“Today, most organizations are thinking about marketing analytics — a CMO-wide lens on marketing interactions with customers and prospective customers. This broader lens has had to make sense of big data, which led marketers into machine learning, predictive algorithms and the beginnings of a lights-out marketing automation movement. The analysis is beyond intelligent — incorporating artificial intelligence and data science that sometimes sounds almost Jetson-esque.”
– Jeff Allen, Web Analytics Led Us to Marketing Analytics — Next Stop: Customer Intelligence (Source: blogs.adobe.com)
Business Analytics is creating an exemplar change in the way data is being used, and the marketing & sales department is no exception to this. In fact, there can be many factors to be considered in case you want to be footprints or behavior patterns of customers has become quite easy due to increasing importance of digital marketing. Moreover, it has become pivotal that marketing professionals should become tech savvy and use technology to harness importance of business analytics –
Let’s delve deeper into why Business Analytics is important for Marketing and Sales Professionals –
Business Analytics tools enable to prepare segment-wise reports, according to which marketing manager can determine where to concentrate his resources.
Marketing Mix Optimization
The 4ps of marketing: product, place, price and promotion help the sales manager determine the right mix that can result into optimum sales. Business Analytics tools can help determine the apt marketing mix as per the combinations.
The sales manager can compare the information with competitors, thereby determining the areas of improvement, or tactics to be employed to achieve an edge over the competitors.
Sales Performance Analysis
The sales team are directly responsible for increasing the revenue of the company. With BA tools you can gauge the performance of your sales, determine the area which needs modifications, help raise the performance bar, determine the facts, etc.
Sales Pipeline Analysis
Analysis of the sales pipeline process will help detect any lacunas in the sales process, which will help developing in faster and more efficient process.
The marketing manager can make out the outcome of a campaign, by studying the trends of customers who give positive responses to the advertisements. With the help of historical data, the manager can accordingly direct the future campaigns to those consumers who are more likely to respond to the clients.
Analyzing competitors’ tactics and accordingly developing unique insights that can be helpful for the organization to grow in the real sense. Predictive analytic tools can help one to develop strategic insights that can be helpful for the business.
Benefits of Business Analytics for Marketing and Sales Professionals
- Developing a knack for numbers and statistics
- Develop critical skills
- Track behavior patterns of the customers
- Forecast trends
Data has become the next treasure which can give many valuable gems in the form of information that can yield more sales to the business. Social media and digital marketing has become a huge source of data, due to which it has become easier for marketing professionals to track the behavior of the customers. Advertisements, these days are successful in reaching target audience, thanks to social media. All this is achieved by predictive business analytics tools. It seems, Business Analytics has become inevitable, in case marketing professionals want to remain a step ahead of their competitors.