The tollowing table was taken trom the white paper. Create a Word document with
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The tollowing table was taken trom the white paper. Create a Word document with an explanation or how business intelligence can postively impact each ot the tive marketing challenges a. The expectation is to have 1-2 paragraphs for each marketing challenge b. Apply this to any company you choose C. No other sources are required for this assignment d. APA format is required. Market 1. Campaign Challen usiness hy It's Essentia arketing professionals can be challenged by the vast amounts of data generated by today's sophisticated marketing campaigns Performance you cauge and measure effectiveness? ness discovery s open the door to gaining an accurate view of market conditions, present campaign performance and the opportunities that are available to execution g the mast valuable data quickly and at the speed of the campaign makes it possible for marketing to maximize return on inveslment and drive and service. Taking corrective action as campaigns progress helps marketers optimize spending and execute at a higher level than competitors who the tools that supply this level of insight. you go beyond customer classification to ngagement? classifying your customers isn't enough in a highly competitive environment Innovative marketing professionals are utilizing data to better engage d understand their customers and prospects. To identify these subtle trends and indicators it is imperative that marketers have easy access to a wide of data sources that will 3. Web Analytics your insights deep enough to guide action and Marketing professionals can be challenged by the vast amounts of data generated by today's sophisticatad markating campaigns ategy? s discovery s open the door to gaining an accurate view of market conditions, present campaign performance and the opportunities that are available to execution ry platforms enable marketers to combine web data with other enterprise sources to create a greater view of customer behavior, loyally and value g these solutions to attain deeper web analytics creates an opportunity for marksters to see and understand customers and prospects on an adva without advanced technical hurd es. 4. Social Media Analysis you add value to analytics with new a vative data sources? keting professionals are zeroing in on social data as a way to augment their understanding of customers and prospects. The social sphere can pr ing data types marketers e been beyond the reach of traditional marketing tools and often accessing the data is a time-consuming chore. Discovery platforms are enabling a volumes at a speed that will cripple many traditional business intel gence and marketing specific solutions. To take advantage of these new and 5. t Reduction agility and speed help you demonstrate RO nd impact costs? uantifying success has ahrays been a challenge for marketers. Many of the key performance indicators and metrics that support raturn on investment eting executives to tap into the necessary data sources to demonstrate performance and ROl. Utilizing the nimble but powerful feature sets within g discovery platforms marketers can arm themseves wilh the insight to support budget challenges and fund new and innovalive projects Today's economic dimate is applying greater pressure on CMOs to justify costs and prove success of campaigns and programs. Data and speed to insight s the driving force behind managing ineffective programs and eliminating costs more quickly Discovery solutions enable agile access to this insight marketers with the ability to better control their business.Explanation / Answer
BI is the combination of strategic thinking and technologial capabilities to gain vital insights through data analysis of business information received from diverse sources. The insights are used to make strategic decisions, prediction of business outcome, process analysis, performance measurement and benchmarking among many uses.
Campaign perfromance is measured effectively with use of BI, measuring data quality, conversion rates, variations in performance levels, cost allocation, patterns in data and return on investment to finally measure cost per data and cost per customer acquisition. These insights help to plan the campaign more effectively, deciding on prime focus areas, assessment of relative effectiveness of marketing initiatives and cost allocation for future.
BI can be used to segment the customers through analysis of huge database. It can be used to know more about the demograhic, socio ecoomic and regional segments of customers. More insights about the spending habits, buying patterns, participation in social groups, ticket size of purchase, frequency of purchases,purchase from competitors and many other factors can be had to make segment specific strategy for customer contact, conversion, sales and retention.
Internet generated data can be analysed to gain competitive advantage by striking the right cord with customers, once the data from varying sources can be verified. filtered, refined and sorted for use for specific pitching of product / service that can be most suitable for an individual. this is far more effective thand shhoting in the dark, pitching everything to everyone,
Social media has been touching the lives of more netizens than ever before. Knowing the customer's activities, pastime, social circles, likings, preferences and behaviours can open the doors to a huge array of information that can be analyzed to win customers in one of the most effective ways.
By analyzing the campaign costs and cost of acquisition and retention per customer, the companies can use the information to design their future cost structure by changing the cost allocation, pointing out key focus areas / impact areas and working on them, redesigning the tools and techniques of business operations, process analysis and improvement by cutting the avoidable costs to gain competitive advantage by eliminating the non value adding activities.
The BI is effectively used by a number of modern age organizations to make their processes agile, efficient, cost effective, innovative, sustainable and competitive. Companies like Amazon, American Express, GE, Netflix and Capital One have used BI successfully to gain vital insights about their customers and provide value to them to achieve competitive advantage.
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