Marketing and the world of data analytics has changed at a breakneck pace in recent years. The amount and diversity of information that we have today has grown greatly. We have never had so much information, neither as buyers nor sellers.
Users have more information than ever about the market and the products they are willing to buy. This enables users to think carefully about their options before embarking on a new purchase. Valuing the same product in different companies is already something that about 60% of users do. Once they have been decided, buying can be done with just one click.
On the business side, everything has also changed. They have never faced such a competitive environment before and it has never been so difficult to carve out a niche for themselves in it. To be different and survive in this environment, having quality information is essential.
And not only external information is needed. Any company needs, first of all, to understand its internal processes, what its products are and how they are perceived and accepted in the market, what services it provides and what it does not, how employees feel and how they are perceived by consumers. Nor is external information trivial: who are the competitors and how are they acting, what effects have the latest campaigns had, how do users behave on our website, what do they buy and from what devices do they do it.
At this point, more than one will have thought: “yes, I know that I need information to make better strategic decisions, but how do I do it?”. The answer is in Marketing intelligence.
Applying Marketing Intelligence in a company encourages data analysis and provides new ways to increase engagement with consumers and the target audience. But above all, it is a way of interpreting massive data so that it can be used by the company and optimize strategic decision-making. Marketing Intelligence tells us who our real target audience is and how we can target them with fully measured and personalized actions at all times. That will increase the value of the company. And the public knows it.
And how is it achieved? From the data combination. With Marketing Intelligence , companies combine data collections, techniques and procedures that allow analyzing the past, learning from mistakes, knowing the present and, in a way, predicting the future.
What is Marketing Intelligence?
Marketing Intelligence is a business philosophy that involves understanding customers, stakeholders, the sector and the environment in which a company operates. It is materialized in the data that is collected on the different activities that are carried out both in the external environment and within the company. It is understanding what your audiences do and how you can influence them.
All this data helps to build a comprehensive marketing strategy and better understand the public to make more personalized campaigns. The Marketing Intelligence goes far beyond marketing, although they are not contradictory terms. Marketing puts actions and results, but Marketing Intelligence brings with it data analysis and interpretation. With Marketing Intelligence you can design a 360º strategy that is more effective, since it will be supported and backed by a large amount of data that has been previously extracted.
With Marketing Intelligence you can win opportunities to better achieve your goals. And it seems somewhat complex when talking about so much information. It may seem impossible to have so many variables and so many relevant data for the organization under control. But we are in luck: all this is possible today thanks to digitization. The consolidation of new technologies has brought us great tools that have promoted the emergence of Marketing Intelligence, making data analysis simple and fast.
Phases to apply Marketing Intelligence (and start optimizing the conversion)
Implementing Marketing Intelligence in a company means facing big changes within a company. Having a comprehensive view of all processes and all relevant information can be complex. But it is necessary to carry out all this transformation if you want to apply it correctly. If not done correctly, it can lead to major problems for the organization of a structural nature.
We do not claim to be catastrophic. But decision making based on erroneous data can lead to really delicate and decisive situations for the company.
Sometimes the problem does not come from the quality of the data but from the focus or the errors in the procedures. The Marketing Intelligence can establish itself as a “tool” within the company, but only achieve objectives if it can integrate it into an environment where predominates analytical capacity and planning.
Since we know that Marketing Intelligence is not a panacea, we propose that you follow a series of steps to implement it correctly.
Step 1. Prepare data collection
To implement Marketing Intelligence within the company, many variables about the business are required. Only by defining some KPIs and appropriate metrics can we have the necessary information to make decisions. KPI’s are indicators that show us the performance of the company in certain areas. The process of defining KPIs is not easy, since all those that provide relevant information for the company have to be selected. That will be the first step.
Some questions to ask when defining KPIs and metrics that will determine the level of quality of our information are:
- Than? – What type of information do I need in my company? Do I need specific data, do I need reports?
- Why? – Why do I want to know this information? Why are we considering data analysis right now
- Who? – Who is our target audience? Who do we want to reach? Who is going to be in charge of managing the information? Who needs that information?
- Where? – What area will we focus on when collecting data: local, national, multinational?
These questions help mark a starting point. At least, they will help define where we are and where we want to go.
In addition to proposing the KPI’s, it will begin by collecting information from internal and external sources on the sector and the environment. This information will provide a global idea to the company that will allow it to detect trends in the sector.
Phase 2. Predictive models and tools
Once you have the information, you need to establish relationships between the data. To do this, statistical techniques can be used to get the most out of the data. It is also the time to select some analytics tool and dashboards. With the huge amount of data that we have available, using a Marketing Intelligence tool is one of the best options.
Some useful tools to boost business intelligence can be Qlik or Tableau. In addition to these tools , there are endless tools – both paid and free – that can help us cover some areas of Marketing Intelligence.
From these tools, dashboards can be easily viewed and it allows integrating data of very different types: web analysis, customer data, social media analysis, etc.
Phase 3. Actions and definition of strategic lines
Once we have incorporated analysis tools and collected information, it is time to analyze and interpret it. Do not forget that data analysis tools are not the solution either. They help us to visualize the data easily but it always takes the judgment of a professional to get the most out of the information.
At this point, a company can choose to have professionals on its staff who are responsible for data analysis or use consulting services and external agencies. In any case, the analysis of the data must allow us to have a clear vision of the company’s situation and the next steps that can be taken.
Of course, not without first proceeding to the data cleaning process. This process consists of cleaning the data to avoid errors such as duplicate data or errors in the data record. When this process ends, there will be valid data and we will be able to detect real trends.
Finally, reports can also be written. Tables of contents can be incorporated in these reports, exposing the methodology that has been followed for the compilation and the limitations that have been found. The last part of the report can include the findings, the most interesting relationships between data and the recommendations.
But how can I optimize the conversion with 1407?
As you already know by now … Marketing Intelligence guarantees a large amount of valuable information to any company that applies it. Within this large amount of data, Marketing Intelligence also provides us with valuable data about users and their behavior on our website.
This means that we can design and configure a better conversion funnel , controlling how users behave, knowing which pages they visit the most and what breakpoints are on our website. From this information we can improve our website by improving the usability of the website and providing a better user experience.
To achieve this, techniques such as a heat map or a click map can be applied. A heat map will indicate the hot areas of our website, that is, the areas most viewed by users. Knowing these points it is possible to enhance them to improve attraction and generate interest in users with interesting content.
CTA buttons can also be incorporated to increase the conversion. The CTA buttons are decisive for the conversion (if you know how to use them). The location of calls to action is one of the key aspects. And thanks to Marketing Intelligence we will be able to know where to locate these buttons with more probabilities of hitting.
In short, Marketing Intelligence can be a great ally for making the right strategic decisions. It helps to predict user behaviors and to understand the environment in which we operate. Sufficient data, speed and capacity are its main ingredients, ingredients that are essential to optimize the online and offline presence of any company.