As a Marketer, we know that attention span is usually 8 seconds. Still, We rely on PowerPoints and Excel sheets for reporting. What’s the most frustrating thing about creating a PowerPoint presentation, spending hours formatting and writing insights, only for your boss or client to ask you a question you didn’t consider? Most likely, you answered, “I’m not certain but I’ll get back with you tomorrow!” You could have said, “Let’s see what happens!” if you were presenting an interactive dashboard.
So it’s not just crucial that you can live to explore your data and answer questions as they are asked, but it’s also valuable because your analysis and data are transparent.
Why Marketers Need to Consider BI Tools in Marketing Analytics?
Marketers are learning to use more powerful tools to manage more extensive datasets. As a result, you can either be ahead or behind the curve. Business Intelligence(BI) Tools can give you insights that will help you target your audience, optimize content and offers, as well as make quick adjustments to campaigns with data-driven strategies. Testing is faster and more efficient, ROI can be estimated based on cross-divisional insight, and performance can quickly be tracked and measured by closing loops between multiple sources.
Many BI Tools Available in the market which allows you to connect to hundreds of data sources, make it easier to prepare, and do ad-hoc analyses. Your team will discover new opportunities with Visual Dashboards in Marketing as they learn how their work impacts and overlaps with other activities in the marketing ecosystem. So, Now I am going to Discuss about Benefits of BI Tools.
Benefits of BI Tools in Marketing:
One of the most significant benefits of Business Intelligence Tools is combining different types of data to find opportunities that you may not have known existed or that would have taken you hours to calculate.
It allows you to combine organic and paid data into one chart and see which terms convert and which you can avoid. Here are the Some of the Key Benefits of Using BI tools in Marketing:
- Analyzing marketing funnel conversion metrics at both the overall and detail levels
- Identifying the top/bottom performing products in each marketing funnel.
- Calculating reach using offline ads and analyzing market sentiment across product types.
- Understanding impression and lead patterns across all marketing channels, including online and offline.
- Transform data, add new metrics and report/edit existing reports
- Use the built-in analytics capabilities to perform ad-hoc analyses and dig deeper
- Share and collaborate on customized dashboards and interactive reporting
- Data security is essential while allowing users to access the insights they require.
Use cases for in Digital Marketing
BI Tools makes it possible to link marketing metrics from multiple sources. It also eliminates the possibility that your data might contain false positives. In addition, BI Tools allows you to create dashboards instantly by connecting with MailChimp, Google Analytics and many other third party platforms.
1. Analyze Organic and Paid Traffic Data using BI Tools:
BI Tools allows you to combine organic and paid data to gain insights and identify potential opportunities. You can, for example, compare your paid keywords with your organic keywords to determine your estimated CPC. This will also help you identify the actual AdWords CPC. Will Reynolds, the founder of Seer Interactive, shows how to establish a relationship between paid and organic data.
2. Keyword Analysis for Content Marketing and SEO:
BI Tools real value lies in its ability to perform ad-hoc analyses. You might want to show how many search terms are in your keyword database, and which keywords have had more than 50 conversions. To show your clients the value, you can create a scatter chart using a slicer.
3. Social Media Monitoring for Digital Marketing
BI Tools can be used to create dashboards that allow for social media monitoring or analytics. Cheetos’ social media monitoring dashboard has enabled the brand to monitor sales, product quality and crisis management, and understand the customers’ opinions about the brand.
Your data can be used to drive conversations with BI Tools for Digital Marketing. The combination of data from different sources can reveal insights that aren’t possible with siloed data. We recommend starting with the BI Tools starter’s Guide or Microsoft Virtual Academy’s courses if you’re new to BI Tools.
With the changing time, marketing is also evolving. There are many Automation tools available in a market which help you to solve major marketing hustle like automatic bidding to ad placement. Using AI and ML, you can Analyze your customer data and find the behavior pattern. Here BI Dashboards come into the picture and help you to find the hidden potential in your business.