DELTASION.com – Marketing Business Intelligence can help companies make important business decisions and visualize important data more easily. Most companies use marketing business intelligence as part of their business marketing strategy.
But how does marketing business intelligence itself work? In this article, you will understand marketing business intelligence, its application, and its benefits for your business.
Need data analysis and easier ways to make important business marketing decisions? The answer is Marketing Business Intelligence!
Business intelligence itself is a business process that in practice utilizes
Involves various activities ranging from collecting, processing, and
analyzing data related to marketing.
Business Intelligence has many benefits for companies.
Definition of Business Intelligence
The term Business Intelligence is currently still foreign to some people, even though business intelligence has a very important connection in the business world, especially about consolidation, analysis, storage, and access to important data.
Business intelligence itself is a business process that in practice utilizes special technology to carry out analysis and present the data in the form of visualizations that are easy to understand for business purposes.
The data produced from business intelligence itself is very accurate so it will make it easier for you to make better business decisions. Generally, business intelligence will utilize modern technology bases such as the cloud for business.
The processed data can be analyzed better in marketing, for this reason, Marketing Business Intelligence is used. Marketing BI or marketing business intelligence is an application of BI technology that is used to understand and improve the effectiveness of marketing strategies.
In practice, this will involve various activities ranging from collecting, processing, and analyzing data related to marketing, including sales data, consumer behavior data, competition data, and so on.
This BI technology can help companies build dashboards and interactive reports so they can visualize marketing data in a way that is easy to understand. This will make it easier for decision-makers to make better decisions based on existing data.
Application of Marketing Business Intelligence in Business
Business Intelligence has many benefits for companies, one of the most important is being able to explain concepts and methods in improving the quality of business decision-making based on data-based systems.
Other benefits of business intelligence for business are:
- Increasing the value of data and information is what companies want because data and information can be integrated.
- Makes it easier to conclude business conditions that are easy to access and understand.
- Helping management to make better and wiser decisions.
- Helps in deciding what business people should do amid a crisis.
- Makes it easier to measure company performance using Key Performance Indicator (KPI) benchmarks.
- Demonstrate KPI achievements easily, quickly, and precisely.
- Prepare steps to anticipate if there are indicators that show there is a problem, for example, the target is still far from being achieved.
- Increase the value of existing information technology investments previously used by the company.
- Increase cost efficiency
- Speed up the workforce in carrying out work so that it saves more time.
- Allocate the company’s resources more accurately.
From the benefits listed above, it is not surprising that business intelligence itself is needed in companies and has become an integral part of the company system. If your company wants to implement a BI marketing system, there are several stages you need to do, namely:
- Data Collection: The first stage is collecting marketing data related to consumer behavior, sales, competition, etc. This data can come from various sources, such as internal company databases, consumer surveys, external data, and others.
- Data Integration: The next stage is to integrate the data that has been collected into one system. This involves using BI technology to combine, store, and manipulate data in a way that is easy to access and understand.
- Data Analysis: After the data is integrated, the next stage is to analyze the data using BI techniques. This analysis can include consumer segmentation, cohort analysis, pricing analysis, and others.
- Data Visualization: The next stage is to visualize the data in the form of dashboards and reports that are easy for marketing managers to understand.
- This allows managers to see marketing trends and patterns in real time and make better decisions based on the data. Reporting and Monitoring: The final stage is reporting and monitoring, which involves monitoring marketing campaign performance, measuring ROI, and identifying new market opportunities.
Some examples of marketing BI applications include analyzing consumer behavior
data, predicting market demand, identifying new market opportunities, developing marketing strategies, and monitoring marketing campaign performance.
In the context of digital marketing, BI marketing can be used to optimize online advertising campaigns, such as Google Ads or Facebook Ads, by understanding user behavior and increasing advertising ROI (return on investment).
Overall, marketing BI is an important part of a modern, data-driven marketing strategy. By leveraging BI technology to understand consumer behavior and marketing performance, companies can improve the effectiveness of their marketing campaigns and make better, more data-driven decisions.
Examples of BI marketing applications include:
- Cohort analysis and customer segmentation to understand consumer behavior and determine effective marketing strategies.
- Use of BI technology to optimize online advertising campaigns such as Google
- Ads and Facebook Ads by understanding user behavior and increasing advertising ROI.
- Analyze competitors and market trends to develop competitive and adaptive marketing strategies.
- Social media monitoring and sentiment analysis to understand brand image and consumer response to company products or services.
- Use of external data such as demographic and economic data to understand potential markets and develop business expansion strategies.
Overall, implementing marketing BI can help companies understand consumer behavior and increase the effectiveness of their marketing strategies in a data-based way.