In a study by Business Insider, nearly half of the participating marketers reported that they use at least one business intelligence tool to make their work more efficient.
As the marketing industry continues to generate astronomic value — at least $1 trillion in the next decade — the number of marketers relying on business intelligent solutions like data analytics and machine learning techniques will also increase. In fact, already, a significant portion of marketing revenue can be attributed to these tools.
That’s because the tools lead to higher productivity, customer satisfaction, and sales. Here lies an opportunity, marketers don’t want to miss.
And here’s how they can make the most of it.
- Maximize productivity
- Precision marketing
- Tailor-made experiences
Here’s what marketers expect to do:
- Come up with new and exciting ways to engage with customers
- Strengthen the bottom line
- Expand reach
Here’s what marketers really end up doing:
- Sending emails
- Organizing research
- Creating quarterly reports and presentations
The first makes you productive. While the second only makes you busy.
Business intelligent solutions not only crunch and analyze data to produce game-changing marketing insights. Tools like Robotic Process Automation (RPA) also automate routine tasks so that you can focus more on the ones that truly matter.
Such tools take care of collecting, sorting, and analyzing data. They also visualize the trends or insights learned from the analysis so that they are more easily understood. They are becoming increasingly better at scheduling meetings and generating automated replies to emails. Tasks that make you merely busy? Check. Check. And check.
Such tools offer you more time to focus on the bigger picture. The principles and goals that drive growth.
Work satisfaction? Check!
Before, advertising and marketing were hit and miss. Today, with data, they are hit…and mostly hit.
Don’t get us wrong. The advertising and marketing industry has long involved large-scale surveys, an abundant source of both quantitative and qualitative data.
However, the insights they learned and the strategies they came up with were predominantly narrow and based on intuition.
Why? Because they lacked the computing power to analyze data in detail.
Today, not only have we achieved peak performance in computing, but we also have virtually unlimited data to process, whether from interactions on your website, app, marketing channels, content engagement, and so forth.
The result is data analytics of the highest order, which produces customer analytics of the highest order. The result is evidence-based customer insights that cuts across hundreds of parameters, making our understanding of customer behavior more accurate and deeper than ever.
This accurate and deep knowledge enables marketers to develop with improved and precise marketing strategies that involve ads, content, campaigns, and so on that are data-driven and optimized for success. In other words, they are bound to engage customers and generate leads.
Still, predictions are mostly hit because prediction techniques like machine learning are not advanced enough. Advertising and marketing will be hit and hit when we would be able to target users, instead of user bases.
Customer analytics also enables marketers to create personalized experiences. Often in real-time. Your customers see only what they want, whether ads or offers, making engagement and purchase more likely.
Personalization is what chiefly drives today’s economy. It has come to define this era. Whether it is Apple’s Music, TV+ or Fitness, or Amazon’s, or Netflix’s services, they all run on user data, creating an experience tailored just for you. This is what gets you hooked to them.
Naturally, personalization and sales go hand in hand.
But personalization goes beyond up-selling.
It also strengthens retention, bringing in more money from repeat transactions. It also improves customer satisfaction, since you understand and anticipate their needs better than themselves.
And, this is just the beginning.
Soon, we expect data analytics, and hence customer analytics, to get advanced enough to anticipate needs in real-time. We are talking about an experience on websites and apps where unique and relevant communication, offerings, or products are offered to customers at every swipe and click.
Marketers will finally be able to target users, instead of user bases.
How much more tailor-made can it get?