In the past, only large enterprises could afford business intelligence tools. Now, B2B business intelligence tools are more affordable and, as a result, used by more companies.
In the last two years, B2B companies with up to 100 employees showed the highest rate of business intelligence adoption and penetration. While some B2B companies are implementing business intelligence tools in their marketing processes, others are making the most of these tools to drive sales.
How to Implement B2B Business Intelligence Tools
Here are some different areas where B2B companies can implement and leverage business intelligence tools:
Predict Business Future. Business intelligence tools provide B2B companies with the ability to predict the future of the business and identify important patterns and trends. Thoroughly processed and filtered historical data can help B2B companies meet the future demands of their customers with business insights gathered from business patterns, customer behavior, market trends, etc.
Make Better and Faster Decisions. Advanced analytics provided by business intelligence solutions help B2B companies make quick, informed decisions regarding marketing activities, sales performance, and employee performance. Business insights derived by combining different data sources are analyzed into charts and graphs to eliminate manual data entry and report generation.
Enhance Communication. Business intelligence tools help in maintaining round-the-clock communication and sharing sensitive data internally. Business intelligence tools ensure sensitive business-related data remains safe in the event of a robbery or system crash. Most business intelligence tools allow users to access data anytime, from anywhere. This can enhance communication, collaboration, and cooperation among stakeholders, which can enable business growth.
Improve Business Performance. Business performance plays a key role in driving business growth and increasing profits. A business intelligence solution can help B2B companies explore industry trends and spot marketing opportunities that could have been missed. Business intelligence tools can also be implemented in employee performance monitoring.
Build Customer Satisfaction. Business intelligence tools can help B2B companies identify the needs of existing as well as potential customers. This can improve customer satisfaction and grow sales.
Perform Data and Risk Analysis. Business intelligence tools comprise easily available and accurately organized data that can help B2B companies understand and identify different risks involved in day-to-day business operations. This can help B2B companies make informed decisions by minimizing costly errors.
Better Delivery and Supply Chain Effectiveness. For B2B companies, increased demand for products/services means increased pressure on the supply chain. Business intelligence tools provide insights on how businesses can respond to and manage increasing customer orders, queries and requests.
Secure Data. Data breaches and malware attacks are common threats faced by B2B companies. Business intelligence tools come with advanced authentication protocols and security features, designed to protect the business from hackers.
Implementing B2B Business Intelligence Tools in Marketing
Here are four ways you can use B2B business intelligence tools in your marketing campaigns:
- Digital Advertising: For instance, demographic information and buying behavior of consumers can be used to plan messages in email marketing campaigns.
- Content Strategy: Business intelligence tools can be used to improve content marketing efforts (by reaching the right target audience with the right content) and help B2B companies generate more leads.
- Visitor/Buyer Ratio: Business intelligence tools can also be used to analyze landing page statistics, such as click-through rates.
- Keyword Usage: Business intelligence tools can help B2B companies identify the keywords that are drawing more customers.
Implementing B2B Business Intelligence Tools in Sales
With increasing sales budgets and rapidly changing customer behaviors, sales intelligence has become critical for the success of a B2B company. Business intelligence helps sales teams sell more and sell better. It helps improve sales efficiency with limited resources.
Business intelligence can also help B2B companies identify the cost of acquiring new customers and sales performance.
Ready to start implementing B2B business intelligence tools in your organization? Contact us today!