BI: Key for building profits in B2B
IN BUSINESS YOU NEED to find out answers to questions like why one product is bought more by customer and others not? What is the best market for a particular product? What are the basic customer’s needs for a product? Here, Business Intelligence can answer such questions effectively and this article throws light on some aspects that are vital for your profitability.
We all know it very well how much important information plays in preparing an effective business strategy. It’s really crucial to analyze the current market trends in order to gain competitive advantage and to improve profit margin. Here, we are going to discuss some specific advantages that business intelligence tools and technology can bring to your business-to-business sales and marketing process.
- Business intelligence with operational data enables you to target profitable activities by understanding customers needs and manufacturing products that can meet customers’ requirements with affordable price. Better analysis makes you focus on profitable activities by predicting future behaviour of customers and targeting market with effective promotion and advertising.
- By using various BI tools any business can enhance its sales by comparing products on the point of view of a customers and making them customer oriented. As far as advertising in marketing is concerned it supports in sending factual and customized message to customers and hence making customer easy to decide by comparing similar products. It also enables you to target a product that needs promotion through better channel.
As business intelligence assists in gathering and analyzing information, it can be a tool to provide better access of information to customers. Solid information about a product or company can be an added advantage as it directly deals with in making customer convince about any product thereby increasing customer loyalty.
Profit is the ultimate goal of any organization and hence focusing on profitable activities becomes prerequisite. But it’s not easy to understand the level of impact of a particular product, customer, and sales on overall profitability of the organization. Generally we never try to find the particular cause of a problem and only make our decision on intuitions driven by revenue. Therefore, it becomes essential to first point out the driving force for making profit, and only then one can able to react to any particular point. However, finding the driving force in any organization needs to analyze all available business related information that can guide you to follow profitable targets.
Increases customer loyalty: It’s common to loss customers as their needs change rapidly leaving behind your imagination. So it is essential to take important steps to live up to their expectations. The most important thing is that many customers don’t openly complain for the product and instead just go away elsewhere. So losing a major part of your best customers is a huge setback as they consists a large part of your profit. Thus, a good relationship can be developed with a good understanding of their needs. This again needs specific information on customer’s satisfaction; complaints, claims, disputes and keeping all theses in mind every organization should try to improve by prioritizing the concern areas. Thus, it is essential to reduce customer dissatisfaction that can have a large impact on the profit margin.
Business Intelligence (BI) really makes the whole process from business decision-making, product manufacturing, and advertising to selling much more easier and hence shows the importance of information in all fields of business management. So every business corporation has to know the value of information that can be converted to knowledge by using BI tools, that is important to manage overall sales and marketing the two most principal element of any business.