to internal systems, but also covers external sources, which allows the implementation and improvement of its benchmarking techniques.
With the activity history, the metrics and the defined KPIs, it is possible to configure personalized measurements that go beyond the usual metrics and guarantee indicators that would not be known with reports made separately and without automatically integrated calculations.
Still within the process, some consider that there is a division between BI and Business Analytics.
The first finds processes for more momentary optimizations, while the second seeks trends and allows you to prepare for the future.
Either way, both help to structure a strategy with potential for growth.
The data display can serve the most diverse sectors, from the CEO to the sales team.
In this way, the entire company gains independence by being able to consult what it needs, without necessarily having to resort to the IT team or those responsible for reports.
What are the benefits of business intelligence in digital marketing?
The web space shows more and more competitive and all the details make a difference.
Therefore, marketers need to use all the tools at their disposal to be a winning player.
The biggest advantage of the digital medium is precisely the possibility of measuring almost all results and processes with big data.
Even with so much data available, most professionals find it difficult to collect and interpret it.
Business intelligence emerges as the solution to facilitate this process and allow a new look at your business performance indicators.
Due to the technological advancement of BI software, it is possible to monitor your customers in real time in the sales funnel.
Thus, you see how they are reacting to your efforts, the performance of your marketing campaigns and how your performance is at a global level.
There is a lot of information found, right?
They make it possible to identify patterns of behavior and who are your most profitable customers, making it possible to allocate your budget in order to achieve a more predictable ROI
In this way, it is possible to make assertive decisions, make improvements in the strategy and align it with its operational staff.
All this based on your own data and benchmarking your competitors, in order to reduce costs, correct internal processes and find new business opportunities quickly and conveniently.
Summing up: BI is a way to reduce your time spent on measurement and analysis, and not only rely on semi-annual and annual reports based on constant analysis of how your business is doing.
This allows you to become highly reactive to what is happening and preventive in relation to identified trends, greatly improving the efficiency of your actions.
In addition, business intelligence is applicable to the entire process, from the design of the marketing plan to the time to sell.
It analyzes marketing in a comprehensive way and improves the customer experience.
How to really use business intelligence in digital marketing?
The software shows several different data that can help each other, such as leads, where and how they arrive, their progress in the sales funnel, the company’s commercial flow, the allocation of resources and campaign performance, among others.
This data is found in a panel, which in addition to analysis, allows you to think about actions that can be taken to improve your business intelligence activities.
So we made a list where you can check some of them!
1. Dashboards and their visualizations
Most BI software features a dashboard with the most important statistics for your analysis.
We can compare it with the dashboard of a car, which presents the information so that the driver can continue to drive safely and successfully.
O dashboard does the same with your business: it presents a panorama where it is possible to identify what is going well and where corrections need to be made.
KPIs show performance and determine where your resources can best be spent, and see if messages are reaching their goal.
On your dashboard, you can – and should! – include from basic KPIs to the most complex ones.
Some KPIs are:
The more complex ones can include:
- cost per lead;
- visitors who finalize purchases and the percentage that converts;
- sales closed by acquisition channels.
The possibilities are endless!
It is much easier to understand your performance with a visual display, which saves irrelevant data for your goals by retaining only your KPIs and placing them side by side.
Thus, insights and information that could be hidden are perceived.
2. Prescriptive and predictive analysis
With the study of what is presented in the panel, it is possible to separate two scenarios:
- the prescriptive, which points out situations that can be corrected and optimized with momentary applications;
- the predictive, which indicates consumer trends for their behavior and helps the marketing and sales team to prepare for the future.
The company can be more proactive – ideally – rather than reactive.
That is, have the ability to deal with problems before they are already hurting by identifying them from the start, or even for its possibility of happening.
A great procedural example is the marketer who uses proactivity to engage and reach the audience with the best possible message and medium.
This is done through numerically proven predictions, without blindly following your intuition and ending up breaking your face.
In a practical application, we can be inspired by marketers looking to diversify their traffic sources by identifying where they are coming from and thinking proactively, rather than reactively.
After all, search engine algorithms change and can make visitors and leads fall overnight, and consequently, your revenue as well.
Therefore, it is best to identify how to solve a problem that may give you headaches in the future before it even occurs.
3. Fully integrated communication
BI software is able to provide incredible coverage of the various means through which its customers transit.
This coverage goes from the initial moment when they convert for the first time, until when they are already qualified leads.
THE integration between marketing and sales channels it is essential for every company, composing a good vendarkertintg too.
With this tracking and the connection between digital environments, you can insights endowed with an expanded systemic view, saves time and improves your processes at key points of conversion.
Thus, it is possible to elaborate consistent messages integrated channels for an aligned consumer journey.
By joining your date, you can see the origin of your visitors and leads, the best time to communicate with them, in which medium they convert more, among others.
This information helps your marketing team to organize routes with reactive patterns to identify progress in the sales funnel stages.
These models even assist in offline advertising.
They identify the behavior of your leads during the customer journey, which allows the production of new strategies, methods and materials that better meet your demand.
4. Knowledge of customers and their wishes
KPIs are at your discretion, but among them there must be some essential data to identify who the audience for your products and services really is.
Data analysis is able to identify who are the customers that generate the most money for your company.
So you can set standards among them to really understand who they are, what they seek and what they find in their brand.
By identifying your desires and positive reactions, your team can create personas and, from that, develop campaigns that focus on the most profitable consumers, and that reach them in the best possible way, increasing their revenue.
Often, the group that guarantees the commercial flow is not the one that makes the most expensive acquisitions, but the ones that have more frequency and recurrence with values in purchases. So, be careful in this analysis!
When you find that audience, it’s time to focus your marketing efforts and adapt the sales process that best accommodates them.
By knowing who to sell to and when is the best time to do so, you guarantee security for your business process, something that many companies find it very difficult.
Currently, most marketers use only Analytics, which presents fantastic data, but which needs great competence to be managed.
If you want to improve your skills in the tool, be sure to check out our Complete Google Analytics Guide!
It is necessary for every marketer, but business intelligence can be a better opportunity for being able to integrate all the data you need and generate more complex information with greater ease.
That way, you get strategies based on statistics and increase the likelihood of you getting ahead of the market.
AND BI doesn’t just apply to large companies. SMEs can also find phenomenal opportunities and compete with even the biggest players in their market with this assistance.
Some BI software that can help you:
Data already dominate current business models, and business intelligence is already emerging as a trend that will certainly consolidate in digital marketing.
You already realized that data analysis is fundamental in marketing, right? So how about learning how to use Google Analytics to do smart analytics? Learn how in our complete ebook on the topic!