Our previous blog debunked some of the myths around marketing metrics and KPIs. Database marketing and marketing technology are other areas beset by buzzwords, acronyms and conflicting definitions.
So we thought that we would set the record straight and provide some quick, non-techie definitions, useful references and considerations for some of the jargon that you may well come across.
This connects your data to your marketing strategy for the purposes of testing, measuring, targeting and personalising customer experience. A data strategy is broader than just data - it should also encompass the people, processes and technology required - and it should also consider the full data lifecycle from planning and harnessing data to applying and disposing of it.
Business Intelligence (BI)
The terminology has been colonised by the technology industry in much a similar way to CRM (see below) and there is a danger that a dashboard is the default for the ‘BI’. BI looks at how information is used across an enterprise to turn data into insight into action. It encompasses the systems, standards and governance to manage data plus the analytics and reporting used to support decision-making. And it applies to all business areas.
Marketing Intelligence (MI)The marketing specific application of BI. This can also incorporate third party marketing information (market research, desk research) that may not be included in an enterprise BI approach.
A quick watch-out: MI can also mean Management Information which is subtly different and tends to be a deliverable of BI (from spreadsheet reports to executive dashboards).