The Role And Roles Of Business Intelligence In Marketing
Now the consumers are well aware of their needs and requisites, they are provided with “choices”. When the competition gets intense, it’s the duty of the marketers to identify and provide what the customer desires. The role of Business Intelligence becomes vital at this point; it provides the organization a sustainable competitive advantage. Some of the gains, when Business intelligence is applied to Marketing are as follows:
• Understanding customer buying behavior and patterns
• Knowing what motivates customers to purchase the products
• Measuring marketing campaign return on investment (ROI)
• Segmentation of the customer …show more content…
It evaluates the success of a marketing campaign. It is extremely useful for planning future marketing expenses, and allocating budgets.
Business intelligence techniques are used to measure marketing program effectiveness, which includes calculations of the cost per lead, cost per sale, cost per online customer acquisition, lead conversion percentage and time, lead value, customer value and site visitor retention. This provides comparisons with industry averages and helps the organization to improve their overall marketing efficiency and return on investments. The competition has increased by times and each marketer is virtually running after the customers. This change in the orientation was due to the changes in the technology and purchasing power of the customers. Business intelligence helps the organization to foresee the future needs and requirements of both the customer and the market. The information well utilized can act as a tool to win over the competitors and also can act as the source of competitive advantage. In today’s world, its more of “selling an experience”. So the more you are informed about your customers, the better you could be in providing them with an