Business Intelligence is an elusive concept that never quite finds its way to the top of the priority list. When it comes to Business Intelligence and Online Marketing both have emerged to work hand in hand. As both are based on data to analyze and make decisions to improve investment gains and processes.
Business intelligence allows companies to craft their audience behaviour patterns across multiple forms of media considering the data collected across online platforms. Online advertising can usually generate faster results reports because they are generally based on impressions, clicks and online purchases as it basically deals with market research strategies. BI offers real-time analytics based on online marketing efforts.
When offline events are promoted online, it gives a good insight into overall customer patterns which helps to increase event marketing effectiveness. A proper online event marketing campaign can trail a customer’s interaction from start to finish which includes tracking of how they found out about the event through metrics such as custom promo codes, referral sites and entrance pages. The chance to combine promotions and real-world events with online marketing campaigns is one of the best ways online marketing and business intelligence can work together.
Companies can use business intelligence to enhance the overall effectiveness of their website by examining the site performance, audience circulation, usage trends, visitor loyalty, search engine performance, content, product placement and overall visitor behaviour.
Suppose a company wants to launch an advertising campaign for a product. Among its current customers the company wish to post product information to those customers with a high probability of buying the product. The company holds data describing each of its previous customer’s behaviour and personal data. There are also customers who have previously bought the product for example in a trial period. The customers of the trial period are divided into two categories those who have purchased the product and those who have not. With this data, a prediction model can be created to predict the probability of buying the product. After that the probability of buying the product is predicted for all other customers. Only those customers with a higher probability are addressed.
When it comes to online marketing and business intelligence, taking big data and forming it into goals and then interpreting it back into actionable vision is one of the best ways to craft a promotional and advertising strategy that works and is continually optimized.