Market intelligence is often confused with business intelligence, but they're not the same thing. Business intelligence refers to specific data about a company, while market intelligence analyzes general trends. In general, business intelligence is information about the company's internal performance. Business intelligence in marketing is mainly concerned with harnessing customer data to achieve better results in marketing initiatives.
This has created a major gap in the area of marketing analysis and business data, as companies seek to simply put a bandage on the problem rather than actually solving it. So which one should you focus on? If you only have the ability to handle one of these strategies at a time, how do you know which one is best for you? As marketing and sales software seeks to blur the lines with a general income-based approach, it's increasingly difficult to understand how to address their specific needs. Using BI in social media marketing can also help improve resource management, increase conversion rates, and predict future trends and problems. This information can be used to help group audiences based on common interests, locations, beliefs and behaviors and provide companies with the opportunity to address them in a more detailed and personalized way.
On the other hand, business intelligence is a powerful reporting tool that can transform organizations of any size. To do this, it evaluates past trends and recognizes how they will come into play in the future, which is especially useful when a company expects fluctuations in sales and service due to seasonal reasons. Research indicates that analytics will play an increasingly important role in marketing departments and organizations around the world. All of these aspects of the behavior of a customer or potential customer can be determined by evaluating the data with business intelligence and providing you with practical information that will allow you to better position yourself to promote them in future initiatives.
When thinking about marketing agencies and digital marketing campaigns, BI can play a vital role in many of the key aspects of planning and research. This posed a challenge for online gaming company NetBet, which spent more time drawing commercial conclusions from disparate data formats collected from incompatible sources. Business intelligence in marketing may seem complex, but it's really about using existing customer data to better inform marketing initiatives by giving companies a better view of their current and potential customers. With many marketing tools (as well as for consumer and business audiences) that exist on the Internet, everything is more measurable.
And the most important way in which BI helps companies is by improving their results and increasing profitability. Business intelligence is a term that is widely used in the field of demand generation and sales. Business intelligence tools can help sales professionals keep track of what their current customers are buying (or not). Revealingly, 97 percent of respondents say that the use of marketing analytics has made their companies more successful, while 87 percent reported that they planned to increase investments in marketing analysis in the next 12 months.
