Growing Your Business with Business Intelligence
Regardless as to whether you’re a mid-sized business owner who is wanting to find new ways to expand, or if you’re a C-Suite executive who has been tasked with finding a way to grow your business through the use of business intelligence, you’ve come to the right place.
Simply stated, business intelligence is roughly the same thing as business analytics
When you begin to pay close attention to data you currently have, along with the data you plan to collect in the future, this will allow you to begin to make decision on data and facts, as opposed to making decisions on gut instinct and intuition.
Business intelligence can also help provide you with an accurate snapshot of the ROI of your marketing strategy- which is key in helping grow your bottom line.
BI can help you understand what advertising strategies help drive revenue
If you have a solid understanding of who your end uses are, and you have data that shows what influences their decisions, this can help you understand what’s driving revenue streams.
To put it simply, if your primary end users are millennials who enjoy craft beer, you can have a better understanding of which advertising campaigns will be most successful.
(Tip: taking out a full-page ad in the Wall Street Journal is probably not going to get you all that far.)
Yet if you don’t know who your ideal customer is, outside of understanding that they’re buying your product or service, you’re missing out on any number of growth opportunities.
BI can help you customize sales strategies
Let’s say you’re a larger company who is about to make a pitch to a client that you’ve been pursuing for years. In this case, BI involves gaining an in depth understanding of the target client, their current business environment and their long and short-term growth goals.
If the company has just laid off half of their marketing department, or if they’ve hired a CEO who plans to take them in a different direction, these types of insights can help you customize your sales pitch, and it can also help you anticipate possible objections, in advance to the meeting.
It can also help you determine whether this particular company is still a viable prospect.
Just because company X was a good target for a sale six months ago, that’s not to say they’re a good target for a sale today.
BI can help you create an effective business mode
In the past few years, e-commerce has managed to saturate all markets. Do you want a dog walker on demand? There’s an app for that. Do you want to order dinner from the taco shop downtown, but the restaurant doesn’t offer delivery? There’s an app to help with that, too.
If you’re wanting to offer on-demand dog walks, or on-demand delivery services, you’re going to need to get creative with your marketing strategy, so your service (and/or app) doesn’t get lost in the mix.
When you truly begin to home in on business intelligence, this data will allow you to have a solid understanding of where your marketing dollars are going, and which avenues are getting you the largest ROI.
Without BI, you may feel as if you’re just fumbling around in the dark.
Have questions about how BI can help grow your business?
For more information on the value of BI, or you’d like more information about how Pathways International can help you use BI to grow your bottom line.