Successful businesses run on data. There’s a lot of value in looking at information within your business systems, comparing quarter over quarter growth or comparing regions to one another. But what about when you want to compare data across systems, from multiple data sources and types? You want to understand how your marketing campaigns have influenced your customers’ buying decisions over the past year, 5 years and 10 years. What if you want to map those campaigns against customer locations to see if particular messages have resonated with specific regions? Maybe you want to compare buying cycles by sales territories and reps. Or you want to understand customer loyalty, purchasing patterns and lifetime customer value. The answers to these questions would provide real value to your business.
Today more than 150 million Americans shop with a “BI tool” in hand—their Smartphone. Thanks to these pocket-sized computers, customers and prospects can instantly access data including a company’s market position, their product’s features, ratings, price, and availability when making a purchase decision. Staying on top of this information is critical if a company plans to successfully compete for these self-educated and well-informed customers.
Today’s most competitive businesses need tools that provide fast, actionable insights into data from all aspects of their business, in one place. Better yet, these tools need to be in the hands of the decision makers themselves so they can ask iterative questions, do what-if analysis and find the hidden information about their business deep in their company data.
Build.com is one of the 100 largest internet retailers in the United States and an online category leader in home improvement. Vice President of Marketing Brandon Proctor credits analytics for “the new actionable insights” that enable Build.com “to propel our growth at an even faster rate, while maintaining efficiency and, ultimately, profitability.” By analyzing customers’ online behavior and actions, and developing more effective models for personalizing their online experiences, Build.com is able to better target specific customers with specific products and offers, thus reducing customer touch points prior to purchase and decreasing customer acquisition costs.
What questions would you ask of your data if you could see it all in one place?