June 23, 2023
Business analytics is a solid foundation for many marketing activities. Let's have a look at how business intelligence is applied in the marketing field.
Companies can target the right segments with the right message at the right time by collecting and processing customer demographic information, preferred product lines and services, interaction patterns, and purchasing habits from multiple channels, including the company’s website, corporate applications, social media platforms, and third-party sources.
The marketing team can track customer lifetime value to focus their efforts more effectively, target the most profitable customers, and identify new audiences worth engaging with.
Marketing BI adopters can determine the best-performing marketing tactics to focus on the most effective methods, abandon or revamp marketing strategies, optimize marketing budget allocation, and identify cost-saving opportunities.
Using BI, marketers can get a 360-degree customer view with data from different heterogeneous sources and use it to personalize multi-channel interactions and marketing activities, allocate marketing efforts more wisely, and create customer journey maps.
Marketers can gain a deep understanding of the target market, the most profitable customer segments, a potential customer base, customer feedback and sentiment, and competitor offering and let the product management team know about the spotted gaps in the market.
Marketing specialists can easily research market trends and competitor marketing campaigns and conduct an advanced analysis of a competitor’s audience. Using this information, they can assess competitors’ marketing practices for specific channels, find new customer segments, and adjust current marketing efforts (change pricing, increase marketing spend for a particular channel, target different demographics, etc.).
Companies can use disparate data on marketing performance (website visits, goal completion rates, leads, conversion rates, and ROI) to create new campaigns, merchandising activities, and loyalty programs or refine the existing ones.
Here are the most commonly used data sources in marketing that are worth integrating with marketing BI:
Customer service software
Email marketing software
Web analytics and paid ads platforms
Mobile marketing software
Social media analytics platforms
Market research platforms
Key integration options
The customer is a leading digital media company that uses its marketing platform to promote its clients via organic and paid promotion methods. The company decided to revamp its data analysis and visualization processes to monitor and predict ad campaigns’ progress more effectively. Itransition developed a set of analytics optimization solutions equipped with dynamic dashboards and customizable campaign-specific benchmarks, which has helped the customer make realistic forecasts and real-time predictions, as well as monitor advertising campaign performance through user-friendly dashboards. With a newly implemented analyticбs solution, the customer managed to improve benchmark achievement by 8x and reduce overspending by 7x.
improved benchmark achievement
Traditionally, full-scale business intelligence solutions for marketing are built with the following software:
Power BI Desktop
Power BI Pro
$9.99 per user/month
Power BI Premium
$20 per user/month or $4,995 per capacity/month with an annual subscription
2-month free trial for each new user
Here is the list of critical capabilities you should look for in a BI solution for marketing:
BI tools help marketing specialists measure promotion effectiveness and identify strategies that work best, as well as areas of improvement for low-selling products, and effectively execute their upsell and cross-sell campaigns.
Comprehensive omnichannel customer insights delivered by BI software empower marketing teams to target the audience with tailored offerings, personalize every customer interaction, and deliver the best customer experience to increase customer loyalty and CLV.
BI software enables effective customer segmentation and accurate customer lifetime value tracking, helping marketers to focus on the most profitable customers, timely identify new customer segments, and retain high-value customers.
BI tools can identify how advertisements, promotional activities, and executed marketing campaigns influence the bottom line. This way, marketing teams can implement the most effective marketing activities and identify areas where marketing teams can cut costs.
By automating manual, repetitive tasks (data inputting and cleansing, report generation), marketers can prevent inefficiency bottlenecks, prioritize more critical business workflows, and have more time for high-priority activities.
Integrated data security and governance capabilities help marketing specialists identify where business data resides, track data workflows, and control data access according to user roles to prevent data loss, manipulation, and sensitive data exposure.
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