What is Marketing Analytics? – A Detailed Analysis
The prime benefit of social media advertising is ‘performance tracking’, popularly termed as Marketing Analytics. Marketing Analysis includes operations like Lead Generations, Conversions, Sales and Revenue Generation.
Reports suggest that about 44% of CMOs measure ROI via analytics. Since marketing is an integral part of business operation, measuring the analytics keeps a campaign is essential to keep the campaign in sync with the purchase behaviour.
Definition of Marketing Analysis
Marketing analytics is the process of measuring, supervising and analyzing ongoing campaign performance. The function of Marketing Analytics is to help in improving the effectiveness of the campaigns thereby optimizing the ROI.
Marketing Analytics zoom in user behaviour and market trends. There are many companies which are yet to reap the fullest benefits of Marketing Analytics as they are completely unaware of the big picture.
Let us throw lights on Marketing Analytics and how it is beneficial in seizing bigger revenue for your business.
Marketing Analytics not only tracks your campaign performance but also protects you from losing money if the campaign is not worthy.
Why Marketing Analytics is necessary for your business
- With the exact market trends and purchase, the behaviour is two major parameters in designing a campaign. Every single trend can add to the effectiveness of a campaign.
- It gives you a thorough analysis of your campaign and shows whether a campaign is likely to score or not from the investment standpoint.
- With the help of marketing trends, it easily predicts the future result effortlessly.
- In Search Marketing, keywords act as a yardstick of analyzing the mindset of the customers. Analytics help you choose the right targeting keywords for optimizing your campaign by
Customer surveys – You can easily draw comparative precedence of competing interests by keyword frequency data analysis.
Industry trends – Understanding and forecasting trends become easier with Marketing Analytics.
Product design – It’s necessary service/solution to understand what exactly people want from a product. Keywords will help you in detecting what people want.
After all these evaluations of Marketing Analytics, Marketers are often found confused about how and where to start with Marketing Analytics tools?
The availability of search engines, search engine marketing, search engine optimization and paid search promotions it is easy to incorporate marketing analytics in your business operations.
There are plenty of Marketing Analytics tools available in the market for business support. Here are some best-performing tools spur the efficiency of implementing Marketing Analytics in your business.
List of 5 Types of Marketing Analytics Tools
1. Event-Based Tools
Commonly known as ‘Click Analysis’ this is an important tool for online marketing. This tool observes the performance of things that matter the most to a business such as a shopping cart i.e. a necessary element for an e-commerce website. This tool tracks user performance on both the website and app.
The capacity of marketing tools is wide-ranging. For floating offers through different devices and channels these tools are extremely useful.
There are some event-based tools which observe the collection of marketing data like website analytics tools, app analytics tools, marketing analysis and data performs. Here is the list of some of the best event-based marketing analytics tools
1. MixPanel – Tracking different events through the website and mobile apps are the prime functions of this analytics tool. You just have to make sure what you want to track, MixedPanel will handle the rest. It was originally created for product management and it can solve the marketing purpose as well. The basic package is available at $99 per month which can be increased as per the advancement of business needs.
2. Heap Analytics – Despite being a new kid in the block, the performance of Heap Analytics is unquestionable. Like MixPanel Heap Analytics too can track well the actions on websites and mobile apps. Preference can be manually set, rest you can leave on this marketing analytics tool. You can also create a lead funnel using Heap Analytics. Additionally, you can review the analytics report to evaluate and enhance your campaigns.
3. Oribi – Easy-interface makes Oribi stand ahead of the competitors. The user-friendly attribute is purposely designed to make it serve real-time data-driven decision. There is no need for manual adjustment as it can track actions on website and mobile apps automatically. Even there’s a minor modification in the website, Oribi tracks and points out in the dashboard. The subscription charges are $79 (monthly) or $799 (annual).
4. KissMetrics – This is one of the top slot holders amongst the marketing analytics tools. It tracks your website activity effortlessly and helps you with an accurate analytics report so that you can boost your audience engagement on the website. It also highlights the impact of changes that you probably bring in your website thereby fine-tuning the outcome.
2. Testing Tools
Marketers use this tool to test multiple alternative methods of marketing and messages. Testing is one of the pivotal parameters of marketing to let you know the real impact on your audience which can be used for collecting exact data. In the business world, there is no place for a hunch, data holds a louder voice than branding ideations.
