Business intelligence in marketing

by WF- Enzo Administrator
15 replies
With all the data that's available to marketers, it is imperative that they learn how to use these information to gain better customer insight and understand desire patterns. This information can help marketers craft efficient campaigns, and I find that these are the two most important components:

Predictive analytics

Predictive analytics, in its own, analyses current and historical data to predict future outcomes and events such as, perhaps forecasting future profits based on historical and present data. Predictive analytics helps marketers study customers by analysing not just past behaviours (purchases made, etc), but also use data to prioritise those who are most likely to make a purchase.

Social listening

Social listening lets marketers quantify how popular their brand is by getting data from social media channels. Simply put, it tracks all brand-related mentions and gives marketers more insights about, for example, what people say about a brand.
#business #intelligence #marketing
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  • Profile picture of the author Jason Kanigan
    I interviewed a Voice of Customer program expert, former CEO of a $50 million software business. Social listening is a part of a VoC program. IMO much easier to implement today than predictive analytics. Possible as a SaaS. The advantages for feature development of your own products & services by listening for the complaints from your competitor's customers are enormous.

    The machine learning/AI skillset required to put predictive analytics in place is much greater. You have to learn how to program, and be comfortable with math.

    Typically Warriors' eyes have glazed over when the straightforward concepts of Traffic and Conversion are mentioned.

    Enzo, if you have a way of bringing these down to ways a Warrior can implement, I'm all for it.
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  • Gotta figure data pulls on way cool smarts.

    But ... how to float the numbers as win-win lifestyle choices?

    What we got here is "Brief Precision" -- pinpoint aim on ass.

    So what's bein' said when the target groop is dangled before the immaculate funnel?

    Less'n you got sum kinda heart here in how you wanna say your stuff, prolly all the intel jus' a means to a wend.
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  • Profile picture of the author savidge4
    As much as I am down with the topic of Predictive Analytics... its just not a topic that is discussed much here. As Jason Mentions, the terms "Traffic and Conversion" is often times a point of overload. I actually recently consulted with a group that had an interesting "question" that needed an answer and the data load was actually well suited for using "MatLab" - that's some wicked cool stuff.

    But on to a topic that I can probably help... I think there are 2 and probably 3 levels of Social Listening your average Marketer should be doing. There is the Micro look at my own stuff level - as suggested to get an idea of what is being said so you may better act and react at that level. The next level would be by trade or industry - maybe product specific, depending on what you are doing. The last would be Macro level.. beyond you and your little circle and looking far broader at trends in general. Looking for things that could be brought into your business, to add value or increase profits.

    IF.. you are just starting in Marketing I suggest using something like: Namechk ( https://namechk.com/ ) so that you can #1 most importantly find a close to as possible universal identity, and #2 in doing so tracking " #<yourbrand> " becomes SUPER easy.
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  • Profile picture of the author Medon
    With these tools, I believe the modern marketer is able to close more deals than before. The social listing helps them choose products that are trending while predictive analytics can help determine the light audience. A great thread!
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    • Profile picture of the author GordonJ
      Originally Posted by Medon View Post

      With these tools, I believe the modern marketer is able to close more deals than before. The social listing helps them choose products that are trending while predictive analytics can help determine the light audience. A great thread!
      Have proof of this? Can you give us an example of a "social listing", and an example of a product choice made from this?

      GordonJ
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  • Profile picture of the author Daniel ward
    Business insight devices help advertisers a lot with their promoting endeavors.

    At the point when business knowledge apparatuses are bound together and utilized by advertisers, promoting efforts are progressively powerful.

    There are numerous apparatuses in business knowledge to break down data that gives significant bits of knowledge into examples of customers that gives the organization a chance to comprehend their wants and frames of mind. With this data, organizations can configuration better crusades, focus on the correct group of spectators all the more unequivocally and better comprehend the activities that produce the best outcomes.
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  • Profile picture of the author IGotMine
    It's funny (not ha-ha funny) how the more things change, the more they stay the same.

    I was running a mail-order business in the 80s & 90s in the "Opportunity Seeker" market. I kept meticulous records and could track customers from the specific ad and publication right through lifetime value. I had some ads that had an ROI most people simply wouldn't believe.

    After my first several years I could predict future outcomes with almost 100% accuracy. This was all spiral notebooks. I still have them.

    The point is: You need to collect the data, know what data to collect and how to interpret it.
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    • Profile picture of the author GordonJ
      Originally Posted by IGotMine View Post

      It's funny (not ha-ha funny) how the more things change, the more they stay the same.

      I was running a mail-order business in the 80s & 90s in the "Opportunity Seeker" market. I kept meticulous records and could track customers from the specific ad and publication right through lifetime value. I had some ads that had an ROI most people simply wouldn't believe.

      After my first several years I could predict future outcomes with almost 100% accuracy. This was all spiral notebooks. I still have them.

      The point is: You need to collect the data, know what data to collect and how to interpret it.
      Bet we had some of the same customers. Old friend and mentor Jim Straw once told me he too could predict with uncanny accuracy how an ad would do in a given pub at a given time of the year, and also, like yourself could future cast amazing results.

      What surprised him, was when he came online and started doing affiliate marketing, and in less than a year, was doing 250k a MONTH in affiliate marketing, he was surprised, but not really because he basically adapted his old ways to the new media.

      Biz-Op was a fantastic lake to fish in, and it still is online, but I still like the old things too, starting to test ads in the circs and adsheet pubs AGAIN, what goes around comes around, some times.

      GordonJ
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  • Profile picture of the author shawnlebrun
    What a lot of businesses don't realize is, your product doesn't have to be perfect.

    It just has to solve a problem.

    Once you get it out there, with REAL people using it, you can listen to what they say and keep making it better.

    This is how Basecamp and Jason Fried built a billion dollar software company.

    They put a service out... LISTENED to what customers were saying, and tweaked accordingly.

    There's never going to be a "perfect" time to launch something, so just launch it
    and either kill it if it doesn't live up to expectations or constantly improve it based on
    customer feedback.
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  • Profile picture of the author Profit Traveler
    [DELETED]
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    • Profile picture of the author Frank Donovan
      Originally Posted by Profit Traveler View Post

      Hey Enzo you made me question my own spelling so I copy pasted and put it all in the editor and it auto shows the misspells with red underline. .I am def not the grammar police haha probably the opposite but wanted to make sure I had my own spelling right.
      You must be using an American spell-check. Those spellings are correct in the rest of the English-speaking world.


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      • Profile picture of the author Profit Traveler
        Originally Posted by Frank Donovan View Post

        You must be using an American spell-check. Those spellings are correct in the rest of the English-speaking world.



        Hi thanks. I meant this WF editor here that I am typing on to make posts is catching them and red underline. But its small beans. AND DELETED. It only stood out to me because those paragraphs seemed so formal. It's all good forward!
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      • Profile picture of the author WF- Enzo
        Administrator
        Funny that even if I live in the Philippines where everyone else is used to American English, I personally prefer BrE. I can't explain why, but maybe it's muscle memory when I spell "colour" instead of "color" or "encyclopaedia" instead of "encyclopedia". Regardless, both are correct and the English language is rich in variations.

        Originally Posted by Frank Donovan View Post

        You must be using an American spell-check. Those spellings are correct in the rest of the English-speaking world.


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