Data is the new oil. Yep. If you can get to the insights, it can be extremely valuable for businesses and marketers alike. BUUUT, like high-school sex, most companies are doing it wrong.
Currently, companies use data analytics platforms to determine what marketing strategies are good and which ones not-so-good. Knowing which metrics to look at and how to calculate for significance helps determine what marketing strategies are worth doing. Without the element of modeling, however, most “data-driven” decisions are no better than a random guess.
There are hundreds of marketing analytics tools available in the market today, specifically designed for marketers of all disciplines. Some are free but only do one thing well, while others offer too wide a range of functionality. It can be hard to decide which one of them is worth your time.
This guide will help you find the best one that suits your needs and provide you a baseline of popular tools available.
Why Do Marketing Teams Need Marketing Analytics Tools?
Your digital marketing team should have a way of managing and measuring the performance of every marketing campaign they execute. This is the primary function of marketing analytics tools. They help marketers achieve their goals, understand how to improve their efforts and analyze where they went wrong or right. The purpose of analytics software is to help marketers make better decisions in marketing your brand, products, services, or business.
Marketing analytics tools can gather data from different channels in your marketing mix and generate a report on them together. These tools make it easy for your marketing team to produce reports without the need of data scientists, track every campaign executed, and perform competitive analysis. Apart from that, they can also capture and track the following data coming from your marketing campaigns:
- Website data
- Event data and customer touchpoint
- Campaign performance data (Paid and unpaid)
- Purchase information and data
- Email marketing data
5 Best Marketing Analytics Tools For Marketers
Here are the best analytics tools that you can try to improve your overall marketing efforts:
1 GOOGLE ANALYTICS
If your team isn’t using Google Analytics for your website, then you’re missing out on tons of insights. This is a free (or paid) and enterprise-worthy analytics platform offered by Google. It allows you to track the online traffic on your site, know where your website visitors are coming from, understand how they landed on your site, the amount of time they spend on it… oh the list goes on.
This web analytics tool can also be integrated with other marketing analytics products such as Google AdWords and Google Data Studio so that you can have a more in-depth analysis of your marketing data. However, it can be complicated for beginners to define and track new conversions, and it doesn’t give you the option to track individual user sessions to know precisely how each of them uses your site.
The basic version of this tool is free and is already suitable for most companies. It also offers a premium version that costs over $100k per year. This comes with advanced data analytics capabilities and full support from Google.
Clickvoyant is a web analytics platform that provides you with instant insights and analytics presentations. This marketing analytics platform is AI-powered making it easy for marketers to generate analytics presentations in no time. Its emulated analyst, EmA, is trained by expert digital marketing analysts obsessed with making businesses more profitable.
This AI’s algorithms will look for possible conversion opportunities that are significant and relevant to your overall marketing strategy. You can also integrate Google Analytics on this marketing analytics software for a no-implementation analysis of marketing insight. With Clickvoyant’s AI, one person can do the work of 10, providing insights to campaign managers, digital strategists, and user experience designers.
The company provides different subscription plans depending on what your business is, including marketing agencies. This marketing analytics software also offers a FREE 14-day trial, so you can test the waters and see if it’s a good fit for your company.
Another analytics platform that you should try is MixPanel. Its primary function is to track events on your site, product, or even your mobile app. You can use it to see your users’ actions whenever they’re on your site or mobile app (works for both iOS and Android. For every event that you add to this tool, you can see the count, trends, which users used them, and order.
This analytics platform’s main offerings are funnels, A/B testing of different variations on your app and tracking the results, tracking individual user behaviors by their sessions and viewing trends of the selected events, and many more.
MixPanel offers different levels of pricing, categorized by the number of tracked event and available features. The most basic package starts at $99 per month, but most websites’ total costs will likely be higher since the pricing is events-based, regardless of the size of your business and your generated income.
SEMrush is a marketing performance management tool that allows digital marketers to see how their competitors are doing. This SEO reporting platform can provide you with a way to outrank your competition’s website in search results and offers its users a way to track competitors’ social media accounts, brands, and more.
Of course, you can also track your brand using its analytics reports tool that shows the keywords your competitors are using in their AdWords campaigns. You can also use this tool to analyze the keywords you want to use in your ad campaigns. If you need to increase your search engine traffic, this one’s for you.
BuzzSumo is a social media analytics tool that provides its users with data about various topics that are trending on every social media platform. This digital marketing analytics tool lets you analyze multiple data ranging from the time period, starting from the previous 12 hours to a span of many months.
Because of this marketing tool, you can discover which topics in your industry are getting the most attention. It also provides you with advanced keyword search operators, backlink information, influencer marketing features and content type filters. You also have the option to export the data into another format so that you can analyze them all together.