The Era Of Marketing Intelligence Is Here

Partner at Reptile and SmartBI, I build result-driven digital strategies.

We all know about business intelligence. It has been discussed immensely and has had a great adoption rate. Now is the time to start with a granular approach to business intelligence and deconstruct its different composing elements. Business intelligence is good for operations, finances, customer support and many other elements that are an inherent part of your business. Today, I’d like to talk about the specifics of marketing intelligence and why I believe every marketing expert should dive into it.

First off, let’s talk about what marketing intelligence is in a less abstract manner. Marketing intelligence is all of the data you can gather that is linked to your marketing efforts or that can help you take action with your marketing strategy. Ideally, you want to have dashboards that give you a view of your marketing actions on different channels, your investments and the return on your investments. A simple example would be to merge data from all of your online campaigns. For example, if you had campaigns running on Facebook, Google Ads and Bing, you’d ideally want to see how much you’re spending on each of these channels. You’d probably also want to know how many clicks have been brought in, in regards to each channel, and how many times your ads have been seen.

These are all great metrics to follow, but as I wrote in a past article, businesses need to stop relying on vanity metrics in their online strategy. That said, going through all the different channels that exist, exporting the data, building reports and analyzing the data is many hours of work. If you’re doing this, you most likely have a data expert to do all that data extraction, cleaning the data and then building reports. This can be very tedious and allows you to have a report on what you’re doing maybe only once a trimester. I’ll tell you, that’s better than nothing!

If you really want to get to that next level, you need to dive into marketing intelligence in an automated manner. Instead of working on aggregating data and trying to pull everything from everywhere, I suggest that you treat your marketing reports the same way you deal with your financial business intelligence. Build graphs and dashboards based on key performance indicators. These graphs should be directly connected with the existing channels and other elements you take action on. If there is no connection, build it now.

To automate reporting, you most certainly will either need to do this with an internal team of developers and data scientists or hire an agency that can do that for you. The good news is that for most services offered, reporting teams often are part of the service now. If you have an external partner for accounting, for example, make sure your external team can also do the automatic reporting. Many businesses are taking the route of accountability by offering dashboards that are plugged into your different systems. I have a marketing firm, and I and many of my competitors have taken that step to ensure we can show that we offer a return on investment. Going with an internal team is also a good idea since you have people that really know the business and its operations. It could even allow for crossing data between confidential data for internal purposes.

We’re in 2021; everything or almost everything is connected through an API or some other bridge, allowing you to get access to the data you wish to have. Imagine if you had reports on your marketing and its results in real time (or as close to real time as possible). You would be apt and agile enough to react to campaigns that aren’t working after days or weeks instead of months. You’d be able to pump your media investment into the channels that are working more efficiently and that are driving your key objectives.

Not only that, but by centralizing all your data and ensuring you pull everything from every channel into your database, you ensure to feed future strategies. Having historical data allows you to plan out future costs and actions in accordance with what has worked in the past. It’s great for the predictability. Honestly, I do not know one business owner who wouldn’t like to know their cost for client acquisition and to be able to work on that in the long term. This can be applied to marketing for any other purpose too, such as recruiting or even brand awareness.

It’s time to start quantifying your objectives. There are so many options out there that can help you quantify what is important to you in regards to your marketing objectives. Not doing so, in this day and age, is plain irresponsible. Do you know how much it costs you to get a client for each of your products or services? Do you know your needed marketing investment to drive your sales goals (or any other goal)? Would you like to have something to base yourself on, year after year, that is factual to establish your marketing objectives?

Marketing intelligence may be the answer to your needs, so check it out!


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https://www.forbes.com/sites/forbesagencycouncil/2021/12/17/the-era-of-marketing-intelligence-is-here/

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