Analytics have become the backbone of today’s businesses and the core of digital marketing. Managers rely on them heavily, and they are often the only means marketing departments have to justify their efforts. Analyzing data puts marketers in a better position to recognize trends, discover insights and optimize their content and strategies.
With the right CRM solution, marketers can use BI to generate meaningful dashboards and watch how their efforts affect revenue. The most profitable companies integrate business intelligence with their core systems, and make analysis a core aspect of their strategies.
Here are 5 ways analytics enable smarter action:
1. Why Things Happen: Trend Analysis
To deliver meaningful insight, CMOs rely on their teams to understand why products or stories are trending and what it means to their business.
Here is how analytics can help: A strong analytics solution enables marketers to identify trends or anomalies faster, e.g., when a retailer’s $200 product is selling for $20, or a popular story is buried on the wrong page of a publisher’s site. Analytics can identify and flag those anomalies quickly so a marketer doesn’t have to search for them or learn about them after it’s too late.
2. Uncover Insights: Machine Learning and Advanced Algorithms
What data matters most to the business? This can be hard to determine, especially considering the immensity of all the data an organization is likely measuring.
For instance, analytics solutions capable of machine learning, through advanced algorithms and visualizations, are able to predict a range of potential sales across days, weeks and months. When trends fall outside the predicted range, anomalies occur and can be surfaced immediately to help marketers understand that something could be wrong or optimizations in a particular campaign are working better than expected.
3. Right Time Marketing: Automated Personalization
Automation is a major tool marketers are using to deliver relevant and individualized messaging in real time. Data is at the heart of automation. For instance, real time recommendations that are based on customer data are the most familiar form of automated personalization.
Personalization is also built on data such as geolocations, referral sources, demographics, device type, first time vs. returning customer, etc. Using analytics data, marketers can develop their personalization strategy across channels and for a variety of customer personas.
4. Real Time Optimization
Several broadcasters have recently demonstrated the power of real time optimization during major sporting events, e.g., the Canadian Broadcasting Corporation during the World Cup and FOX Sports during the 2013 Super Bowl.
The idea is this: Real time marketing is a combination of data and personalization, and data management is one of the most important factors. Managing data effectively puts businesses in a much better position to leverage it to achieve optimization and better engage customers.
5. Understand the Customer Journey: Cross Device Consistency
Finally, as customers are accessing websites from a wider array of devices — such as mobile phones, tablets, laptops, etc. — it’s important for marketers to leverage smarter data to reach customers across devices.
Acting on business intelligence before it becomes irrelevant is the main challenge marketers face with data analysis. But with smarter data, taking action becomes much easier. Smarter data comes from integrating the right BI tools with the right BI partner for your business.
Read the full article on CMSwire.com for more details.
Currently, Turnkey Technologies is offering a complimentary 2-hour Business Intelligence/Reporting assessment. In this session, we will scope your high-level business processes to identify your BI reporting needs, requirements and areas for improvement.