Importance of Business Analytics in Sales & Marketing

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Times, when company executives used to go through phone books to call every name to flog them, are long gone. Businesses now rely on a system which explores data for insights, to make data-driven decisions, also called business analytics. BI or business analytics is essential for every organization that is constantly striving for growth and looking for opportunities to increase their revenue, brand image, and unlock commercially relevant insights. With the help of business analytics, organizations can uncover new audience niches, new markets, areas of development, and much more.

The way sales and marketing work have completely changed, ever since the rise of Big Data, AI, BI, and data analytics. They use measured activities to plan campaigns for, higher ROI, better performance, and faster success.

To begin with, let us look at three quick definitions of business analytics:

·       Descriptive analytics - This is where you look at historical data and performance.
·       Predictive analytics - This is where you use past data to predict a future outcome.
·       Prescriptive analytics - This is when you determine the best course of action.

Let us understand how business analytics can help sales and marketing, in making optimized business decisions:
Lead Scoring

Lead Scoring is a process which uses business analytics to score leads based on their readiness to make a purchase. It helps both the sales and marketing divisions to collaborate more effectively since each lead is different.

Segmentation

Segmentation is a process which involves segmenting leads using their demographic and behavioral data. Business Analytics helps the sales and marketing teams in planning specific lead nurturing campaigns and move them down the sales funnel.

Reduce Churn Rate

For any business to grow, it should have a high growth rate than the churn rate. The rate of attrition or when a percentage of subscribers back out or stop their subscription within a certain period, it is called churn rate. Business Analytics software helps the sales and marketing teams in identifying warning signs and provide necessary nurturing.

Targeted Content

Business Analytics help in understanding, which content suits best for which leads to help the sales and marketing team in targeting them with tailored content. By distributing tailored content to leads, the organization can improve its communication with the leads, and this could later be converted into sales.

Upselling and Cross-Selling

Using all the available information, businesses can either upsell, cross-sell, or combine both to increase the bottom line using advanced business analytics. Customer Lifetime Value (CLV) can be predicted using patterns of a customer's buying behavior.

Product Fit

When companies have all the information regarding sales and leads, they can better understand what the customer exactly wants using business analytics. It helps them in developing better products in the future, keeping the customer needs in mind.

Marketing Campaigns

When all the information is at your disposal, you as a business can better strategize, develop, and implement marketing campaigns. Business Analytics helps both the sales and marketing divisions in improving the overall performance of the company. When marketing campaigns are drafted using business analytics, risks of failure are significantly reduced.

According to the Entrepreneur, the Big Data industry will be worth an estimated $77 billion by 2023. Also, according to Forbes, the big data market is projected to grow from $50 billion in 2019 to $103 billion in 2027.

All these exorbitant amounts of information are related to, our interactions, our behavior, our endless activities across our businesses. They are all connected to devices and our relationships with them. Business Analytics helps businesses take heaping servings of this data and turn them into actionable insights.

Ever since the word had been coined, business analytics has been a buzzword, especially the technology companies. It has set a benchmark in the way data is being used, and the sales and marketing division is no exception. It plays a vital role in how the sales and marketing teams come together in delivering optimal results for the company.

Conclusion          

Business Analytics is the key to deliver successful marketing campaigns. They integrate business metrics and results with advanced strategies to create a huge impact across the customer life cycle. Business Analytics requires a strong understanding of metrics for modeling framework and scoring categories. Marketing analytics tools allows sales and marketing teams to make informed business decisions. It doesn't always guarantee success. It merely increases the likelihood of success.

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TechFond - Latest Technology | Analysis | Enterprise | Startups | Product Reviews | How Tos: Importance of Business Analytics in Sales & Marketing
Importance of Business Analytics in Sales & Marketing
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