April 9th, 2021
Track the pulse of your business and see how you can better upgrade your sales and marketing strategies for better return of investment. You need to get your hands on a weapon: Business Intelligence, otherwise known as BI. With a BI software, you can process vast amounts of data that can be useful in strategizing your sales and marketing operations. From tracking competition, figuring out who your high-stake customers are, to creating simplified reporting of campaign effectivity, BI software is absolutely paramount in staying on top of your business.
By "higher stakes" we don't really mean the customers who give you the biggest orders. Rather, it's those who will repeatedly place orders--those who will be there consistently in the long run. BI sotwares can help you properly rank and profile your customers based on the recency, frequency and value of their purchases. In the business arena, you know that more often than not, long-term sales are better than one-time-big-time ones. With an accurate profile in place, you can have the ability to focus your marketing and sales strategies to target similar prospects.
With a BI software, you'll be able to monitor and, asses how your marketing and sales strategies are currently taking effect in your target audience and how successful it is in meeting your goals and your ROI. Basically, you have in your hands solid research, data and facts, rather than just intuition and assumption. That way, the whole workflow becomes more strategic and effective, allowing you to shuffle and allocate more of your time and resources to the more successful campaigns.
This is especially critical to startups because BI softwares can report the true health of an organization--something that is not readily available from the usual profit and loss statements. A great benefit is forecasting, which allows you to avoid bottlenecks and get a bigger picture especially when you're making high-stake decisions in a fragile market, like purchasing resources or hiring manpower. BI softwares can also easily be integrated with an existing accounting software.
Opinions from your customers are certainly important but they also can be very diverse and varied that it's easy to get lost from what the majority is actually saying. A BI software can come in to consolidate data from your marketing platforms where customer feedback exists--from your CRM system, email marketing, website engagements to social media. All these are covered into a single holistic view, making evaluation so much easier for you.
Not only are BI softwares capable of analysing your data, it can also go out of its way to analyse your competitor's. It's a cut-throat landscape out there and you absolutely need to be always on your toes knowing who you're dealing with in the competition. Track their sales performance, their campaigns and the effectivity it brings, their products and how you can differentiate yours from it. From there, you can extract valuable insights so you can run a more successful campaign for your sales and marketing goals.
Have you ever tried applying BI softwares in your business operations? How is it providing support in your sales and marketing goals?