learn to make more assertive decisions in your business strategy – WAU
If you have been following the WAU blog for some time, you should already be properly chosen about the weight that data has on a content strategy. This part is no longer new, right? But do you think that this concern applies exclusively to this type of strategy? What is the real weight that data […]
If you have been following the WAU blog for some time, you should already be properly chosen about the weight that data has on a content strategy.
This part is no longer new, right?
But do you think that this concern applies exclusively to this type of strategy?
What is the real weight that data has within a company?
How does a Business Intelligence guy get into this story?
And what can be the impact of this tool on your company’s success?
Today we will show you that information and data are basic and essential tools to guide decision making in companies.
Business Intelligence is one of the tools that appears strong in the digital transformation adopted by companies.
Of course, we’re also going to talk about how this applies to the wonderful universe of content marketing.
Data and information
First things first: we need to talk about the difference between data and information.
The data collection process aims to create a real bank.
Collecting data is not the same as information.
The data needs to be worked on so that, with time and due analysis, this become assertive information.
The information is easy to read, is assertive, and points you to a path, solution, problem, etc.
The data doesn’t point you to anything: it’s just a collection.
That said, we move on!
Is making more assertive and reliable strategic decisions a concern for you?
Then you should understand what the term Competitive Intelligence means.
Let’s paste the definition directly from the London Association of Competitive Intelligence Analysts: it is the proactive informational process that leads to the best decision making, be it strategic or operational.
This is a systematic process which aims to understand the forces that govern business, reduces risks and leads to anticipatory decision-making.
It was clear that we are talking about decision making that can directly impact the future and health of a company.
Cool so far; but where to start?
To be able to start this process, you need a solid foundation to guide your decision making.
Achievements and assumptions do not help. Business feeling is welcome, but something more concrete offers you a lot more chances to make a good choice.
In short, you need a system that offers data collection.
The interpretation and analysis of this collection is transformed into information, and it is from this that one is able to analyze a context, a scenario, and allows you to make a decision.
Business Intelligence for decision making
Business Intelligence (BI) does not mean the same as Competitive Intelligence.
BI can be understood as the means used to achieve the main objective of Competitive Intelligence.
BI is a term commonly related to the universe of information technology because it involves some type of operating system and database.
Essentially, Business Intelligence can be defined as a technology-based process that aims to analyze data and, from there, present information that helps strategic decision-making by entrepreneurs, CEOs, executives etc.
BI includes a variety of tools, applications and methodologies that allow organizations to collect data – both from internal systems and external sources.
This data collection is prepared for analysis, and a new process begins: development and comparison of data, creation of reports, dashboards and other forms of visualization that allow the analytical results to be available to the decision makers of the companies or even their operational team ( free translation of this article).
In other words, here we are talking about the information process!
And what does this have to do with an organization?
Considering that we are talking about a collection of valuable information that helps in the strategic decision-making process, I would say that it has …
Well, everything to do with your company.
What is expected of a company that is based on Business Intelligence?
We have said so far that companies use BI processes to assist in decision making.
Although this is an extremely important aspect, it is not the only benefit reaped by the BI seed.
Cost reduction, benchmarking of competitors, analysis / correction of inefficient internal processes and research of new business opportunities are also real perspectives that can be taken advantage of through BI.
A good BI system offers data, but they need to be accompanied by context.
It is not enough to compare results from a previous period versus the current period, for example.
A functional and competent system will offer explanations of what factors may have influenced a change in the number of sales, for example.
Data, data, data… we already talked about them so much, but we still need to “materialize” that a little bit, don’t you think?
What kind of information does BI software make available for analysis?
You already know that, in content marketing, we use KPIs to guide and measure the success of a digital strategy, right?
Similarly, but much more comprehensive, Business Intelligence works within a company.
The metrics and KPIs that are used in Business Intelligence software vary according to the objective.
If the object of analysis was an e-commerce, the metrics to be followed can be quantities in stock, items requested, visitors on the site, sales made, and the differences in results within a certain period.
If your goal is to track the performance of a marketing department, for example, you can track the development of a product’s sales, customer satisfaction surveys, the source sources that lead customers to a store, website performance, consumer behavior within the website or blog etc.
