What is Marketing Analytics software?
Marketing analytics software is a computer program that comprehensively includes tools and processes that allow an organization to be able to manage, measure, control, analyze, and leverage marketing efforts by assessing marketing performance.
With the use of marketing analytics software, marketers are able to be more efficient at their jobs, as the software enables them to identify effective marketing methods and improve on their return on investment. Marketing analytics software has numerous applications beyond sales and lead generation; marketers use the program to gain profound insights into customer preferences and trends.
Why Marketing Analytics software is important
Marketing analytics software exist as either open-source or customized, proprietary solutions. One of the most valuable benefits of marketing analytics is the way in which it empowers organizations to make better decisions based on data. However, in order to make better decisions based on marketing analytics data, it is important to know which metrics to focus on. Some metrics highlight buying behavior and engagement patterns, while others are simply interesting statistics. The data sets that is most important will vary depending on the nature of the market and business model.
A good marketing analytics program can help the organization in the following ways:
- See the big picture of marketing trends
- Identify which programs work and why
- Monitor trends for a given period and overtime
- Understand customer behavior
- Understand the ROI of each program thoroughly
- Forecast results
Marketing Analytics best practices
Marketing analytics have come to be a must-have for businesses because of the added value the data collected provides, helping shape customer journey, as marketers value creating a consistent outstanding customer tree. Here are some best practices that can be applied for deploying effective marketing campaigns and transforming the customer journey:
Ensure high-quality data:
Marketing analytics rest on data. To be effective, this means that a tool that mines both structured and unstructured customer data from all possible sources, including various interactions and touch points is needed.
Get real-time insights:
A marketing analytics solution also needs to deliver real-time insights. Marketing efforts will be ineffective if the data collected is out-of-date; tracking the right metrics at the right time is key. An example of a tool that can collect real-time insights is Face Analysis software.
Perfect your dashboard:
For analytics to be useful, it is best to track the metrics that are most important to the business and the market. Instead of trying to track everything, rather define the business goals and measure the results accordingly (most important to you).
Use a tool with AI, deep learning and machine learning to predict and prescribe:
Marketing must be real-time and predictive to be effective today. Marketers must be able to make accurate predictions, analyze the data, and make data-driven decisions in order for marketing campaigns to be effective.
Types of Marketing Analytics
- Web analytics
- App analytics
- Social media analytics
- Advertising analytics
- Audience analytics
- Big data analytics
Features in marketing analytics software generally include data collection, integrations, collaboration, multi-channel tracking, campaign insights, reports and dashboards, SEO tools, personalization, and brand optimization.