Do You Have the Right Marketing Analytics Software?
What's missing from your marketing stack?
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.
Marketing Analytics Software
A marketing campaign is nothing without data analysis. Despite this, many companies aren’t really performing the marketing data analysis they need to. There are so many moving parts, as well as so many new marketing channels, that analytics can be neglected. Marketing analytics software can help.
Marketing campaigns are more complex than ever. Today, it’s impossible to optimize or improve upon a marketing campaign without the right analytics. Marketing analytics software collects and consolidates data so it can analyzed, both as a whole and on a granular level. Consider that in the past, marketers had very few marketing channels: television, billboards, print media, and so forth. Today, there are dozens of social media channels available alone.
With better data, advertisers can determine which campaigns are performing better at a glance. They can pivot when they see changes, and they can appropriately target their advertising spend. The more efficient advertising is, the better the company itself will perform — and the more advertisers can rest assured that they are operating on par with the competition.
Today’s marketing analytics software is driven by intelligent technology. These solutions are able to identify potential patterns and trends that humans simply wouldn’t be able to. This involves crunching through and mining an extraordinary amount of data. Even better, an analytics solution can create these types of sophisticated conclusions and display them visually in ways that is intuitive and easy for a person to understand.
Marketing is more powerful when given the right marketing data. Marketing analytics software can tie right into customer relationship management suites and advertising platforms to create an all-in-one consolidated dashboard system — which can be customized for any organization and any industry.
Digital Marketing Analytics
Marketing analytics isn’t relegated to the digital realm alone; this is something that’s easy to forget today. In fact, word-of-mouth advertising is pretty ubiquitous. There are multiple types of marketing analytics, many of which blend both digital and in-person marketing.
But digital marketing analytics is always going to be the most powerful in the modern world because people spend so much time online. Even when people are looking for a restaurant to eat at, they look on the internet first. If someone wants a florist, it’s a Google search. If someone wants to find a plumber, they ask their friends for recommendations online.
This is why digital marketing analytics provides the most important performance data for marketing departments today. Even in-person, offline marketing is funneled through the scope of digital marketing. If someone recommends you a restaurant, you look it up. If you receive a mailer for a new pest control service, you’ll Google reviews online.
When everything is viewed through the lens of digital media, digital marketing becomes king. But it’s very difficult for many companies to track their marketing analytics specifically because digital marketing has become so pervasive and in-depth. Companies today need to be able to track who is looking up their company’s website, third-party review sites, social media, and much more. And they need to be able to quantify the value of each of these platforms.
Marketing Analytics Tools
There are many free marketing analytics tools out there, though they vary in their usefulness and usability. One of the most popular and robust free marketing analytics software tools is Google Analytics. Understandably, Google collects a tremendous amount of information about its traffic and its users. Google can tell you a lot about your demographics, where your traffic is coming from, and how the traffic is acting.
But Google Analytics just tells you information about your website. Many social media platforms have their own marketing analytics tools. Facebook is known for being particularly useful because it has even more demographic information than Google. Facebook can tell you whether the people visiting your page have a brother or sister that are going to have a birthday soon — or whether they recently got engaged.
The problem with these marketing analytic tools is that they are disconnected. They can’t be consolidated with ease. A marketer may need to check half a dozen platforms before they know how their overall campaign is doing, and it would be very hard for them to see how each campaign is affecting the others.
A digital marketing analytics program can be used to pull information from multiple sources, consolidate it, and analyze it as a whole. From there, it should be possible for the marketer to look at their dashboard at-a-glance, collect the information they need, and move on without having to struggle.
Best Marketing Analytics Tools
The best marketing analytics tools will centralize marketing data into a single, unified platform — making it easy to understand how data from the separate platforms are related. The best marketing analytics software will ensure that marketers can organize the data and enable them to optimize the data, wowing key stakeholders with cohesive, actionable reporting.
Not only are marketers able to better process and collect their information through these unified analytics tools, but they can create in-depth reports for key stakeholders. They can better explain their own strategies and thought processes, as well as showing the effectiveness of campaigns that might be otherwise difficult to quantify.
The best marketing analytics software will be paid, proprietary software. While there are a lot of suites that are free, a lot of them don’t have the integration or support that a marketing agency would need. When software is paid for, customer support is easier to acquire — and it’s easier to customize the platform for the company’s needs.
With the right analytics tools, marketers don’t have to spend a lot of time chasing down and consolidating their data — and they get the analysis they need to make sure they’re investing their advertising dollars right.
Marketing Analytics Solution
How do people find a marketing analytics solution?
When it comes to marketing analytics for advertising, it’s first very important to find a solution that includes all the platforms you use. You would want an analytics platform for Facebook, Twitter, and LinkedIn if you use all those social media accounts. But you might also need: physical mailers, email newsletters, and your website. For physical mailers, you would need to be able to track who looks at what link, usually by providing some sort of code the customer has to use.
There are also different marketing analytics solutions that are targeted toward companies of a certain size or industry. A marketing analytics solution for an eCommerce store might differ from a marketing solution for, say, a geographically-targeted cleaning company. Because of this, you might want to look into the analytics solutions that are most tied into your organization’s needs.
Digital marketing can be complex and confusing. Often, it benefits a company to hire a marketing agency or at least get a marketing partner. Many marketing intelligence platforms today do come with customer support and help — so your marketers can focus more on supporting your sales team and creating your organization’s branding.
Importance Of Marketing Analytics
Accurate and efficient analysis is important for marketers — not just to help the organization, but to make the marketers themselves more effective. With better data, not only are marketers able to see the areas in which they can optimize and improve, but they can also show and quantify their value.
When it comes to digital marketing, it can be difficult to track performance across all channels. This difficulty can translate into an inability to analyze specific marketing analytics techniques, as well as difficulties in justifying advertising spending. The importance of marketing analytics isn’t there only to improve on existing solutions, but also to show the organization the strength of the existing marketing campaigns.
The right marketing analytics also makes it easier for marketers to do their job. They are able to automate and streamline a lot of the grunt-work and number-crunching, while also improving their results. They are able to do their job faster and concentrate on higher-level decision-making, rather than having to focus on mundane or routine tasks. And they are able to ultimately show to the company exactly what they’ve done to improve their revenue and engagement.
Examples Of Marketing Analytics
It’s important to recognize that most people cannot see patterns in large volumes of data. While big trends may be immediately obvious, smaller trends may not. Let’s take a look at some examples of marketing analytics that could be revealed through Advertising Intelligence platforms.
- You’re spending $1,000 in FB and $1,000 on paid advertising, but you aren’t getting results from your FB campaign. You turn the campaign off, but you notice that your results go down in both FB and paid advertising. What’s happening? With an Advertising Intelligence platform, you would have seen that customers who saw you on FB were much more likely to click on your paid ads — the ads were doing something, just not on the FB platform.
- You’re sending out a lot of email newsletters, but you’re not getting any link clicks at all. You decide to discontinue your email newsletters, but you notice a huge drop in purchasing. Your advertising intelligence platform would have told you that people were looking you up on social media after receiving your emails rather than clicking the purchase link — the multi-channel nature of the purchasing was difficult to uncover.
- You increase your budget by $1,000 and see a tremendous amount of interest. But that interest tapers off quickly despite not decreasing the budget. You’re not sure why. Your advertising analytics platform would show that the interest that you garnered was not related at all; rather, it was a tweet that was shared by a lot of people. The budget and the tweet just happened to correlate.
While a human might eventually be able to crunch data to make the above determinations, it would take a lot of time and effort that just isn’t feasible. Advertising Intelligence platforms are able to improve on advertising without a significant amount of time or energy to be invested.