Do your marketing efforts pay off? A recent Gartner’s Annual CMO Spend Survey reveals that businesses spent 6.4% of their revenues on marketing in 2021, down from 11% in 2020. One possible reason why companies are reducing their marketing budget is due to inaccurate metrics for measuring progress and results. Moreover, companies derive 41% of their marketing budget from the previous year’s expenditure.
Fortunately, business intelligence and analytics solutions can help businesses track, organize, and measure the results of their campaigns in real-time. This article highlights the benefits of BI in marketing, justifies marketing analysts’ goals for driving business growth, the right toolset for business, and insights into optimizing marketing analytics.
Benefits of Using BI for Marketing
Gartner’s CMO Survey also reveals that 59% of marketing leaders across various industries are under increasing pressure from CEOs and CFOs to prove the impact of marketing efforts. Possible reasons why marketing leaders can’t deliver to the expectation of their bosses include prevalent data challenges, such as slow analytic processes and the inability to leverage marketing BI tools for prudent insights. Other challenges include outdated data and scattered data across multiple systems.
That said, leveraging marketing BI software in your company has various benefits, including:
1. All-Inclusive Solution
Business marketing intelligence software is an all-in-one solution encompassing various tools, such as analytics, data management, and reporting systems. Moreover, BI software also comes with automated methodologies for analyzing and visualizing real-time data on the dashboards. This saves your business the time and resources wasted on juggling multiple tools for the same overarching goals. For instance, you won’t worry or spend on multiple software updates after implementing marketing BI software.
2. Actionable Data for Driving Real-Time Personalization
In the era where data is gold, having enough of it doesn’t cut it for the competition. It all boils down to the data’s quality data and how you can leverage it to meet the ever-changing consumer needs and expectations. Also, the data will only prove valuable if it’s easily accessible across the entire organization.
Business intelligence for sales collects your data in a central place, making it accessible to all relevant teams. You also get real-time insights into customer behavior across all channels. That way, you can enhance a personalized experience by tracking customers through all their touchpoints.
3. Better Privacy and Governance Control
Handling raw data can be pretty tricky, especially for companies collecting data from multiple sources. Moreover, this compounds privacy and governance issues because it can take a lifetime to sort and classify huge chunks of data manually. On the other hand, marketing business intelligence tools sort out anonymous and authenticated data automatically without jeopardizing privacy. Also, companies can customize permissions to regulate access, especially in matrixed organizations. This also mitigates data loss and manipulation.
4. Optimized Workflow and Productivity
A reliable business intelligence tool has access to global data, powering it to automate reporting, analysis, and planning of insights. This allows companies to respond promptly to changing business environments in a bid to stay relevant and compete favorably with other players. In the long haul, automation of manual or repetitive tasks while generating real-time insights into them optimizes the overall workflow and productivity.
5. Prudent Decisions
Do you understand why your business is suddenly making losses? Maybe it’s because of misinformed decisions. In that case, a BI marketing tool can come in handy by giving your quality data to base your decisions on. Even better, the system structures your data and categorizes them automatically to minimize human error.
6. Optimize Costs and Identify New Revenue Opportunities
Implementing business intelligence for marketing can help in budget optimization by identifying areas that can help your business cut costs. For instance, the system can collect raw data on areas that consume unnecessarily more resources and suggest ways to cut down costs. Even better, you can leverage the tool to spot new revenue opportunities that drive business growth by compiling high ROI reports and insights.
Use Cases of Using Business Intelligence for Sales
● Business Intelligence in Telecom
Telecom businesses can leverage business intelligence for sales to create products that attract more customers. For instance, marketing tools can leverage business intelligence to process tons of data and get insights into popular tariff plans. Insights into big data analytics can also help the marketing department understand how their advertisement and social media campaigns influence how customers use certain tariff plans. At the end of the day, businesses can use this information to customize more attractive tariff plans and drive sales.
● In-Flight Retail Solutions
Commercial airlines and charter flights often rely on in-flight sales to complement their primary source of revenue. However, in-flight sales can only offer a reliable revenue stream if companies know what their customers intend to buy when traveling in advance. That’s where business intelligence steps in. An innovative BI system can help airline marketing departments get real-time insights into the goods sold and build dashboards that can detect what sells more and keeps passengers happier.
Univision, a leading Spanish-language content provider in the US leverages marketing BI software to get more visibility into unified data for better-targeted ad campaigns. Initially, the company wanted to track marketing insights on campaigns embedded in its videos, which are released across multiple channels, including TVs, websites, mobile phones, and Facebook. The new analytics tool saw Univision’s yield grow by 80%.
● American Express
The importance of business intelligence for sales in the Fintech industry is evident through America Express. The company has been using the technology for a while now to customize customer offers and build new payment service products. The company tested the system on the Australian market, where it spotted 24% of customers who were about to close their accounts. These insights helped American Express take proactive measures in a bid to retain existing customers.
Business Intelligence for Marketing Gives You an Upper Hand
Both micro and macro businesses are leveraging marketing BI tools to stay ahead in their respective industries as long as competition and customer satisfaction are concerned. Moreover, the technology helps save costs and optimize workflow for better profit margins. Now that you understand the importance of business analytics in marketing, contact us today for a free consultation and prompt BI & ETL development services.