Marketing teams are under more pressure than ever to demonstrate their return on investment. They need to show how their work is impactful and affects the company’s bottom line. But in order to do that, they need access to accurate data.
With so much data being generated daily, it can be challenging to know where to start. That’s where business intelligence tools come in. These tools help teams collect, organize, and analyze data to make better decisions about their campaigns.
There are a number of different BI tools on the market, but not all of them are effective for analyzing marketing data. While some offer a free trial, many of the best ones come with a subscription fee.
So, how can you go about choosing the right marketing analytics tool—and what steps should you take to prepare our team for success?
Have you ever found that you can never seem to get ahead of the competition? No matter how much effort you put into your marketing campaigns, they always seem to be one step ahead. It feels like they have some secret weapon that you don’t have access to.
The truth is, they might. And that secret weapon is called business intelligence.
Business intelligence tools are software applications that help marketing teams collect, store, and analyze data. This data can come from various sources, including website traffic, social media interactions, other pieces of business software, and more.
But the most crucial aspect of these tools is that they help teams make sense of all this data. By visualizing it in an easy-to-understand way, team members can quickly identify patterns and trends. This, in turn, allows them to make more informed decisions about their marketing campaigns.
Why do marketing teams need BI tools?
In order to be successful, marketing teams need to be able to track their progress and measure their success against specific goals.
Without BI tools, this would be a time-consuming and error-prone process. With these tools, marketing teams can automatically collect data from all of their channels and track progress over time. This data can be used to inform future strategies and ensure that campaigns are on track.
For example, let’s say that a marketing team is running a social media campaign. They can use BI tools to track the number of likes, shares, and comments they receive. This data can then be used to assess the campaign’s effectiveness and make necessary adjustments.
What are the benefits of using BI tools?
Using BI tools for your marketing team has many benefits:
1. The ability to track progress against specific goals
If you’re a marketer, you know that tracking your progress and measuring your success against specific goals is essential. But without the right tools, this can be a time-consuming and error-prone process.
BI tools make it easy for teams to track their progress and measure their success. By automatically collecting data from all of their channels, teams can quickly identify patterns and trends. This data can be used to inform future strategies and ensure that campaigns are on track.
2. A 360-degree view of customers
How do you get a 360-degree view of your customers? With the help of BI tools, of course.
BI tools allow marketing teams to collect data from all of their channels and track it over time. By combining this data and analyzing it together, marketing teams can build a detailed profile of their customers.
You can create more relevant and effective campaigns by understanding who your customers are and what they want. BI tools make tracking customer behavior and preferences easy, so you can continually optimize your campaigns to meet their needs.
And that’s not all—BI tools can also help you identify potential leads and target them with more relevant content. The more you know about your customers, the better you can serve them.
3. The ability to identify areas for improvement
Every marketer knows that there’s always room for improvement. And with the help of BI tools, it’s easy to identify those areas.
By visualizing data in an easy-to-understand way, team members can quickly identify patterns and trends. This, in turn, allows them to make more informed decisions about their marketing campaigns.
Imagine that your marketing team is tasked with increasing brand awareness. With BI tools, you can track the number of people who see your ads and the number of people who click on them.
If you notice that your click-through rate is low, you know that you need to make changes to your campaign. Maybe your ads are not relevant to your target audience, or maybe they’re not being placed in the right location.
Whatever the case may be, BI tools can help you identify areas for improvement. By understanding what’s working and what’s not, you can make the necessary adjustments to your campaigns. And that means better results for your business.
One example of a data-driven decision is A/B testing. This is a common technique used by marketing teams to test different versions of a campaign. By running multiple versions of a campaign and comparing the results, teams can identify what works best for their audience.
Another example is segmentation. This is the process of dividing your audience into groups based on common characteristics. By segmenting your audience, you can create more targeted and effective campaigns.
With a powerful BI tool, you can use data to inform every aspect of your marketing strategy. From planning to execution, data should be at the center of everything you do.
5. The ability to track ROI
One of the most important things for marketing teams to track is their return on investment (ROI). After all, if a team isn’t generating a good ROI, then there’s a problem.
Fortunately, BI tools make it easy to track ROI. Collecting data from your marketing channels lets you see which ones are performing the best. This data can then be used to allocate resources more effectively.
It’s also important to note that BI tools can help you track more than just financial data. You can also use them to track non-financial KPIs, such as website traffic, social media engagement, and email open rates. By tracking a variety of KPIs, you can get a complete picture of your marketing campaigns.
6. The ability to predict future trends
With the help of BI tools, you can make educated guesses about future trends. By blending historical data with current trends, you can predict how your data will trend in the future. This process is called predictive analytics.
This information can then be used to adjust your marketing strategy. For example, if you predict that a certain trend will rise in popularity, you can create content related to that trend. By being one step ahead of the competition, you can gain a major advantage.
Predictive analytics can also be used to identify opportunities for new products and services. For example, if you notice that a certain demographic is interested in a certain type of product, you can create a marketing campaign targeting that demographic.
The bottom line
If you want your marketing team to be successful, you need to give them access to business intelligence tools. These tools will allow them to collect and analyze data from all of their channels, so they can make informed decisions about future campaigns.
The benefits of using these tools include increased efficiency and productivity, tracking progress against specific goals, and identifying areas for improvement.
Check out some related resources:
How a leading fashion retailer is using data to drive growth
Embracing the future of data with augmented BI
Domo for Financial Services Playbook
Try Domo for yourself. Completely free.
Domo transforms the way these companies manage business.