These tools can enrich your contact list through varied channels like emails, push notifications, in-app notifications, and even though web-hook. Here are some AB testing tools used by marketers by and large
1. Optimizely – For testing multiple variants of any page and element related to the website this is one of the best-used apps. The analytics report will further help you decide which alternative would bring the best result against your marketing tactics.
This is how you can test multiple options for your website and pinpoint the best one that works according to your marketing goals.
2. VWO – Visual Website Optimizer aka VWO performs alike Optimizely. It also helps you choose the right alternative out of the whole slew. However, the best feature of this marketing analytics tool is a visual editor. It enables you to create and tweak alternatives and thus finding the best one.
3. Visual Behavior Tools
These tools make a count on how much time a user spends looking at his/her device screen. This influences data collection while using cursor movement as a proxy. This is how you can practically segregate the data based on the scrolling down by the user.
This data is crucial for the marketers as they can reorganize their interfaces so that they can bring positive changes in their marketing efforts. Following are the best marketing analytics tools in this segment-
1. Hotjar – Hotjar has many marketing analytics features that you can use for making your campaigns scoring. Here are some of the prime features of this tool- Feedback from polls, lead conversion funnel analysis, surveys and registration form analysis.
It gives you a data visualization process which you can use to track user visit and user behaviour on your website.
2. Crazzyegg – Similar to Hotjar Crazzyegg too offers a heatmap regarding how people are taking actions on your website which include scrolling navigation, clicking numbers, scrolling pattern and so on.
The analysis report is extremely information-rich can be used for strategic ROI optimization.
4. Digital Marketing Analytics Tools
Collecting data from various advertising channels is the key role of this marketing analytics tool. They can be categorized into 5 groups-
Search Engine Optimization tools which monitor how a website is performing on the search bar.
Social media analytics tools which take care of the user behaviour on a particular product and overall brand performance on several platforms.
Search Engine marketing tools which guide marketers in perking up their performance over the rivals.
Display ad platforms allow marketers to brush up their success rates.
Predictive-scoring model platforms help marketers to attract audience attention and prospects based on purchase behaviour or brand fascination.
These are some tools to predict such prospects-
(i) Google Search Console
(iv) Google Analytics
5. Marketing Dashboard Tools
Data collecting and data consolidating would be the perfect aspects to define the functionality of these tools.
From a marketing perspective, data consolidation is a must-requisite. Not only it saves a lot of time consumption, but also the unification of data prohibits duplicity. Brands can easily reach and resolve their customers’ queries through the integrated data and much-organized dashboard.
These tools are helpful for those who love to maintain simplicity in their business operations. Dashboards also refresh data automatically which are supposed to be removed from the excel sheets. Here are some top-rates Marketing Dashboard Tools-
1. Cyfe – Multiple data deriving from varied marketing tools can be monitored from a single dashboard through Cyfe. Cyfe can track data from social media platforms effortlessly. Marketers who are keen on experimenting with multiple data influence on a single dashboard, this tool is a perfect choice for them.
2. Klipfoli – Klipfoli helps you build your own dashboard with all marketing data analysis of your requisition. You can manually add the data showing up from multiple tools on this dashboard.
6 Tips for performing Marketing Analytics on a pro-level
1. Repeat Ad Nauseum – Using negative keywords will better your ad visibility for related searches. Professionals always recommend this strategy for enhancing ad display on a search basis.
2. Results and analysis– Adding apt. keywords on display ads will add to the visibility of the ad with the higher relevance. Research says that search-based ads acquire more clicks and conversion,
3. Implementing natural search – Selecting best-performing keywords for website result in higher clicks even through the paid ads. Content curation becomes easier with this data relevance.
4. Keyword research– Finding the right keyword plays an important role in your ad conversion. Thus, it’s essential to know how to do research on keywords. Even trends can’t save your campaign to drown when there are non-performing keywords being used in the website or campaign.
5. Using paid search marketing – Paid search marketing curtails the bid cost and improves the ad position. This doesn’t mean you should always stick to paid promotions provided it’s necessary too. The best part of PPC is it focuses on the targeting accuracy to top the search engine.
6. Messing with data – Data is the key to campaign success. From user behaviour to product design data has a strong say in every marketing attempt. You should always have a close look at data integration in your campaigns.
Lastly, marketing analytics act as a positive catalyst in designing and developing promotional campaigns. It’s a necessary part of any business development as it ensures maximum conversion against minimum resources. How doesn’t want to reap maximum benefits against minimal input?
We wish you all the luck with your stint with marketing analytics. For any professional help and guidance give us a quick call