Just remember that each software offers different accompaniments and that it is the duty of the entrepreneur / entrepreneur to define the most strategic and definitive metrics for his business.
After all, who better to know your business and your company’s goals than … well, yourself?
You know your business, so you need the right tools to leverage it.
How big is a company that uses BI processes?
The rule is not absolute: small businesses can also benefit from BI software, but it is necessary to have a history to be analyzed.
The fact is that large companies have a wide range of information to be covered, and a panel that helps in visualizing and understanding this collected data is essential.
Large companies should not turn their back on systems that offer BI services.
Is the BI system information secret?
Of course, decisions guided by data and context analysis are made by people in senior management positions – they are usually executives, directors, managers, etc.
But the truth is that visualizing the information collected by the system can be of benefit to a more operational team, such as sales, for example.
Any help that results in increased deliveries and results is welcome, don’t you think?
Business Intelligence and Business Analytics
Over time, new names appear within the business context.
The more processes are created, and the more complex they become, the more detailed certain interpretations and definitions can become.
Within the BI universe, a kind of variation of the term has already yielded some blog posts that sought to differentiate between the two options.
We are talking about the Business Analytics.
Let’s talk about the difference between Business Intelligence and Business Analytics.
Friend Alert: Business Analytics does not mean the same as Google Analytics!
We make it easy first, then we offer a more complete explanation.
On the SelectHub blog, a platform that offers BI services, there is a basic note that differentiates Business Intelligence and Business Analytics software.
In short: it all depends on your primary goal.
Do you want to analyze or make decisions that apply at the present time?
Or are you interested in a kind of future forecast?
Past versus future? Is it a dispute? And which one to choose?
Some examples of scenarios that can be attacked in the short term or at the present moment are related to processes, routines, possible bottlenecks and time optimization, results etc.
When we talk about the future, we are thinking about trends, ahead of the competition and offering innovation to your audience.
You should consider the solution offered by a business intelligence software if: you have a company that needs a lot of data and very intuitive reports, or if you need to identify the areas of your business that need improvement through practical notes for the solution.
Another excellent advantage of BI software is, as we mentioned, knowing even better the processes that encompass your business.
BI software is a good solution for those who want to improve decision making, understand issues related to productivity, work processes and employees.
This helps to improve the business starting directly from the bottom and contemplates the operational processes.
BI software allows you to see bottlenecks, for example.
And it’s worth researching about Business Analytics software if you have a company that can be considered a new entity, or if it is undergoing significant changes and needs to foresee new business opportunities.
In these cases, BA software will help you by offering past data, current information, and projecting trends.
With this, you are better able to choose the appropriate changes.
BA is a solution if you want to analyze your company, your market or your industry with a double objective: to optimize current performance and to forecast business trends to help you stay competitive in the future.
Let’s summarize? The difference between BI and BA is clear:
Business Intelligence uses data from the past as well as current datato optimize the present moment and achieve success.
Business Analytics uses data from the past and analyzes the present to prepare business for the future.
Have you learned what BI is? Now that we have a lot of context (look at this very important word appearing again!), It’s time to relate it all to content marketing.
The value of information
Data, information, meta information, interpretation … this is nothing new for us.
To do the job in content marketing, we need inputs to work with.
You already know what content marketing means: it’s a way to engage with your target audience and grow your network of customers and potential customers by creating relevant and valuable content, attracting, engaging and generating value for people in order to create a positive perception of your brand and thus generate more business.
Working with personas, keyword research and SEO techniques are some of the basic activities of a professional focused on having champion results in content marketing.
All of this comes from studies and interpretations. Tools are needed to build that data collection.
Data + context = assertive decisions
It is already known that content marketing is a very important strategy for the future of a company, right?
In case you don’t remember, the Content Trends 2016 report pointed out that this digital strategy is part of the planning of 7 out of 10 companies; and that almost 30% of the companies’ budget is dedicated to content marketing.
We already know that content marketing is part of the strategy of companies.
From a business point of view, content marketing helps entrepreneurs to find out where to go, what kind of content is attractive, what the best channels work…
And, for that, they need to know what works and what needs to be improved in their digital strategy.
