Why You Need a Business Intelligence Strategy
June 3, 2022
Business intelligence (BI) refers to the technology, tools, and procedures used to collect, integrate, analyze, and present business data to help people make better decisions.
A business intelligence strategy is a road map that uses data mining and statistics to help companies analyze their performance, search out competitive advantages, and truly listen to their customers.
As BI becomes more of a necessity for some companies, it’s worth exploring how it affects you as a sales/marketing leader.
Revenue-Focused Business Intelligence
Businesses use BI to discover the data-driven insights they need to direct their sales and marketing efforts. Business intelligence helps you to better understand your audience; identify customer behavior trends; analyze the success of marketing initiatives across all channels; and gain competitive insights.
Revenue efforts will fail if a company doesn’t know who its clients are. Through business intelligence, customer data is collected through a variety of methods, including company websites, social media messages and comments, and third-party intent data sources. Understanding client demographic data might spell the difference between a marketing campaign’s success and failure.
One of the biggest positives of a solid business intelligence strategy is the valuable insight to be gained from regular competitive research. Previously, competitive research was only really applicable to enterprise-level companies looking to expand their brand or grow their organizational image. Currently, however, competitor intel is benefiting everyone in the sales and marketing realm, from c-level, to associates.
Some of the benefits are:
- Marketing teams can tweak their campaigns to better fit a fluctuating competitor landscape.
- Sales teams can further personalize their prospecting with the ability to speak directly about their competitive advantage.
- Improved accuracy in product development and pricing.
Through your business intelligence strategy, you’ll collect a lot of data, so it’s important to pinpoint what that data is and how you can leverage it. Before you dive in, remind yourself of your goal. Why do you want to learn what you want to learn? Use this to guide the way you choose to use your business intelligence data.
Try and look for trends in the data. Keep an open mind during this process as confirmation bias (the tendency to perceive evidence in a way that confirms a pre-existing concept or belief) can have a big impact on how you understand data, therefore it’s crucial to assess each suspected trend carefully.
When you’ve found a theme or tendency, dig further to find answers to the 5 Ws:
- Why is this data valuable?
- Who does this data impact?
- When should this information be leveraged?
- What is the story behind the trend?
- Where are my buyers following this trend?
After answering these questions, you can create an action plan for upcoming campaigns or sales initiatives.
It’s probably easy to understand why having more data would make personalizing your outreach easier. The various data points can be used in your emails or marketing nurture campaigns to create more tailored experiences for your prospective buyers. But business intelligence offers so much more than that.
By acquiring a regular stream of BI, you’re able to create campaigns that focus on a consistent narrative that your buyer can follow. You can address various competitive advantages, product highlights, and valuable buyer experiences. This builds a natural through-line to your greater brand message as it makes your solution immediately applicable to your customer’s current situation as you adapt to their changing needs and preferences, as identified by BI.
Business intelligence also affects how your team analyzes the effectiveness of the various marketing campaigns. The most significant advantage of business intelligence in marketing analytics is that it reduces the time it takes to generate data and analyze it properly.
BI technologies provide you with a near-real-time view of your data, as opposed to spending hours manually extracting and processing it. This enables you to make snappier business decisions without compromising on a data-backed decision-making process.
There are numerous other advantages of using business intelligence. You can access all of your data in one location using BI solutions, and you can even combine data sources to look at two separate KPIs in the same spot. Another significant advantage is that you and your marketing team will have more time and data to truly understand your company.
Because automated features save you hours of time, you can focus on the details of your customer acquisition strategy, product strategy, or anything else on your plate, allowing you to make the best decisions at every point of the marketing cycle. Overall, business intelligence helps your organization make better decisions by providing useful data in near real-time.
Business Intelligence Applications
Many technologies exist in business intelligence to analyze data and provide vital insights into client trends. Companies can use this data to create better campaigns, more precisely target the correct audience, and better understand the activities that produce the best results.
Predictive analytics reveals future trends through the analysis of data. These forecasts provide easy-to-understand recommendations for future actions. Predictive analytics supplies information that supports the marketing and sales team’s approach and helps them improve revenue. It not only determines the ideal message for customers based on their prior behavior, but also informs the organization about which products to promote to which customers. Marketers who have a deeper understanding of client behavior are better able to anticipate future customer needs. Predictive analytics also helps marketers improve their consumer engagement efforts and reach out to their target audience with more valuable messaging.
Business intelligence also provides visibility into buyer behavior. Companies can better engage with their customers when they have more precise data. As a result, consolidated consumer data is critical. When client data isn’t unified, marketers send customers out-of-date communications and don’t take advantage of all the information available to them.
Marketers establish a completely integrated approach when they combine business intelligence with existing technologies. To create the best experiences, marketers must incorporate data from all accessible platforms. Integrating marketing technology is an extremely effective strategy to send a consistent message to customers throughout their interactions with your organization. To provide a smooth customer experience, it’s critical to keep messaging relevant at each stage of the client’s journey. This can be accomplished by combining real-time data with client replies to craft personalized messaging. When marketing tools are connected, businesses can send unified messages to customers across all channels, guaranteeing that the brand is remembered.
Are you interested in learning how business intelligence can directly affect your sales and marketing initiatives? DemandScience provides intel on key parts of your lead generation initiatives by using predictive analytics with ongoing, research-based QA to provide the best in-market leads.
Take a look at how DemandScience creates quality, BI-backed lead generation campaigns and reach out to us today!