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Marketing Analytics Software Buyer's Guide
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With the millions of users surfing on a wide variety of devices and channels on the internet, marketing companies monitor such activities using a number of marketing tools. They spend and rely on many software for collecting data and measuring them. But using too many tools that rely on different sources may lead to data loss and error.
To prevent such a huge loss and to have smooth analysis, Marketing analytics is the best practice, which is the process of collecting, measuring and analyzing the marketing data to maximize the performance and optimize return on investment (ROI). A better understanding of market analytics helps marketers to do their jobs more efficiently. This is practically possible with the help of tools/software, which provides better insights into customer preferences and trends. Marketing analytics tools are designed to track the behaviors of individuals within the product so teams can monitor channel activity, tie activities back to revenue, gather insights, and test new ideas.
What is Marketing Analytics Software?
Marketing analytics software basically consists of tools and processes that allow you to collect, analyze, measure, and maximize marketing performance to make it more effective and maximize the performance and ensure to optimize the desired ROI. It actually helps you to discover and understand how the marketing programs are doing. Marketing data analytics software is a data discovery platform that makes it easier for users to build customized reports and drill down into specific data points without complicated coding. For a better analysis of data, these platforms also provide data visualization features.
What are the features of Marketing Analytics Software?
Marketing analytics software optimizes and simplifies the marketing campaign management strategically by collecting the information, monitoring and managing marketing activities across all your users and channels. Data that shows the customer preference, patterns, behavior, history, and more are analyzed to give you insights so you can tweak your campaigns, pinpoint effective marketing methods, and make information-driven decisions.
› Predictive analytics & optimization - Marketers use predictive analytics tools to optimize marketing activities and learn the ROI on their campaigns.
› Customer analytics & segmentation - Customer data, segmentation, and web analytics are harnessed to assess the customer journey and build campaigns around it.
› Attribution modeling - This is a statistical process anchored on regression techniques to find out which element in a previous campaign or channel successfully resulted in customer conversion in the past. It is a functional component that is included in web analytics and BI software.
› Data visualization - This BI tool is heavily applied in marketing analytics to provide a visualized way to interpret and present data, making it easy to understand insights and other important information that is revealed by analysis.
› Competitive analysis - While most marketing analytics solutions are focused on internal marketing activities, some vendors include this to let you know how your competitors are doing vis-à-vis your marketing performance.
Other features of marketing analytics tools include data collection, integrations, collaboration, multi-channel tracking, campaign insights, reports and dashboards, SEO tools, personalization, and brand optimization.
What are the benefits of Marketing Analytics Software?
Marketing analytics tools will provide the functionalities to enable an organization to manage, evaluate, control, analyze, and leverage its marketing efforts by measuring marketing performance. Some of its benefits are:
› Customer data across channels: Marketing Analysis Software helps to collect and collate the customer data from various channels like stores, campaigns, e-commerce websites, and social media. This helps to understand customer behavior from all different streams.
› More Proactive: Marketing Analytics software helps to analyze the customer and market patterns and provide predictive models that can be used to be more proactive in the situation.
› Personalized analytics: The Market Analytics can be personalized so as to suit the individual needs. Customer expectations and reactions vary widely to the situation and offer. This software helps to bend the Marketing rules as per the customer needs.
› Increase the social media presence: Social media has become an important marketing arena that organizations cannot ignore. Marketing Analytics does cover this space and provide a candid picture of the customer’s interests.
› Real-time customer engagement: One of the important feature and benefits of Marketing Analytics Software is to keep the customers engaged real-time, in-person, online or on the phone
› Data visualization: Analytics software provides real-time dashboards showing the marketing trends with nice Data reports and graphs. These dashboards can be customized to meet individual requirements.
› Data as an asset: “Data is the next generation oil”. Marketing Analytics software help to collect the data and transform them into information that makes real sense for the marketing team.
What can be the cost of Marketing Analytics Software?
There are many Marketing Analytics Software available and the cost of these Analytics Software varies based on the offerings and services. The standard pricing may start from a few hundred dollars.
Cloud-based Marketing Analytics Software are quite popular. They come in subscription mode and can be bought based on needs and the number of users. Many of them offer great dashboards and out of box integration with google analytics. The cost also varies based on the different marketing channels used like mobile, social media, telephone, physical campaigning.
Conclusion
Marketing these days is much different than we used to do decades before. The whole focus now is customer-centric. Data needs to be collected, measured and analyzed for better understanding. Also, the number of channels are many from where the customer experience can be collected.
To meet the present day need of Marketing, companies need a robust Marketing Analytics Software. These software spans across the channels and makes the best use of the data collected. They provide the best in class marketing analysis by providing real-time dashboards and reports. Online, email and social media marketing help to maximize the Marketing outcome.