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    Business Marketing

    Business Intelligence: know what it is and if it is appropriate for your strategy

    10 setembro, 2021

    We live today in a technology and information age. We are constantly bombarded with the most diverse news. Data permeates our reality and we need to know how to deal with it every day. For companies, data is an essential tool to guide decision-making process in any area.

    But it is not enough to have a lot of data and not take advantage of it. It is necessary to interpret and understand it in order to draw insights from it and transform it into something really valuable. That’s what Business Intelligence (the famous BI) is for. BI is being increasingly used by organizations because of the return it brings in the analysis of corporate data and in the identification of improvements to be made.

    Although it is already widespread within companies, BI is a recent feature. Therefore, we will explain in this post what it is, its importance in data analysis, its role in a business and, especially, how to use it in digital marketing strategies.

    After all, what is Business Intelligence, the famous BI?

    Business Intelligence is an umbrella term that refers to the processes and methods of collecting, storing and analyzing data and turning it into valuable information to help organizations make more data-driven decisions. In other words, it brings “intelligence” to companies. BI enables the development of precise reports, optimizing strategies and reducing inefficiencies.

    BI has the objective of extracting relevant information that generates value to business, bringing more speed and assertiveness, and is currently recognized as one of the most important sectors in organizations. This is because, in an increasingly competitive and unpredictable market, information can be considered very valuable for companies.

    How important is BI for organizations?

    Companies that adopt BI are always one step ahead of those that do not. The insights that can be obtained with it help companies in their actions, both in brand positioning or launching a new product in the market and in content marketing and publications on social networks, for example. Another benefit is a higher return on investment (ROI), betting on accurate strategies, with more agile processes, without wasting valuable time and costs.

    The Business Intelligence concept encompasses not only data collection and analysis process itself, but also the specialists, techniques used, computational resources and software systems that involve information mining. With this, the BI team performs both the work of collecting internal data – from the company itself – and external data – data from websites, blogs and social networks.

    Advantages of adopting BI 

    BI provides several competitive advantages for a business to stay ahead of its competitors, focusing on intelligence, improving performance and bringing satisfactory results in its use.

    Using modern resources such as Big Data, for example – which brings robust applications in the collection of multiple data sources –, with this information, it is possible to better understand the market of performance, analyzing the competition, the target audience and what they think and say about a business, its products and services.

    Besides influencing the decision-making process, BI is able to predict market trends, evaluate performance indicators (KPIs), assist in the launch of new products and services, optimize the internal operational routine of a company and help in the relationship with the client in order to improve their experience, among other benefits.

    How does BI work in practice?

    Transforming data into relevant information and interpreting it in reports is something that must be done constantly: it is a change in the culture of organizations, which attribute their actions to data analysis and its applications. Of course, the analysis of this data is done automatically. There are several tools and software that make the collection and this analysis, in which the functionalities vary according to the needs of each business.

    Once a BI tool is chosen, it is necessary to filter data to outline the best strategies and prudent decision-making. Over time, the team responsible for this routine will get used to the process and the analysis and insights will emerge more naturally and spontaneously, thus obtaining a deeper knowledge with the information collected.

    What data shall be collected with BI?

    Data to be collected with BI may vary from company to company. It will depend on the objectives and needs in question. The great purpose of BI is to assist in strategic decisions based on collected data, avoiding “guesswork” and seeking a smaller margin of error.

    To define what kind of data to collect, it is necessary to analyze what is most important for the company, which data and channels are relevant for its strategy, depending on the sector, the size of the company and the number of employees. According to the business objective, some of data that can be collected and analyzed with BI are:

    – Consumer behavior;

    – Flow of visitors to a site;

    – Flow of conversions;

    – Path taken by leads;

    – Location of customers and leads;

    – Most purchased products; and

    – Demographic profile of customers.

    How to use BI in a digital marketing strategy?

    BI is a great ally for the digital marketing area, mainly for the possibility of generating insights and improving the performance of campaigns in lead generation and customer acquisition. Marketing managers and analysts have the mission to demonstrate continuous growth and satisfactory results for their businesses. BI enables the collection and analysis of data that can be measured in marketing actions.

    With data measurement in digital marketing, it is possible to know precisely which campaigns were most effective, the paths that leads took before becoming customers, consumer behavior trends, the content that most interests the target audience and also to predict strategic actions to obtain favorable returns.

    Several platforms and tools provide “raw” data collected, which needs to be analyzed and turned into insights to be used intelligently by companies. After analyzing the obtained data, it is necessary to work on it until it becomes relevant information to be used in marketing strategies such as Inbound Marketing and Content Marketing.

    This data measurement through BI provides a continuous evolution for companies that monitor data with discipline and dedication and thus they can improve their marketing strategies, based on data generated by its operation. 

    Now that you have understood what BI is, how it works and how it is fundamental within organizations to help in decision-making processes and contribute to the improvement of business strategies, it’s time to use it in your company! Do you have doubts on how to implement it in your planning? Don’t worry, because here at VX, we can help you with that. Contact us right now!

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