Data Standardization Worksheet
This worksheet begins with the standardization of your performance data. We’ll walk you through how to combine these mismatched data sets in a step-by-step process so that every metric is speaking the same, common language. With all of your data standardized, it’s easier to locate the strengths of each platform and hone in on ways to optimize campaign performance.
"Holy S@%* this is awesome!” (upon logging into Lumenad for the first time.)"
"By using Lumenad, our team spent 50-70% less time on reporting, we were able to use that time to further enrich the campaigns and drive performance for our clients."
"Normally, when my boss asks me how much we’ve spent in ads this month, I start to sweat a little bit. This morning I was able to on-the-fly pull up my dashboard and quickly give him the number he needed. It was super awesome."
"The Lumenad software is allowing us to scale our business. We are on a growth trajectory, and we are confident to onboard new business because of Lumenad."
"I think you’d be hard pressed to find a single strategy or goal where you don’t need a multi-touch experience. We want to be in all the places that our customer could be. Lumenad helps us organize and standardize that data so we can evaluate it."
"Lumenad allows me to be platform agnostic. By moving between DSPs I can drive the best performance possible for my clients, and the data flows seamlessly into Lumenad without interruption."
"That very first interaction sold me. With my data organized in an intelligent way, I could see very clearly what action I needed to take, and it didn’t take me drilling deep into reports to find it."
"Thanks to Lumenad, it's made collaboration with my team faster and more effective, and it's reduced the number of hours I need to spend on different platforms to get the data I need."
Marketing Data Analytics Software
Marketers collect a lot of analytic data — and no marketer collects more data than a digital marketer. To that end, many companies use marketing data analytics software. Marketing data analytics software is designed to help aggregate, report on, and analyze data. Without it, it can be difficult to find meaningful patterns and actionable results from standard marketing data analytics.
Today, data can come from practically anywhere. You collect data in your customer relationship management (CRM) suite every time you make a call, send an email, or otherwise touch bases with a client. You collect data in your marketing solutions every time someone inquires about a product, commits to a product, or even comes back for more. The average company has nearly 350 terabytes of data.
So, how do companies sort through all that data? They use marketing data analytics software. These solutions collect the data, ensure that they are comparing like-kind data, and produce reports that are attractive, simplified, and readable. Humans simply cannot comb through this data alone. They need the help of machines—such as pattern recognition software—to help them see the forest for the trees.
Common marketing data analytics software solutions include Google Analytics and Facebook Insights. Both make it easier to understand how customers are interacting with a brand on a given platform. Respectively, that’s Google Ads and Facebook Ads. But without these analytic platforms, marketers would be left trying to manually determine which customers were committing and what channels they were coming from.
A few decades ago, data analytics wasn’t so complicated. Only the biggest corporations and largest, most extensive enterprises really needed an entire team combing through their analytics. But modern campaigns collect such large volumes of data that even small businesses need to be able to leverage it for better results.
Digital Marketing Analytics
Digital marketing analytics is a large field. What are the key areas in which digital marketers focus?
Marketing analytics techniques will differ depending on goals. Metrics are always relative to the goals that the organization wants to achieve.
A startup company is going to be concentrating on brand awareness and reach. They are going to want to build followers and traffic. So, the marketing analytics that will be followed will usually be focused more on the starting funnel than the end of the funnel; more on awareness than commitment.
A company in the SaaS industry may be primarily concerned with active users. They may be trying to build their active users, both through acquisition and retention. Therefore, they may be looking at all their channels and trying to see which promotes better acquisition and retention.
Whatever their metrics, the marketers will want to have a dashboard that consolidates all this information for them.
It’s incredibly important that marketers always align their metrics with their goals. A marketer that is trying to build brand awareness doesn’t want to concentrate solely on commitments, nor vice versa.
Marketing Analytics Tools
What are the most important marketing analytics tools and techniques? For most marketers, the first marketing analytics tools are going to be platform-based. Google Analytics is a powerful, robust, and free suite that can be used with Google paid ads, Google search ads, and just tracking site traffic. But this is an example of a platform-based tool. Google Analytics will only show you Google’s data, not Facebook, LinkedIn, or your email campaigns.
Most marketers are going to use one or two tools like this. But the challenge is that these tools don’t aggregate data. Rather, the data is held in a silo. You can’t link data between multiple channels. And that becomes a problem when, say, someone clicks a LinkedIn link to make a purchase on your website.
