September 8, 2020
A client of ours – an insurance provider – wanted to know if they were spending their marketing budget in the best way for maximum returns. Which of their many marketing channels were generating the most new policies? These channels include paid media, organic traffic, CRM and social media.
4 minute read
To find out, we turned to the data. We examined the data behind these channels, looking back to see how each one influenced conversion rates and then assigned them a weighting accordingly. This attribution modelling approach revealed that our client wasn’t investing budget in the most cost-effective channels, and that refocusing the budget would result in a better conversion rate per pound spent.
The data held the key to the best business decision. Rather than simply having a sense of the most effective revenue-making channels and resources available to them, our client had the solid data to prove where they should focus their investment.
Why business should be driven by data and business intelligence
Right now, making the right decisions is more important than ever. During challenging business climates and times of economic downturn, like the one we find ourselves in as a result of the coronavirus (COVID-19) pandemic, every action we take is pivotal.
When the global markets are in recession, it’s vital that individual organisations take the steps necessary to ensure they will weather the storm.
Business intelligence powered by data is the difference between hoping you’ve taken the right steps for your organisation, and knowing that you have.
Business intelligence powered by data is the difference between hoping you’ve taken the right steps for your organisation, and knowing that you have. If your business isn’t already drawing on data analytics and insight to plan and strategise, now is the time to start. Here are a couple more examples of how data can give you the most complete picture with which to make an important call.
Making processes more efficient
It’s not only money that’s a precious commodity in business; time is just as valuable a resource. And wasted time is a burden few organisations can afford, especially in a tough market. Though they’re necessary, repetitive administrative tasks can consume a huge amount of time and effort – what if there was a way to speed things up?
Another of our clients – this one a holiday broker in the travel industry – was facing this very issue. It was taking them days to set up the new marketing campaigns they needed to stay ahead of their competition.
Using data-driven automation, we devised an innovative yet user-friendly campaign dashboard to show the bookings and enquiries generated by each marketing campaign, as well as a bespoke selection tool designed to significantly reduce the time it takes to create new ones.
Not only can our client now see which campaigns are most effective at a glance, the selection tool has cut the time of campaign selections from three days to just 30 minutes.
Visualising data to reveal the most lucrative areas
Sometimes, a business might have all the data it needs to make better decisions, but what’s missing is a way to make sense of it. Half the battle can be finding a method of visualising business intelligence that’s easy to interpret. With the right data visualisation, the course to take is immediately obvious.
Our work with a multinational retailer client has enabled us to help their teams present and compare up-to-the-minute sales and store performance without any data analytics experience. We created a store comparison dashboard for them, including key information on how customers are behaving in the client’s loyalty programme, as well as the ability to track performance over time.
This business intelligence dashboard is powered by multi-point operational business data from all stores and ecommerce into a single point of truth
This business intelligence dashboard is powered by multi-point operational business data from all stores and ecommerce into a single point of truth. It’s user friendly and simple to extract information from, removing the need for our client to manipulate or crunch the data themselves.
It’s early days still, but the business intelligence dashboard should help the team understand which stores are performing particularly well, and identify any at which a change of approach is required.
Take the uncertainty out of future planning
Trying to make important business decisions without consulting data is like trying to find buried treasure without looking at a map. The information is there, and we can help you make sense of it and follow it to a brighter business future. Please get in touch to find out more.