Online tools such as Google Analytics are great for providing marketing intelligence such as traffic patterns, conversion rates, load times and so on. However, while this gives valuable information and is certainly useful for improving your SEO, it only provides a very limited amount of data. In today’s competitive market, businesses need to gather data from every source possible to develop the most efficient and effective business strategies.
With the right support, you can use data insights to take your analytics to the next level. These insights can help guide you towards business decisions that give you a competitive edge to remain one step ahead of the rest.
There are three aspects to this kind of detailed analytics: business intelligence, marketing intelligence and data analytics.
Business intelligence (BI)
Business intelligence is a term that describes the strategies, applications, tools and practices that enable you to access and analyse business information. This is the critical information that helps you to improve and optimise the decisions you make and ultimately, it can have a significant impact on the performance of your business.
The best BI solutions can pull in data from a variety of sources to put all the KPIs right at your fingertips and create visualisations, so you can see not only what has happened in the past but what is happening right now
Marketing intelligence (MI)
Marketing intelligence is a specific area of BI that provides insights relating to your business’s markets and marketing activities. It includes the processes and data sources that you use to obtain information.
A great deal of marketing intelligence can be obtained via online sources, and as already mentioned, Google Analytics can provide some useful information here. By analysing the data, you can learn which marketing strategies are effective, how your target customer demographics are responding to various campaigns and numerous other metrics.
However, examining the data is one thing, drawing it all together to make real insights and predict future market behaviour is where advanced marketing intelligence and data analytics can make a major difference.
Data analytics is where the real fun begins as you delve deeper into the secrets that are hidden within your data. The best data analytics consultants will use a variety of advanced technological and statistical techniques to uncover hidden patterns and correlations. These can have a massive impact on your business, leading to better decisions, happier customers and a healthier bottom line.
Data analytics uses the latest cutting-edge innovations in data science, touching on areas such as predictive analysis, mathematical modelling and machine learning.
Big data insights
The information age means big data, which is getting bigger by the day. This is an exciting time for those who are ready to embrace the new technology and specialisms. These are evolving and developing with every day that goes by, and can bring a genuine competitive edge to those who join early.
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