Business intelligence can be described as using a set of tools to gather information, analysing it and converting it into real benefits for your business. When properly utilised, it can provide you with new retail customers, increased revenue and profit. Business intelligence also supports your development in the long run, keeping you on track with new trends, and provides you with inspiration from both customers and competitors.
The digital revolution has made it simultaneously easier and more challenging to use business intelligence. Getting a hold of information is easier in itself, but the vast amount available makes it difficult to analyse and extract relevant knowledge. The explosion of social media in recent years has helped complicate matters, making information overload a common issue.
When done properly, business intelligence can be a tool for long term strategy, but it can also be a very concrete support in your daily operations. It is instrumental to increasing your customer base - regardless of whether you have a single specialist boutique, or manage a national retail chain.
Business intelligence can, for example, help you monitor new trends within your market and track your competitors, acquiring knowledge on everything from pricing to service.
In order to get a grip on what’s accessible online, you need a suitable tool. Look for user friendliness, and features that don’t require you to be a data scientist to understand and analyse the information gathered. From day one, user experience has been a priority for Observify when developing our tool. An intuitive platform that’s easy to use and understand, you don’t need to be an expert to make sense of the information and transform it into business value.
If you intend to invest in business intelligence but feel a bit hesitant, don’t worry - you are not alone. Finding the right level to suit your needs and resources is challenging.
A good foundation is an affordable and user-friendly media monitoring tool. Observify’s platform gathers all the information you need, and analyses your data in a streamlined, transparent way. Our reports are easy to understand, giving you the full picture of what is said about your store online. It allows you to monitor social media channels such as Twitter and Instagram, as well as blogs. Our tool also gathers information from news outlets around the world - in over 40 languages, across 190+ countries.
Unlimited keywords allow you to filter the information before it is gathered, helping to make results easier to scan and analyse. The Observify platform ensures that the information collected is relevant to your store and business - as well as enabling you to see detailed information on your competitors.
All business intelligence should be able to translate to measurable value, and should be provided by a tool that grows your store or franchise’s revenue and profit. It should also contribute to developing your future progress. Today’s information-rich society demands more of everyone, no matter if you run a specialist boutique with a tight-knit team, or a big company with thousands of employees.
Building brands means relating to the world around us – listening to it is a good start.
Here are some concrete tips for using business intelligence to your advantage:
1. Work systematically
Observify gives you instant knowledge; what is being said online about your store, your competitors and your industry? New industry trends come to you, quickly. Setting aside 15 to 30 minutes per day is enough to analyse the results collected by Observify’s powerful features. A good practice is to start each day by reviewing the previous day’s feed, and the analysis your platform provides.
2. Define your needs
Gathering real-time, relevant information to inform your business decisions is a given with the Observify platform. Monitoring blogs, news sites and key social media channels becomes second nature. Observify filters results according to your needs, so you don’t have to waste time wading through unnecessary information.
3. Transform customer and industry insight into business benefits
Your newly acquired knowledge can provide you with core value for your business. Use the insights and the trends you have obtained through monitoring to design an action plan, in order to increase revenue and profit for your store or franchise in a measurable way. Don’t be afraid to take one step at a time initially - increase the level of complexity as you see fit.
4. Communicate with existing customers while nurturing new fans
Brands need to be visible online. Observify makes communication smoother with happy and dissatisfied customers alike, whenever they tweet, post or blog about your brand. Our tool provides you with the opportunity to reply directly from the platform – ensuring that you don’t lose valuable time, or miss important customer issues.