The internet offers countless possibilities of looking at the data, analyzing it and creating actions or fixing errors in marketing. It is enough to find the balance between the creativity of the strategy and the analysis of the information obtained. That’s why Business Analytics is one of the big bets on the marketing and right-arm strategies of professionals.
The point is that with so much data being transmitted it can be a little complicated to know how to analyze what needs to be measured and to have the ideal answers to your strategy. Business analytics did not come with manual and can be a question mark in the brilliant minds of marketing.
The lack of Business Analytics disrupts management efficiency
If it were not for the software technology that grew along with the internet in the last 20 years, marketing actions today would not be as effective. The problem is that not every marketing manager prioritizes the use of data in planning or day-to-day.
The result is known: inefficiency in proving ROI , actions without focus on the person, waste of resources and time, teams frustrated by not achieving the goals. Not to mention that the competition certainly leaves you behind when you ignore this practice.
What are the benefits of Business Analytics?
Business Analytics has the power to sharpen strategy by focusing efforts and attention on what’s really needed. And what manager would not love to have their operation optimized and identify new opportunities with little effort?
Check out some of the benefits your business or company can get while using Business Analytics:
- Improvement in marketing budget management: adjusting the budget can not be a subjective decision, otherwise you may be surprised by the lack of appeal without even getting close to the end of the period. Learn how much your company should invest in marketing and how.
- Competitive advantage: Knowledge is a powerful tool in the market. Knowing more about your area of expertise and how you can outperform your competitors will make a difference in your company.
The marketing automation is an example of how your business can benefit from the data. By measuring engagement, interactions and feeling that people convey to your brand you can discover a lot. And the best, in numbers.
- More exact definition of the buyer persona: if Business Analytics allowed only perfecting the buyer persona would already be a great achievement. It’s amazing the vastness of accurate data to make up the ideal buyer profile that you can explore.
- Being where your audience is: Of course every marketing manager knows the basic foundation of being where the audience is, hearing what they are talking about, talking, and so on. This is another plus: collect valuable information so that the content is appropriate to the audience.
- More personalized lead nutrition: Imagine being able to generate more leads with greater accuracy in lead generation . The automation tools help and much to change the practice of generic emails for a closer and unique approach.
- Identify new opportunities: By plunging into the rich world of information, there is a chance to see opportunities that you may not have seen before. Some actions may perform better than expected and create new possibilities for action.
The Path to Effective Business Analytics
Now that you know what you can gain by taking seriously what the data can do for your business, you may wonder: how do you get there? We have some suggestions for what you can figure out to build a useful database for your strategy.
Data from last year or previous years
Make an inventory of stock performance records for past periods. Looking at history can give you a very clear idea of what you need to close your marketing budget and advance how much you will need to develop the strategy for the next year.
It is likely that analyzing the acting market is already part of your routine. But evaluate the scenario based on the data chosen as metrics. For example, what is the average conversion rate? You can come to the north of your next ROI and marketing budget decisions.
Always have your competitors in the rear view mirror, never lose sight of it. So you can compare the activities of your marketing strategy, see what the competitors have done and what has worked, trends of the audience, etc.
User Experience Data
Audience behavior is the focus of every marketing strategy, so it should not be left out of your analysis. Several tools support identifying traffic source, where people are clicking, how they are interacting with pages, among other things.
Do not waste the opportunity to win new visitors because of a poor user experience while browsing. Analyzing this data is critical to promoting improvements in the interface and design of all pages.
Exploring Business Analytics data
All the work of gathering the information can be almost useless if the team does not know how to explore the data in the right way. The company loses incredible opportunities for growth and gaining competitive advantage while the marketing team is wasting time.
To prevent your strategy from dying on the beach, we have two fundamental tips:
- Make decisions based on each data category: gathering data will not extinguish the need to use creativity and strategic intelligence in decision making.
- Use the data as a basis for new actions: knowledge of information is not to be kept as a key, but to be put into practice in the form of action. Test, analyze, experiment, and innovate for best results.
Adopt analytic culture in your day-to-day strategy and take advantage of all the benefits Business Analytics can provide for your business and marketing team. The changes will be significant if the practice becomes routine and is incorporated into the culture of the department.