When it comes to selling your products, you need to understand the market and your customers well to be able to offer a compelling price and build effective marketing campaigns. Modern technologies have transformed the way we acquire information, which is why stepping into your customers’ shoes may no longer be sufficient and trusting your gut is simply no longer an option. What allows you to suitably address the needs of your customers and thus win your business is business intelligence (BI). How exactly does such a solution enable you to drive sales?
What is Business Intelligence (BI)
Business intelligence remains one of the hottest technology trends of this decade. Even though its name may be confusing, it is a simple, yet powerful solution for companies tired of making bad business decisions and failing to spot new business opportunities. Put simply, it is a set of tools which gather and process data to present it in a graphic form for you to be able to quickly understand it. Visualising data is a great way to make use of large volumes of information which your business produces on a day to day basis.
How to use BI to drive sales
- Turn raw data into valuable information
Your business generates lots of data every hour. At first glance, a big part of this information is insignificant and trying to process and analyse it would be overwhelming and time consuming. With BI tools all the data can be important and influence future decisions. Appropriate business intelligence tools can turn everyday information into data that drives decisions. By investing in BI software solutions you can turn the overload of information into new opportunities for your business, bring the data together from different departments and use this information to increase revenue.
- Get quick access to real-time data
With lots of information it is not easy to comprehend it and extract the essence when needed. Spreadsheets can slow you down in moments of rush. That is where dashboards and visualisations are helpful. They can extract crucial information from columns and rows of data and present it in clear and understandable, at first glance, charts and metrics. For example you can enter two different indicators and see how they influence each other. A few clicks can replace long minutes spent on looking for the information in a spreadsheet. With more time you can focus on analysis, rather than on busy data.
It is much more cost-effective to retain an existing customer than to gain a new one. Also the probability of selling to an existing customer is much higher than to a new customer. With business intelligence software solutions you can understand your customers, their buying habits and needs easier, what they are buying and what they are not. Knowing the needs of your customers and tracking sales will allow you to discover new opportunities to cross-sell other products and affect your revenues.
- Improve customer service
With knowledge about your customers you can improve not only the identification of the business needs of your customer but also provide them with better services accompanying the main product. With the information from business intelligence tools your sales team can prepare to approach the client better, answer questions, discuss potential opportunities and introduce new products in a more effective way. Thanks to better customer service you can strengthen relationships and earn loyalty.
- Enhance marketing
There is always something more you can learn about your target audience to better tailor the message to appeal to them. By pulling the data from your sales and analytics you can learn more about your future customers and how to reach them. Business intelligence can help you with that and after comparing the data with your promotion channels such as Facebook you can gain the advantage and knowledge of how to successfully advertise your products to that specific group of customers.
- Make data-driven decisions
Emotional or intuitive decisions pose risks you cannot afford. To keep the competition at bay you have to stop trusting your instinct and make more data-driven decisions. With the information gathered by your BI tool and, for example, details of historical product sales, you can be prepared for fluctuation of demand and to answer any business questions. Having the whole database at your fingers will make it easier to make better decisions and to justify your actions and decisions.
- Support other departments
Well matched business intelligence software can benefit you more than the sales team and the information processed by BI can make your revenues grow faster. The data can also integrate and support other departments. For example, with the knowledge of which products are selling the best and to whom, the operations department is able to better plan and forecast future demand and product development, and make necessary changes and prepare for manufacturing. Also you can give support to other departments in the organisation because even a small piece of important data can change the whole process and give you a competitive advantage.
To sum up
There is a reason why business intelligence is one of the hottest technology trends of a decade. It can answer the most bothering questions and help you to understand both, your company and customer better. To check the most important features of business intelligence for every company read this article and prepare for improving the performance of your company. And if you are looking for a business intelligence solution HeadChannel Ltd. can help you with developing one.