Marketing intelligence significantly influences strategic decisions in the company. Surprisingly, online marketing is based on technically recorded data. Without data, it couldn’t make precise statements about the target group’s needs, sales increases, or return on investment (ROI). If you manage to network your data intelligently, it will be an essential decision-making aid for your entire marketing strategy.
Learn more; about what marketing intelligence is and why correlating data is essential to business success.
What is Marketing Intelligence?
In marketing intelligence, data sets from different systems are centralized in an intelligent data platform, which helps to remove system boundaries and to gain a holistic view of cross-company key figures. Marketing Intelligence consequently promotes the automation process. It serves as an essential decision-making aid in marketing.
Data-based action through artificial intelligence: Correlating marketing data profitably
Thirteen different marketing and advertising platforms are used on average by marketers. The challenge lies in the complex and often fragmented systems if data-based decisions are required.
However, constantly evolving technologies and artificial intelligence make it possible to evaluate and use marketing data more and more effectively: The solution lies in marketing intelligence platforms. These merged data come from different media and sources in an organized, visualized, and evaluated way within the software. These analyses provide a well-founded decision-making aid.
These processes work automatically. The platform should also be agile enough to react to changes – for example, if you want to integrate a new system. You should also be able to calculate growth goals according to different sizes and map your own marketing goals to bring structure to the data chaos.
How and Why You Should Use Marketing Intelligence
Information from different departments and sources is essential to use marketing intelligence profitably. You can obtain the necessary data in different ways. Find the conversation with stakeholders, monitor social media channels, and use business reports, business intelligence evaluations, external databases, or your competitors’ websites. If you already use different digital platforms, you can easily pull the data from them.
The main advantage of marketing intelligence is that you make decisions based on the database. You can identify needs in good time and thus create clear added value by answering the concerns of your target group precisely and at the right time. This, in turn, means you can reduce costs and increase ROI because you know exactly where to use the budget. Marketing Intelligence significantly supports you in improving your opportunities in the market and, at the same time reducing risks.
Internal marketing: Business intelligence measures growth targets
Business intelligence is considered the internal area of marketing intelligence, where company-specific data is summarized. It examines the sales, marketing campaigns, or distribution channels that lead to sales. Based on these internal KPIs, growth targets are set, and the market share is determined.
If business intelligence is paired with marketing intelligence, you get a comprehensive view of the development of your company. You can set internal critical figures about market events. Strategically, this process offers you an enormous competitive advantage. This allows you to react to changes at any time and justify them with the help of data analysis.
External marketing: Market intelligence determines the market potential
On the other hand, market intelligence deals with external sources and data. It refers to the storage and analysis of data from the market environment. The structure and competition within the target market are taken into account. Social media, blogs, or competitors’ websites serve as sources of information.
These data sources are identified and then combined to derive strategic decisions. Market intelligence helps to uncover trends and target group needs. Sales and sales forecasts can also be made, determining the market potential.
While market intelligence deals with the entire target market, competitive intelligence targets direct competitors. It can be considered both individually and in combination with market intelligence.
Unify data and make strategic decisions
Fragmented data in marketing is, unfortunately, part of everyday life. Not only the countless platforms make it challenging to gain an overview and draw overarching conclusions. The constant development and the ever faster changes in the market also complicate the situation and make it difficult to make strategic decisions.
Marketing Intelligence combines both internal and external data in a central platform. It thus forms a vital decision-making aid for the entire strategic process. The data-based method opens up completely new possibilities for recognizing potential and estimating risks.
With the help of modern technologies, data chaos is overcome, and marketing can drive the company’s natural growth. Some of the most well-known marketing intelligence platforms include:
- Marketing Hub
- Contify
- Salesforce Datorama
- Marketo
- Adverity
These marketing intelligence platforms help you to collect your data in a shared pool and make it usable. This dismantling of data silos can help you identify the right strategy for your business and also gives you a financial advantage because you can reduce your costs in the long run through more innovative investments. The comprehensive data analyses give you a significant competitive advantage, promote efficient budget planning and drive the automation process in marketing further and further.
Marketing Intelligence combines data from fragmented systems in a central platform and thus offers the opportunity to drive business success. Through data-driven decisions, needs and market developments can be observed and analyzed particularly well. With software solutions, you can easily manage and analyze your marketing data in a central location, giving you an edge over the competition.