Most marketers today are connecting with dozens of channels, so they need a single dashboard and a consolidated marketing data analytics software tool. A dashboard system makes it far easier for marketers to be able to review their data and far more likely that they will be able to notice important changes in real-time.
Digital Marketing Analytics Tools
As mentioned, one of the most common digital marketing analytics tools is Google Analytics.
It’s accessible. Google Ads is one of the largest ad networks in the world, if not the largest. Most people run Google paid ads, even if they don’t centralize their campaign around it. Google Ads provides a very robust analytics service through Google Analytics, which also provides traffic monitoring for a given website. The downside, of course, is that Google Analytics doesn’t go beyond your website and your ad campaigns on Google.
Facebook Insights is also a very common marketing analytics tool. Facebook has very high ROI in terms of marketing and analytics because it allows you to so swiftly and so thoroughly pare down to specific demographics. Facebook knows everything about its audience and you are able to use this knowledge to create your own audience.
Notably, these tools don’t consolidate. Many companies create consolidation platforms. HubSpot, for instance, provides a popular aggregation platform through which marketers can automate and analyze multiple channels. These analytics tools usually double as an automation suite, so you can schedule out posts and engagement. The downside to many of these digital marketing data analytics software tools is that even when they do consolidate, they can get confused, because each platform is tracking data in a different way.
Platforms like Lumenad don’t just consolidate, but also sanitize and validate data. If you are looking for the best analytics tools for digital marketing, or accessible web analytics tools, you need something that can do all of the above.
Importance Of Marketing Analytics
There are really three types of marketing analytics: descriptive, predictive, and prescriptive. Descriptive shows trends and patterns that already exist. Predictive assesses what can happen in the future. And prescriptive analyzes what the best option is for moving forward.
All these types of data highlight the importance of marketing analytics. You need to know how well you did and how well you can do to make any decisions about your marketing campaigns and marketing strategies.
Importantly, all these types of marketing analytics really rely on accurate data.
Descriptive analytics will mine data for trends and patterns, but these patterns are going to be non-viable if the data isn’t all accurate. Predictive analysis takes descriptive analysis a step further, but it can actually become radically less accurate over time, because it will magnify any flaws in descriptive data. Likewise, prescriptive needs both sets of data to be accurate to make its analysis of what path is best.
When completed properly, analytics saves companies both time and money. It tells companies what they should do next, how they should do it, and how well their campaigns should perform. But when done improperly, this type of analytics can actually be quite misleading.
Examples Of Marketing Analytics
Let’s look at some examples of marketing analytics. Specifically, those driven by social media marketing data analytics software tools.
If you’re running an ad on Facebook, Facebook will show you how many people engaged with your link. That includes people who “like” it, people who follow your page because of it, and even people who send you a message. But how does Facebook determine whether you’ve actually bought something?
Facebook uses a special tracking token which tracks people on your website, too. So, you can see whether they’ve purchased something after clicking on a link. This data is then imported into your consolidated, real-time dashboard through the Facebook Insights API. Many channels have an API that can be used to pull information into a consolidated platform.
On that platform, you can see whether your engagement on Facebook is going up or down. You can see how it compares to LinkedIn or other platforms you’re using. And you can see whether people are actually committing to sales or whether they’re bouncing off your site.
Without any part of the above, you wouldn’t have a full picture of your marketing campaign.
Best Marketing Analytics Tools
What are some of the best marketing analytics tools? There are dozens out there today. It can be hard to decide on the best marketing analytics software. Especially when many of the best digital marketing analytics tools really only operate on one channel or a few.
When looking for tools, you should be looking for:
- Consolidation. Data should be able to be brought in from every platform you use. Otherwise, it can be very easy to forget about a given platform, or not optimize your advertising as much as you should. Consolidating your data is essential to making the process of marketing easier; the easier it is, the more likely you are to produce good results.
- Interpretation. The data that is brought in has to be analyzed and corrected. Data can’t just be brought in raw, because different platforms record the same types of metrics in different ways. The platform needs to know how to interpret the data.
- Reporting. The platform should be able to produce readable, clear reports that give you key insights into your core metrics. The more readable your reports are, the more viable the analysis will be. Even a very in-depth analysis isn’t going to be useful if it can’t be understood.
Lumenad is a next-generation advertising platform that provides all the features above and more. With Lumenad, you get an all-in-one advertising intelligence platform.