As a marketer, you are likely to be constantly striving to evaluate the effectiveness of your marketing and sales campaigns. The key to achieving this objective is using marketing intelligence and insights based on historical data to evaluate which marketing campaigns are working, and which are not.
Interim Head of Marketing, CBRE Global Investors
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How to Gain Marketing Intelligence
There’s also the matter of keeping track of industry trends so you can adapt as necessary to maximise them and to meet the challenges of your competition.
This information gathering is basically ‘marketing intelligence’ but goes hand in hand with marketing analytics and analysis – where real world facts can be extrapolated from the likely huge amounts of data being collected often through your marketing and sales activities and held in your marketing data warehouse.
Efficient marketing intelligence answers questions relating to existing and potential customers in terms of buying habits and their tastes to help inform decisions as to what markets the business should consider entering next, and how best to serve possible changing customer requirements.
How to Achieve
With so much customer data being gathered it can be difficult to know where to start. Never mind the actual data size, it’s the principles of creating what can best be described as a marketing data warehouse and leveraging it to provide meaningful information that’s important.
We at Objective IT can help: firstly, we take time to discuss your marketing intelligence goals with you.
With clever development of technologies such as Microsoft Sql, we can create a marketing intelligence data warehouse to effectively store and interrogate your data for reporting and analysis.
Then, utilising Excel Power Tools such as Power View and Power Pivot, our highly experienced data insights consultants can help you identify changes in customer behaviour to deliver immediate and meaningful marketing intelligence.
One way we can do this is to help you build analytical databases to drive lead scoring to improve sales conversion and lead nurturing.
The next frontier is Marketing Analytics; these can help point you to changes to marketing practices based on future predicted customer behaviours.
Seeing into The Future with
Business intelligence in the form of your marketing data warehouse is crucial for maintaining your business and analysing the past and present. That said, it doesn’t harness the full potential of your data to make predictions or forecast what will happen in the future.
Marketing analytics does: it’s effectively your crystal ball but bases its findings on factual information held in your marketing data warehouse and answers those burning questions such as:
- How many and which customers are likely to churn in the next 12 months?
- Which contact segments should I focus my marketing campaigns on to encourage the highest conversion rate?
- Which customer groups will be the most profitable?
- When new contacts are established, what is the probability they will be hot leads?
- Do our main customers have distinct buying habits?
- Are buying trends changing?
- Can I cross sell products into other areas?
- Is more money being spent in a certain sector than previously?
Our data scientists and analysts can work with you to apply marketing analytics to improve your marketing performance by predicting answers to such questions, so guiding your future decisions.
Working together we can help you to integrate and extend your expertise in data analysis for meaningful results.
Making use of your past data stored in your marketing data warehouse to predict and improve your future marketing performance is achieved through a combination of modern data science techniques, and the use of state of the art computing tools such as Microsoft Azure Machine Learning Studio and Microsoft R (Open and Server versions).
These powerful tools will determine the optimal way to adapt your marketing strategies to a constantly changing business landscape.
Marketing Data Warehouse
Here are some of the advantages one of our clients, a large printer manufacturer, is deriving from their marketing data warehouse which is geared to maximise customer retention and customer satisfaction – as well as manage their marketing metrics:
- Evaluate interest. Get real time information on opened emails and clicked links to determine click through rates
- Lead scoring. Charts demographics and behaviour to identify top leads and elevate sales
- Push marketing. Directs purchaser to authorised resellers
- Abandon basket. Reactive response to encourage customer purchase
- Customer information logged. Integrate leads into CRM systems such as Dynamics CRM
- Customer behaviour targeting. Issues timely incentives to buy. Personalised ‘helpful’ emails increase the customer’s positive perception
- Reporting and Analysis. Dice, slice and drill data to predict business trends and create timely management reports
In a nutshell, you’ll be harnessing the customer information you already have to get the full value of marketing intelligence reports.
Managing Marketing Metrics
Data-based marketing is both an art and a science but may not always include metrics. Marketers know that marketing metrics are needed to make and then evaluate strategic decisions to create or increase demand for the company’s products or services.
Objective IT’s data insights consultants have the knowledge and expertise to integrate data quickly and precisely. We can capture data held in CRM systems and databases along with unstructured or semi-structured data including the likes of email conversations, social media posts and video content.
Our consultants and marketing experts will definitely be on your wavelength regarding how to manage marketing metrics since we all speak the same language.
Using latest Microsoft technologies such as SQL Server Analysis Services, SQL Reporting Services and SQL Server Data Warehouse, our data insights consultants can help you mine and analyse complex data sets to provide marketing metrics, including measurement and return on marketing investment (ROMI).
Meaningful and effective marketing intelligence takes time and knowledge.
At Objective IT, we have the expertise to help you make the most of marketing intelligence through the creation of your marketing data warehouse, and making the most of this facility through meaningful analysis of the information it holds in terms of accurate marketing analytics to help you maximise the benefits of data-driven marketing.
Talk to us today to see how we can set up your marketing data warehouse and get this valuable intelligence working for you.