How Business Intelligence can benefit your sales and marketing
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"What do your customers want? "
"Will recommending a specific product engage them? "
"Whether they prefer a promotional discount or a better service warranty to hit the Buy button? "
These are the profound questions every business asks to understand their customer behavior. Now with Business Intelligence (BI), marketers and sales teams are in a better position to analyze and understand customer behavior and what motivates it. They can leverage the data to identify the right form of messaging, the channel for engagement, and all this at a highly targeted individual level.
Why is Business Intelligence(BI) critical for your business?
By definition, BI is the mix of Data Analytics and Artificial Intelligence that helps businesses make better sense of their data.
It enables marketing and sales teams to identify the underlying patterns and relationships between customer behavior and product demand to realize strategies for better conversions.
BI tools are benefiting businesses in multiple ways, and the following are some of the benefits to understand how important BI may become for your business:
Match your product and service offerings in line with your customer's consumption trends.
Understand why some of your products are selling less and identify how you can improve.
Generate profound leads and achieve higher conversions.
Create the right and relevant content to engage your customers.
Gain competitive intelligence on how your competitors are doing business and how you can improve.
BI tools are getting more powerful as the technology of Artificial Intelligence and Machine Learning is advancing. BI tools can acquire data from various data sources such as social media profiles, CRM software, marketing campaigns, and customer conversations. This data processed with advanced analytics can drive persuasive strategies and make insightful decisions that can transform businesses of any size.
How Business Intelligence (BI) enhances your Sales and Marketing?
Ask the right Marketing Questions
Business data is vast, and the biggest challenge is to identify the obstacles, the right metrics, and the questions that a business should ask to get the right insights from this enormous pile of data. BI tools can help businesses to identify the most immediate and relevant challenges that need your attention. It helps in defining the right BI metrics and KPIs for your business to improve its marketing efficiency with tracking.
Create Demographic Marketing Strategies
An effective marketing strategy is the ability to send the right message at the right time via the right channel to the right customer. BI tools can collect information about customers from various online platforms and breakdown them into different demographic classifications based on their age, social strata, purchasing power, education, access to technology, etc. Also, BI software can present a more consolidated view of this data for your business to create the right strategies to maximize sales based on demographic preferences.
It can be jarring and extremely time-consuming to sit and analyze business reports and spreadsheet data to find actionable insights. BI dashboards give you an easy to understand view of your business data to draw quick insights and make real-time data-driven decisions. Also, BI tools can help businesses in saving hundreds of manual hours by automating the reporting process.
Sell More to your existing customers
It's cheaper to keep an existing customer engaged than the cost of acquiring a new customer. Businesses today are more than ever concerned about customer retention and customer churning. BI tools can help businesses to understand what motivates your existing customers and how you can keep them engaged by providing the right product recommendation and messaging.
Make Accurate Sales Forecasts
The ability to make accurate sales forecasts saves unnecessary spendings and generates higher profits. BI tools can accommodate data of varied nature such as seasonal trends, customer demand, past purchase history, and other determinants to create highly accurate sales forecasts. It has a great impact on your overall business machinery, right from the manufacturing to door-step delivery.
Measure the success of your sales and marketing campaigns
BI tools can help businesses make better ROI of their marketing and sales spendings. It can measure how well the customers are responding to your campaigns and how you can repeat the successful ones and improve upon the ones that didn't perform to the expectation. With BI insights, make the most of your sales and marketing budgets; you can be sure of where you are putting your money.
Coca-cola recently developed Cherry Sprite flavored drinks based on the data collected from various self-service soft drink fountains that allow customers to mix their flavored drinks. They used BI tools and advanced analytics to develop this new product based on customer preference. All the major business giants are already relying heavily on BI and AI/ML insights to drive their business in the most relevant and timely direction. Whether your business is online or offline, Business Intelligence can give your sales and marketing strategies the edge it needs.
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