How BI Can Enhance Your Corporate Branding Efforts
Branding is everything. Companies like Apple, Nike, and Amazon wouldn’t be where they’re at today if it wasn’t for their brands achieving a global presence. Fortunately, for SMBs, they have modern business intelligence (BI) tools at their disposal. BI means real-time access to big data. Big data means predictive analytics that determine the best course of action for branding and other marketing endeavors.
How to Use BI for Marketing
It’s all about acquiring information through various data sets from your targeted demographic. This allows companies to customize a marketing campaign for specific customers or consumer group.
Hallmark is one example of a company that utilizes BI for such a purpose. Back in 2011, the greetings card company released a campaign called Life Is a Special Occasion. This campaign consisted of structured and unstructured data acquired from a combination of sales, social media, and other forms of interaction.
Under this strategy, consumers offer up very personal information. A customer may, for example, reveal that her daughter loves all things pertaining to Disney princesses. Hallmark uses this information to provide a tailored campaign for that specific customer. This may be in the form of a newsletter providing recommended items (e.g. Disney greeting cards, Disney party items).
This is just one example. BI offers so many other approaches from which you can tackle big data and predictive analytics.
Leave It to Automation
Machine learning is one concept heavily adopted by fortune 500 companies. Machine learning relies on data input and uses the information to create a personalized experience for consumers. In this respect, it’s not a whole lot different from the Hallmark example.
A recommendations list from sites like Amazon and Netflix is a prime example of machine learning. The recommended list isn’t compiled by human staff. It’s generated by a BI algorithm that determines items and content you might like based on previous searches.
Many startups are adopting machine learning into their branding, using BI software to generate personal recommendations on their own website.
Emotional branding essentially means treating human emotions as a data source. This was done by the motorcycle brand Vespa. To acquire this type of data, the company used a series of surveys and questionnaires to determine what viable consumers felt regarding a soon-to-be-released scooter. Some of the responses included words like “hip,” “trending,” “cute,” and “interesting.” The company used these words to craft appropriate marketing material. This included online and offline promotional content that would be best described as hip, trendy, cute, and interesting.
Determine the Best Marketing Language
Business intelligence service makes it easy to create various metrics. This helps marketers determine the ideal marketing material ranging from email subject headers to PC ads. Through big data, you can split-test various ads and measure their results. This will help you focus on ads delivering the best results. The data may yield the following in a split-test trial:
- The long-tail keywords that generate the highest CTR in a PPC ad
- The call-to-action in a newsletter signup box that gets the most signups
- Ad images that get the highest click-throughs
- The CTR of ads based on time of day and day of week
Your BI tool will show you a side-by-side comparison of how these data points stack up against one another.
Lead scoring is a common business practice where marketers assign a score to each lead based on its viability of converting. A number of factors help determine the score, such as the person’s number of social media followers and past purchases. While lead scoring is a useful method, just an estimated 21% of marketers in the B2B sector employs some form of lead organized lead scoring methodology.
Business intelligence helps make lead scoring much more feasible by gathering the data you need for assigning more accurate scores. In addition, you can also use more specific metrics compiled from both structured and unstructured data sets.
With BI helping you determine lead scores, you can dedicate your resources to consumers most likely to convert to long-term clientele.
BI software and services are no longer limited to corporations and fortune 500 companies. With BI’s accessibility, SMBs now have the tools to remain competitive even with their more wallet-padded counterparts.