Companies have always collected data related to their business activities to monitor various aspects and ensure they build future development strategies on statistics rather than instinct. While doing that, many of them found it difficult to extract valuable insights about their customers and that is because analyzing data was once a demanding task. However, the latest technologies, such as Business Intelligence, are capable of automating the analysis and extraction of actionable information. Thus, the issue is half solved even before such solutions are implemented.
In lead generation activities, knowing everything about the market is essential. That way, sales teams can make data-driven decisions and sign more contracts. That knowledge could include information about the products or the target’s behavior and demographics. Besides these details, it is critical to measure the results of each lead generation campaign accurately and to highlight aspects that could be adjusted to achieve better results.
Business Intelligence is one of those technologies that can analyze both historical and real-time data from different channels, and then provide marketers with the details they need to create compelling campaigns. From a lead generation point of view, BI is the tool that can determine precisely whether the activities are efficient or not, and whether the information is relevant or irrelevant. BI can drive lead generation to the next level in many crucial marketing areas. For the moment, we will consider just five of them.
Identifying quality data is one thing, but using it correctly is the real challenge. The activities included in the lead generation process require accurate measuring and comprehensive analysis at every stage. Otherwise, how would specialists know if they are working? Lead generation can use the reports BI provides for identifying opportunities and continuously improving results. Also, sales teams could find the perfect ‘hook’ to transform prospects into leads.
Imagine transforming the reactive actions in the lead generation process into proactive, predictive ones, thanks to the information your BI solution extracts. That could answer two critical questions: ‘Who is my customer?’ and ‘What is the impact my business will make if I process the following actions?’
Business Intelligence can be used efficiently to streamline digital advertising efforts. For example, companies could use the demographic data BI provides to generate more in-depth insights about their target audience. The analysis could also identify geographical information that would enhance the quality of geo-targeted campaigns. Of course, there are special tools that dedicated platforms such as Google provide, but these offer general data. A customized BI instrument will deliver in-depth, precise, and niche information that you can translate into effective remarketing campaigns.
Compiling comprehensive data across multiple channels will help marketers improve their activities. Businesses could start creating advertising campaigns or promotions based on previous customer behavior. For example, organizations might identify frequent buyers and send them a discount code. In the long-term, loyal customers could generate more profits and become promoters, recommending the business as a reliable one. Those recommendations would also help the company attract more leads.
Recently, content marketing – or inbound marketing – has become very popular in the B2B sector. According to the latest Content Marketing Trends report, 89% of companies include a content component within their strategy. Moreover, 71% of organizations reported that they are using analytics tools such as Business Intelligence to evaluate their activities.
The main takeaway is that companies need technological tools to analyze their content. Because the amount of data increases continuously, extracting meaningful data without any assistance has become very difficult. Business Intelligence gives specialists the perfect overview of their current and potential customers, which helps them create content strategies to reach that particular audience.
Visitor To Buyer Ratio
Besides general business analysis, Business Intelligence could be used to identify landing page statistics. Landing pages are a significant part of every corporate website. Knowing what drives customers to the next level of purchasing is a gold mine for every marketing specialist. Standard landing page analytics services might not be that useful for companies. Instead, they could use Business Intelligence services to identify click-rates on various parts of that page, as well as other metrics. With this information to hand, they could determine creative ways to attract prospects and turn them into clients.
Moreover, organizations can also identify patterns in what consumers search for on the website, and what makes them leave. Companies can then make precise adjustments to reduce the bounce rate and to generate more leads.
Keywords should also be a high priority for businesses that focus on content marketing. Figuring out which keywords are the most suitable for a brand can quickly be done with Business Intelligence solutions. Lead-generation activities will be more effective when the keywords are tracked correctly. For example, specific keywords companies choose from their databases may have a high click-through rate for generating leads on the website, but they may not be effective on social media. In this situation, BI could help organizations find suitable keywords for each channel. This segmentation of the lead generation process could increase the conversion rate.
These are just some of the many uses of Business Intelligence for companies, regardless of their industry. The lead generation process is something that each organization is trying to refine. Thanks to the automation and the analysis BI solutions provide, making improvements is simpler than ever. However, businesses should keep in mind that implementing a customized BI solution is the way to go. Tailor-made solutions are built according to each company’s needs and can respond better to its requirements.