If You Can’t Measure It, You Can’t Improve It. This quota from Peter Drucker is true more than ever before in the age of digital marketing. Perhaps more important than measuring it though, it understanding what you should be measuring. With so many metrics from impressions, to click through rates, post engagement to say nothing of the plethora of demographic terms thrown around, it can be easy to get lost in the maze of advertising metrics and data. This is not helped by the sheer number of platforms out there and the fact that many of them don’t export their data in a standardised manner making cross-platform comparisons difficult. The most import thing to remember when trying to measure any advertising campaign is the define the campaign goals and how those will be measured before the campaign is designed and executed. This way you can standardise the Key Performance Indicators (KPI’s) and understand how they interact with one another. Its also important that these KPI’...
Business intelligence is a combination of mining data, organizing, and structuring the information and data visualization. It allows you company or business to make data driven goals and company decisions. There are three stages of business intelligence collecting the data forming actionable insights and using this information to build a tactical and strategic Business plan. Business Intelligence can be used to hight lights and remove failing tactics or inefficient practices it can be adapted to your supply chain management or marketing strategy.
BI tools visual present analytic findings in overall reports or customized dashboards with pie charts, maps and graphs the aim is to breakdown the data into quick and digestible information.
The main challenge with Business intelligence is creating a 360 data collection bring together all your collected data in separate silos with out having to create multiple spreadsheets. The aim is to bring all these data sets together to create an overall analysis of your company or business.
Your dashboard will display you company KPI’s Key performance indicators such as return of investment, stock level or engagement rate on social media platforms. Your dashboard should be a snapshot of how your company is currently performing highlighting where you are excelling or what areas need more attention. The key to data visualisation is to make it as clear as possible to the readers.
When the Data is collected and visualized you can then create insights, for example time series can display when a product or service is successful for example in December or at a particular time of the day it can also display a reduction. Companies may use this information to strategically boost paid ad’s or promote a flash sale.
Why should the travel industry implement BI into the business strategy?
The Travel industry can add BI functions into their booking system this can gather insights into which destinations have the most demand, how many times will costumers research the holiday before converting into a sale and number of bookings compared to cancellations. This collection of data can be Key for the tourism sector.
Most costumers of travel agencies and trip bookings see the service as a means to an end they Identify more with the product then the service. However, with increased travel insecurity and protections this attitude may change. BI can help your brand differentiate against your competitors. You can gain a competitive advantage by improving you overall service and meet your costumers’ pains and gains.
During covid 19 and lockdowns there has been a fluctuation in wealth and savings while some of the population have successful remained in full employment and have steadily been saving money over the past year others have struggled through this turbulent time. It is vital that Travel industry uses BI to manage and optimise their own price settings to meet the demanded of all possible costumers.
- Emily Bradly
Comments
Source: (Sisense, na)
-Jerli Padios