There are several tools that help in the interpretation and analysis of data originating from your online work.
Systems that assist in the understanding and planning of marketing automation, social networks, blog, landing pages etc. are included.
Google Analytics, an old acquaintance of content marketing adventurers, is a powerful tool for measuring the health and performance of your blog.
Your digital strategy you cannot leave out the reviews provided by this channel.
It is through Google Analytics that you are able to interpret the behavior of the public, the preferences of readers and understand what changes are necessary to improve the performance of your blog.
The blog, however, is not only a channel of communication and institutional positioning: the blog can also show you trends in the behavior of your audience.
And this, if well used, can help your company to organize itself to offer the right products to an audience that seeks to solve a problem.
Today, we are talking a lot about software and tools that help in the decision making of your business.
This topic started here too.
Let’s remember some questions that Analytics helps you answer and that can open doors to new opportunities and approaches to your service?
- Can I already get information from my website or blog’s web analytics?
- What information should I really analyze for the success of my business?
- What kind of decisions can I make with access to this information?
- How do I check the profile and behavior of those who visit my website / blog?
- How to turn visits into conversions?
- Is the material I provide really relevant to the visitor?
- What are the best actions and the best channels for me to get the results I want?
Before we move on, let’s review: just as BI software helps entrepreneurs in making strategic decisions for the company, with the right software and helps with data interpretation, Google Analytics is an essential tool for measuring results and help in decision making regarding content marketing strategy.
Are we going to create an even clearer link between content marketing and decision making?
Still don’t understand why you should be concerned with data analysis in your company?
We are back to talking about Business Intelligence.
This CIO article shows how BI software helps the company from its base:
Get quick answers to critical business questions.
This also includes the possibility of analyzing a cycle or process and understanding it better, spending less time, making better decisions and making necessary changes to the process – sales, for example.
Align company activities with corporate strategy.
BI software helps to keep these objectives aligned and to identify possible improvements to ensure this leveling.
Individuals in your company can take more assertive and accurate decisions.
This is extremely valuable for a sales team, for example!
Reduce time spent on analyzing, organizing and interpreting data
. Make better use of your time for decision making and dedication to other strategic issues.
When presented well, BI information is better and more quickly interpreted.
Get insights about your customers.
Who doesn’t want to better understand the audience they’re trying to interact with ?!
BI software helps identify patterns of behavior, and help the company prepare to better meet consumer demands.
Benchmark of your partners’ sales channel.
Keep an eye on the competition!
With this you understand how your company is and can learn from partners and competitors, both with what they do wrong and what they do right.
Identify areas where cutting costs is not harmful.
Identify where it is possible to cut costs and better understand the production process.
This saves time and productivity – and therefore money.
A productivity boom is welcome!
In addition to mapping operational processes, for example, understand how your team uses the internet, for example, and how much time may be wasted with an employee’s inefficiency.
There are software that even help to demonstrate, with real numbers and adapted to the reality of your company, how much money is being lost due to misuse of productivity and working time.
Everything that is good we enjoy, right? Here is valuable information from the same CIO article we cited above:
The buyers’ choice of reading is an immense indication of their hopes, fears, expectations and interests, which essentially translate into purchasing decisions.
Content consumption reflects the next step in customer insight. The same meta information that describes content can be attributed to prospects or customers as they interact with each piece of content.
If organizations are able to use Smart Content to understand people’s consumption intentions and the interests revealed by their reading journey, it becomes a powerful tool to guide quick and informed decision making.
Business Intelligence and content marketing: a union that makes sense
What did we learn here?
That data collection, added to the context and interpretation / analysis capacity, becomes information.
There are specialized software in this data collection and organization process.
They can have practical application both within the strategic-business context as a whole (here we are talking about BI software or even BA) as they can be applied within a more segmented context, analyzing and organizing information regarding visitors and readers of a blog (and here we’re talking about Analytics).
Both tools offer insights that can – and should – be used by entrepreneurs and entrepreneurs to enhance the results of their strategies.
Is knowing your audience a priority for you?
So now you know where to start.
Did you like our tips?
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