Business Intelligence

Apparently 2021 is all about data. With the economy on the rebound, businesses who know their customers and the wider market the best will ultimately be the winners. That’s where Business Intelligence is going to useful.

So in essence it’s your bog standard marketing of old, mixed up with online and mobile. In fact, there’s a high probability that you’re reading this article on either your laptop or mobile. That’s digital marketing.

In a nutshell, how you analyse and evaluate your data can be referred to as Business Intelligence. But because, at Trafficly Ltd. we like to simplify everything, getting more intelligent about your business is how we like to refer to it.

What do you know about your customer?

You might be surprised to know this step should actually be before you even start your business. You should at least have an ideal customer in mind when you start developing your product or service

Here you might want to consider how much your product or service is likely to cost your customer and then work out which segment your customer might fall in.

For example, let’s say you’re a business selling car accessories which cost between £20 to £30, based in Bolton. Your target customer could be all car owners living within a radius of 15 miles of Bolton. Naturally, the age group will be 18 or above and a mix of male and female.

Are you capturing the right data?

To confirm the above hypothesis on your customer, you might, possibly at the point of the customer placing an order, want to capture data such as title, postcode and date of birth.

In addition to this, you would want to capture when the order was placed and the value of the order. These are useful, transactional pieces of information which will be expanded on in the next point.

The example here could be the following fields of data being captured.

• Name: Mr Steve Smith
• Address: 123 Address Lane, Bolton, B07 7ON
• Order number: 123
• Date 17/12/2020
• Item: car part
• Value: £25

Analyse the data

Pictures, or in this case video, speaks louder than words apparently. What you now need to do is to put everything together to allow you to pick up trends and business intelligence on all of the above. Below is an example of this.