IS THE RANK OF BUSINESS INTELLIGENCE FOR SALES: THE MUST KNOW BENEFITS IN CONSUMER’S MARKET. ANY GOOD? 12 WAYS YOU CAN BE CERTAIN…!
Now, in this age of information, every business houses generate a chunk of data but they don’t have an adequate information how to utilize those data effectively. Though they know the terms of Business intelligence (BI), data analytics, data streaming, etc., they have been slow to adopt these due to the scant knowledge. So, what is business intelligence and why it will improve your marketing and sales volume? Let’s discuss elaborately.
What is business intelligence?
Basically, Business Intelligence helps a company in gathering raw data. Once the data is accumulated, then the analysts use several tools to manipulate this data and convert it into a structured database. BI usually embraces the companies with an accurate and a holistic view of their businesses. The managers and executives can use data in real-time and can take actions for everything like the customers’ buying patterns, their attitudes, product usage, marketing endeavors, and many more things without relying on the old and outdated statistics report.
Any company irrespective of its size can get benefits from BI. BI tools for marketing will give your sales teams with the detailed insights of the customers’ behaviour to produce better sales. This will ultimately enhance your revenue and profit.
Role of business intelligence in marketing
There are numerous upsides of BI. Let’s take a look why a company should adopt BI solutions for its business?
Boosts productivity: In earlier days, the teams of the company used to compile and analyse data with the help of traditional data gathering methods. And, based on this, they need to write reports for various projects. This a time-consuming and tedious job, particularly for smaller businesses where resources are very limited. On the other hand, with a BI program, you can pull data and create the reports by just clicking a button. Thus, you can save a lot of time and this will allow your employees to be more productive in their own jobs.
Provides better customer service: Since you are tracking your consumers’ sales and are analysing their buying habits, so you can get a detailed picture of your customers’ business needs. With the help of BI tools, a company can easily define the customer intelligence insight which will help them to understand the customer’s behaviour in a deeper way. These insights enable the businesses in understanding their customers’ preferences. Once you analyse the products, services, and media that your customers are using, then certainly you can take the firm decisions and can serve them in a better way. By using BI tools, your sales team can talk to the customers more confidently as they have all the pre-requisite information with them. They can even discuss with them on various things like cost savings strategies, the arrival of new products, feedback, and many more things which will boost your sales volume and growth.
Make data-driven decisions: BI helps organizations to make data-driven decisions. If you want to sustain in this competitive market and want to stay ahead of your competitors, then you need unencumbered access to current information about your business. This information will help you to take some concrete decisions for the betterment of your company. Emotional decisions or initiatives will put you at risk which you can’t afford. With the help of sales data broken down by your customer, sales report, and product, you can make better insights which will help you to achieve your sales goal and also help you to maintain a healthy relationship with your customer. With details about historical product sales across various industries, you can make sure your team is ready to cope with the current marketing needs or satisfy the demand of your customers. Once you have accurate and timely data at your fingertips, you can take more concrete actions for your customers.
Helps you to measure the effect of your marketing campaigns: With the help of BI software tool, you can easily plan, measure, monitor and assess the success of your various promotional activities. This will help you to see what type of marketing campaigns or promotions your customers are liking the best or which campaigns are not getting attracted by them. Once you have all these information with you, your marketing budgets can be shuffled and you can invest it in more successful campaigns which produce the best possible ROI. Suppose, if your Promotion “Campaign A” generated $1000 in sales but cost the company $250, then this campaign program is not very cost-effective than Promotion “Campaign B” which generated $700 in sales but only cost $100 to run. So, BI tool will give you a detailed view of your promotional campaigns and which campaigns are getting applauded by your customers and which are beneficial for your company. Thus, you can make more customized or tailor-made campaigns which will enhance your sales opportunities as well as your profit and growth.
Handle the paradox of choice: Many companies often embrace their customers with too many options and the customers get confused with the choices and hence, the company loses the potential customers. But if you can correlate the collected data along with your BI tools, then you can straightway serve your customers with the customized products or services. In this way, your customers will remain loyal to you because they are getting what exactly they are looking for.
Customized schemes and discounts: With the data, you can easily get to know how your customers are using your products or services and in order to please them, you can accordingly design the customized schemes or discounts.
Solution before complaint: Since now you are blessed with BI, hence you can easily predict any issues that customers might be experiencing with your products or services. This helps the companies be well prepared in advance and provide much faster and effective solutions to their customers. The customers who are planning on switching towards the other products due to the poor quality of the product or the service might stay with the company as the organization has been proactive.
Sale more to your existing customers: It is true that it would be a tiresome job to sell a product to the new customer as compared to your existing customers. According to a study, “probability of selling to an existing customer is up to 14 times higher than selling to a new customer.” Once your team is equipped with sales analytics, then they can easily understand what your customers are buying and what products they are avoiding. Suppose, if your customer is buying administrative software and not payroll service, you can make customized marketing campaigns based on this specific opportunity.
Improves visibility: If you want to improve your control over various departments or important processes in your organization, then BI would be the best option for you. Because BI improves the visibility of these processes and will help you to identify which areas of your organization need improvement.
Helps you to achieve your goals: BI marketing strategy will help you to achieve your pre-defined goals. Many times you have established a set of reasonable goals for your project or venture, but after some time, the outcome is totally different than you have planned earlier. BI helps you to track your progress goal with all the information that you have required. Thus, BI will help you to achieve what you have an aim for.
Give you some actionable information: If you want to demolish your competitors, then you need some strong and effective marketing strategies. A BI system is an analytical tool which provides you with the fruitful insights that you need to make some coherent and successful strategies for your organization. Bi will help you in identifying the key trends and patterns in your company’s data and will make it easy for you to make connections between different areas of your business that may otherwise seem unconnected.
Helps in your stocks: BI has the capacity to help you in isolating feeble purchasing decisions because, with this new technology, you don’t need to rely on outdated statistics reports. BI will help you to monitor inventory-to-purchase ratio, slow-moving stock by product, territory, or manufacturer, stock turns and many more things. With BI, you can easily refine your inventory management process. By identifying product selling patterns, you can lessen excess inventory and the cost which is required to maintain it. With the help of your stock move, the managers can increase the price of your products which will definitely uplift your profit margins.
In today’s world, business intelligence (BI) is much more than a buzzword. Companies around the world are putting a ceaseless effort in order to explore its potential in various aspects of their businesses. Effective BI marketing strategies will not only help you in achieving your targeted goals but also uplift your sales volume and profit. That’s why these days, BI has been accepted worldwide and companies are levering this technology so that they can achieve their desired results.
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