How well has your campaign's messaging permeated your audience and aroused their interest? It might not matter how well it looked on your report or how much money you spent on each marketing campaign. Whereas it is critical to engage the appropriate audience with the appropriate message and generate demand for your brand. However, how can you find your way through this digital maze when so many competitors replicate the same marketing messages or ideas you have?
Digital and offline marketing channels can provide more data about how content is consumed by the target audience. However, it makes the situation complicated as marketing professionals have a harder time assessing the results. There are many other variables measured in digital marketing, while there is no quantitative study of customer behaviour or review of purchasing trends.
For instance, according to a Lucidpress analysis, presenting a brand consistently across all platforms can boost sales by up to 23%. However, the answer to how consumers perceive each message is still not measured. For questions like where to place their campaigns, whom to target, and how to best allocate their resources, marketers should heavily rely on data. This is where business intelligence (BI) or to be specific, market intelligence enters the picture.
The benefits of marketing intelligence enable organizations to view their data in a variety of ways, which can lead to more useful outcomes. Perhaps that team can zoom out and identify some more significant trends that you would have missed if you only looked at the data. Understanding your client’s needs and deciding on a campaign that is specifically tailored to them are some of the benefits you can yield. However, BI can be incorporated while making decisions at every stage of the development of the campaign. This is how it works.
Marketing professionals perform best when data is gathered from a variety of sources. You require data on the effectiveness of email campaigns, advertising, and other promotions, customer and sales activity, website traffic and behavior and whatnot. Your team may make connections that were previously hidden and take into account a variety of new variables that can be associated with KPIs, thanks to a robust BI that incorporates all this information. Such tools get the data ready for segmentation and value extraction.
The profile of your audience becomes increasingly more complex as you add more distinctive marketing inputs. With marketing analytics, it is possible to segment an audience based on several factors. They also can be differentiated basis their interests, habits, purchase history, geography, preferred language, etc. With the use of this data, your marketing team can learn more about your audience's behaviour in addition to just who they are.
Identifying the communication channels that various market segments choose to employ is a component of behavioural knowledge. You have all the time you need to craft the ideal message for your audience. BI can provide you with insights that help you to take full advantage of every chance for growth and that the correct messages are being sent to the right people through the right channels.
The measurements your data platform provides you with regarding what is occurring right now are insufficient. It would be ideal if you had a tool with sufficient processing power to create and test machine learning models that could begin making predictions about the future. This is what BI helps with. It utilizes sophisticated data discovery to forecast market trends and competitor actions. Not only that, it ought to automatically update as soon as new insights become available. Instead of giving you tasks to do, your data platform should be updating your metrics for you. Lumenore's AI-driven Predictive Intelligence module "Do You Know" provides insights before you ask for them, helping you to plan out your marketing initiatives in advance.
The improvements in segmentation can be used to create messages or campaigns that are specifically targeted at particular demographics. You don't need to be like Netflix when it comes to figuring out a customer's preferences, but you should try to imagine yourself in their position for a while and consider what will pique their interest.
The appropriate messages reaching the right targets at the precise right time should be the end result of all the data you're gathering. Remember that consumers of today are turning away from one-to-many billboard-style advertising and favoring businesses that recognize their unique selling points. Therefore, marketers must seek the help of marketing intelligence to get insights that help them make decisions that result in highly personalized content for their customers. In fact, according to a McKinsey report, personalization can increase sales by at least 10% and return on marketing investments by five to eight times.
Once you have articulated your messages and approached your customer, it is time to track the result. Advanced marketing analytics will help you determine which campaigns and messages are well received by your target audience rather than manually adding up the ad spending and conversion rates from all of your social media marketing platforms. With a marketing intelligence tool, determining the exact contribution that each encounter made to the final choice becomes easier to ascertain with a BI tool.
The final step, but one of the most difficult components of any marketing strategy, is frequently reporting. Whether you're an in-house marketing director or a solo consultant, reporting can make or break relationships/retainers. A completely new set of KPIs has been produced as a result of the dominance of digital marketing. The best thing about marketing analytics is that it can naturally produce data visuals that can be utilized to convey the story to other significant stakeholders by making it simpler through data visualization.
Marketing professionals are no longer acting on intuition. Instead, they are being considered communications engineers. They begin with an informed hunch, conduct a test, evaluate the outcomes, and then develop new mechanisms. The goal of the modern marketing age is to better understand the target market and optimize growth by using each campaign as a laboratory. Lumenore helps marketers to develop customized client experiences by centralizing all data and obtaining precise marketing intelligence in one robust platform.