Ever wonder how the world’s most successful companies made it big? The answer is: not just one answer. However, effective marketing initiatives, backed by analytics and data, have shown to produce profitability and productivity rates as much as 5% higher than the competition. In addition, these thriving companies see an increase in their ROI.
If you are not already using business intelligence tools to help your business succeed, the following five reasons may convince you to start.
Improved Budget Management
Your marketing efforts eat up a portion of your revenue. However, it is the job of your marketing manager to keep your business on budget while going after a specific ROI. Data can help marketing managers drill down into the information they use, keeping them within budget and on track to success.
One example in which marketing data serves to help businesses cut costs is with blog content. If you spend time and resources producing posts and sharing them on social media, you’ll want to see which pieces garner the most attention and engagement. Pieces that do not have much engagement provide you with ample information about what you should cover in the future, and what is a waste of your time and money.
Determine and Attain a Competitive Advantage
Data-driven marketing can help you gain a competitive advantage over other businesses that offer what you do. Business intelligence information helps you by showing how you rank against those in your industry. With this information, you can easily plot your rise to the top. Understanding how you perform in relation to your competitors in different areas, from demographic information to site performance, is crucial. Business intelligence software then helps transform these numbers into actionable steps.
Add a Personal Touch to Lead Development
Lead nurturing can become more personal through data-driven marketing, due to more audience information. By organizing your demographic information by gender, occupation, and region, and harnessing specific data about how users behave along your conversion funnel, you can specifically tailor your ads to meet user needs and encourage conversion.
Create Better Content
Engaging, relevant, and valuable content is essential to any marketing campaign, regardless of product. Marketing data, organized with business intelligence tools, empowers you to create content that truly serves your potential clients, encouraging them to consider your services and come back for more. Transform readers into customers with a rich stream of content that specifically interests individuals within your targeted audience.
Your churn rate includes the number of customers moving out of your service pool over a period of time. By digging into business intelligence data and analyzing what you have collected through various technologies, you can determine when and how clients move away from your services and develop methods of redirecting users back and into the conversion funnel.
Want to learn more? Advisicon is made up of a team of specialists and trainers who want your business to thrive. Contact us today to find out more information about how business intelligence technology can take your company to the next level.