Optimising data intelligence for increased ROI
Data intelligence is described as the analysis of different types of data, for example, internal data, external data, and including big data. Companies use this intelligence to better understand the information they collect and make more informed decisions in the future. With a better understanding of the collected data, companies can improve their products, services or investments and customer relationships through predictive marketing and communication.
Data is a main focal point.
ROI is a profitability measure; it also refers to the percentage which is used to compare a company’s profitability or it can be implemented to compare the efficacy of different investments. It is a common profitability ratio and is used to divide net profit by total assets.
Knowledge about the customers’ needs is obtained through data intelligence, as well as their decision-making process, the company’s competition, the overall economic, cultural and technological trends. Companies need to effectively implement the analysis of customer data to better understand the customers’ needs and what they want, and, most importantly, when they want it.
Big data and analytics are an essential part of business functions today because of the technological evolution and implementation thereof. Consumers have quick access to everything and they want everything to be as accessible as possible.
Consumers demand change as technology becomes a bigger part of their lives. The ability of a business to analyse data on time and also draw new insight from it is paramount and made possible by thriving technology.
It is important for companies to adapt by using their data intelligence in order to motivate customer behaviour and loyalty. Many companies base their strategies solely on actual customer transactions and assume this behaviour is repetitive. Few base it on the value of a customer intelligence system that should influence changes in a company’s business processes and operations.
However, the ineffective use of data can lead to inefficiency; it causes a company to become disorganised and the whole process becomes heavy and costly.
The words ‘customer loyalty’ are driving marketers to dive into their customer engagements; they then compile campaigns that are not relevant to what their target market needs at that time. These marketers often don’t realise the opportunities that data intelligence offers; it includes everything from the techniques, technology, systems, practices and applications needed to analyse all customer data – it can lead to a better understanding of the market.
The benefits of consumer intelligence are endless: from increased store sales to increased profit margin and also the increase of customer retention.
Data intelligence allows a business to allocate its marketing budget specifically to customers who are the most likely to engage or have an existing loyalty to a brand at that exact calculated time, in turn leading to a measurable ROI. Data intelligence will form the foundation of your future business and marketing strategies.
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