When we talk about internal management and performance measurement, there is no way to reach clear and true-to-life results without involving data science and the different paths to obtain these values. Business intelligence and data science are critical to the health of a strategy. But why?
To find out and understand the role of each of these two fundamental topics, check out this post! In it, you'll get an in-depth look at what it takes to improve marketing intelligence. Keep reading!
In this content you will see:
- Data and the modification of the marketing concept: understand the relationship
- What is Business Intelligence?
- Main applications of Business Intelligence
- Data mining and report creation
- Data warehouses and performance metrics
- Descriptive and statistical analysis
- Visual analysis
- What is Data Science?
- Main applications of Data Science
- Goal calculation
- Generating numerical reports
- Logic construction
- Building custom dashboards
- What are the applications in strategic marketing?
- How do these items impact lead capture?
- Start implementing your strategy!
Data and the modification of the marketing concept: understand the relationship
Different marketing actions are carried out to reach the same objective: success. And to achieve this goal, different tools can complement what was done, in addition to the possibility of measuring performance during and after the completion of the action.
For marketing or any other industry, business intelligence revolves around one point that is the measurement of all work: data. Measured according to the possible metrics and what one wants to understand, it is through them that what was possible to notice about the efficiency of the action plan outlined is translated.
To understand the importance of each of them and how their application in the market is fundamental, check out their definition below!
What is Business Intelligence?
Business Intelligence, literally translated “Business Intelligence”, also known simply as BI, refers to the collection, analysis of data and translation of information that can be useful for the management of the company and/or business. Its main role is to offer subsidies to guide decision-making, like a light in a dark cave that makes it possible to choose the best path, away from obstacles that can delay or hinder the path to the point drawn as an objective.
BI can be understood as fundamental, since it corresponds to such a relevant stage. Using it properly, it is possible to achieve results such as:
- Monitoring the company's performance;
- Identify and validate market trends;
- Identify bottlenecks;
- Project results based on data obtained;
- Analyze customer behavior and brand impact.
Main applications of Business Intelligence
Check below some examples of what Business Intelligence can promote from its correct use by marketing professionals and data scientists for the health of the company.
Data mining and report creation
Based on the technology used through artificial intelligence, it is possible to obtain information taken from the database, enabling the creation of reports.
Data warehouses and performance metrics
Being fundamental to BI, Data Warehouses is, in Portuguese, the data warehouse, and it is with this system that business intelligence manages to develop and organize itself in a different way. With it, it is possible to collect data from specific platforms in order to understand them properly.
Therefore, there are specific performance metrics for elements such as website, blog, landing page, among others.
Descriptive and statistical analysis
For different types of marketing, data collection is indisputably important. With this, it is possible to have information relevant to the business at hand, from understanding the number of users who showed interest to analyzing the path taken from the capture to the consolidation of the purchase or registration.
To understand if the nutrition flow is effective, analyze the growth of social networks or even manage to translate results, the visual analysis made possible is a way to make information more democratic to carry out a clearer work and without communicational noise.
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What is Data Science?
Using mathematical models to perform statistics and data prediction, Data Science or data science, in Portuguese, is a methodology that has three objectives: to collect, analyze and translate data to provide the company with information that was previously difficult to access and time-consuming to interpret.
This feature, in addition to optimizing time, allows it to be an automatic process, with low human labor demand. With it, it is possible to analyze strategies and carry out increasingly precise planning, based on data that match reality.
Among its many benefits is testing.
Having reliable sources and with agility is to attribute more quality and efficiency to the project. This is a guideline that enables the creation of panels that are independent of other people to carry out procedures and analyses, a factor that could end up slowing down and hindering the progress of strategic planning and the implementation of actions.
Main applications of Data Science
With this strategy, it is possible to expand and optimize operations, offering customers even more precision and information about the actions planned and put into practice. Among its functions, it is possible to perform some that are extremely relevant. Check out, below, five examples of activities that this system makes possible!
This is a data analysis to estimate the contact goals needed to reach the customer goal, as well as the maturation time between being a contact and becoming a customer and the conversion calculation between a phase and another in its life cycle.
With this action, it is possible, even in the strategic planning, to build more realistic goals, which take into account data and not customer desires. Thus, there are no unnecessary strains or demands for not reaching a utopian or distant goal.
This calculation seeks to detail the conversion of contacts into customers and align which patterns the contacts follow, optimizing which campaigns to invest in. With this action, it is possible to improve the strategy based on real information and accurate calculations, performed quickly and automatically.
In this way, it is possible to understand different scenarios and carefully analyze which action will be most effective to achieve the goals outlined since the Kick-Off.
Generating numerical reports
Translating the results for clients, as well as using graphs and images, makes understanding the numbers easier, showing the results quickly to all stakeholders.
In a visually organized way, it is possible to make the information accessible and even more useful to simplify understanding and show the results graphically.
This is an analysis of the behavior of numbers and association with other environmental variables to optimize the use of resources. With this, different types of reasoning can be architected.
Building custom dashboards
Dashboards are customized with important customer information. Containing various data on different aspects, the main point is to be able to make arrangements and filter those numbers that correspond to the needs.
With this, it is possible to avoid unnecessary information and focus more on those that make the most sense for the objective or moment in question. With the possibility of merging different types of data, the possibilities become gigantic, and all this in a practical and efficient way.
What are the applications in strategic marketing?
For strategic marketing or relationship marketing, Data Science is highly effective to better define the actions to be taken, in addition to bringing the user and qualified leads closer together by understanding their needs and pains, improving the performance of the product or service by enabling a more effective advance in the sales funnel.
How do these items impact lead capture?
If, by making a cake, you are not able to please your intended audience, the most effective way to understand the reason for the rejection is to analyze the behavior of the people who accepted or refused that cake. In this way, it is possible to make the necessary changes so that the cake can please the majority, being a public success.
So is the use of data for marketing. When we talk about lead conversion, the meaning is linked to this whole concept of achievement, analysis and optimization. If leads aren't heard and won over, they're gone. If the material and communication are correctly aligned, it is possible to be increasingly assertive about what will be offered.
For this reason, it is essential to invest in data to improve not only nutrition flows but also capture and conversion itself.
Start implementing your strategy!
Did you see how important it is to have a more assertive overview with the use of these two strategies working together? Although it is not an easy mission and requires dedication and investment, being able to count on these strategies can guarantee the success of your actions.
This entire process is beneficial, from the sales team with more information and directions to those responsible for formulating large campaigns. Using BI and Data Science is to gradually and considerably reduce the assumptions that guided decision making.
This is a market trend increasingly used to add value and quality. Therefore, not using this union represents a risky blind path. To understand more about the benefits, check out the blog post “What is Big Data and How to Use It in Customer Acquisition!”. Login now!