Business intelligence is the process of analysis of business information that can help enterprises to gain actionable insights to grow their business.
Business Intelligence (BI) technologies provide past, current, and predictive views of business operations.
BI can help enterprises sift through terabytes of raw data, and turn it into something that can be transformational for the growth of the business. BI can help you drive your resources in the right direction so that you can minimize losses and gain maximum ROI.
One of the key applications of BI is in the fields of marketing and sales. Since marketing has a direct impact on the ROI of your business, it is an area worth investing in.
In this guide, let’s look at some of the top ways in which business intelligence can help drive marketing success for your business.
1. Refine your Target Audience
Narrowing down and identifying the ideal target customer is a pain point for many top businesses. Without perfecting this step, it is difficult to cater your marketing campaigns to the right people, who are most likely to convert.
Using a business intelligence technology designed for enterprises, it is easy to drill down on your perfect ideal customer. Indeed, this type of platform can analyze all your existing customers and traffic sources, to come up with the most probable traits of your buyer persona, no matter how large your company and how diverse its data sources may be.
BI technologies use various factors such as demographics, ROI, engagement, purchase history, interactions, and similar more to build your ideal customer persona. This way, your marketing campaigns will be hyper-targeted towards the people who are most likely to convert, ultimately resulting in a massive increase in your ROI.
2. Personalizing Your Marketing Campaigns
Personalizing your marketing messaging and ad creative is key for getting the most out of your marketing campaigns.
However, personalization today is entirely different than it used to be a few years ago. Today, consumers want to feel special and valued. And thus, personalization in marketing can yield great results.
Business intelligence can be extremely beneficial in the personalization of marketing campaigns. It can be used to provide personalized product recommendations. And, the data from BI can also be used to personalize the messaging in such a way that it caters to the specific needs of your target customer.
3. Increasing Conversions
Generating highly qualified leads through marketing is surely a key step in your acquisition process. Converting these leads into loyal customers is altogether a different game, and business intelligence can increase your conversions massively.
Using the predictive analytics as provided by business intelligence, you can gain accurate insights into the future potential of all your prospects and leads. This information can make the world of difference for closing more sales.
Insights about each customer can be a great opportunity to convince the prospects to go with your business. And hence, BI can play a pivotal role in increasing your conversion rates to a great extent.
4. Increasing Sales from Existing Customers
Analyzing and managing your existing customers can seem almost an impossible task, only if you don't have the right tools to take care of it.
Your existing customers are more likely to make a purchase from you than new customers. In fact, studies show that 65% of your sales are likely to come from your existing customers. But how do you make your existing customers make more purchases from you? The best way to go about is to use BI. BI can help you identify and segment your existing customer base, based on their interests, demographics, purchasing patterns, etc.
You can create more focused marketing campaigns for each of these customer segments. This way, the chances of driving more sales from your existing customers is significantly increased. This also increases customer loyalty and customer lifetime value.
5. Generate Better Quality and Simplified Reports
Enterprises today can easily gather data from various sources. But, the problem lies in interpreting the data to provide insights that can be useful for the growth of the business. BI technologies can help to provide in-depth analytics and reports by interpreting and standardizing these data.
BI can also help gain reports within a shorter time. This is unlike traditional analytics that may take much longer to generate useful reports. Timely and accurate reports can be used to target events and promotions better.
Business intelligence can be used to gather data from several sources and convert it into something much more meaningful. These reports can be used to fine-tune your marketing and advertising strategies.
6. Provide Better Customer Experience
Customer experience is a very important factor in driving marketing success. Good customer experience can have an immensely positive impact on your customers’ minds leading them to take decisions in your favor.
Business intelligence can be revolutionary in providing a premium experience to your prospects and customers.
Through in-depth insights about the interests and needs of your customers, you can perfect your customer experience.
Final Thoughts
To conclude, we can say that business intelligence can be truly transformational in driving marketing success for your business. Right from targeting the right people, to gaining in-depth insights about your campaign, business intelligence can be a great addition to the growth of your enterprise.
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