Marketing involves a mix of powerful brand expression (through creativity and emotional resonance) and effective dissemination methods. On the other hand, Business Intelligence takes a more pragmatic approach. Business Intelligence empowers brands to gain a deeper understanding of their customers and make informed decisions.
Every day, Marketing Managers and brand managers base their decisions on insights gleaned from their business data. However, have you ever compared reports based on the same figures? You'll undoubtedly observe differences because, while figures don't lie, their interpretations can vary.
Due to differences in data collection timing, attribution models employed by giants like GAFA (Google, Apple, Facebook, Amazon), and the diverse ways these data are construed, outcomes can markedly differ. This is precisely why the optimization of your marketing funnel requires the consolidation of your data into a data lake and the automation of data manipulation. Doing so ensures a consistent understanding of the data.
Data collected from the funnel
Each stage of the marketing funnel provides specific data, such as reach, impressions, engagement, CTR, page views, conversions, etc. However, these metrics must be selectively applied at each funnel stage to collectively carry meaning. For instance, reach serves as a meaningful metric when the message is powerful enough to capture the attention of potential customers, fueling engagement with the brand and ultimately driving conversions. Moreover, the marketing funnel extends beyond digital platforms. Visits to your brick-and-mortar stores, trade fairs, etc., correspond to specific funnel stages and can be incorporated into the data lake for manipulation via Business Intelligence Tools.
Actionable insight, better decision
Business Intelligence tools provide a significant advantage in terms of efficiency and accuracy. While mastering the art of storytelling serves as the foundation for captivating your target audience, centralizing all data is crucial to avoid missing out on impactful insights and misinterpreting customer behavior. Hence, BI holds the potential to enhance precision and facilitate better decision-making.