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Marketing Analytics: Best Detailed Ultimate Guide in 2024

Marketing analytics

When you run a marketing campaign, its performance can be tracked via Marketing Analytics.

It is only because of marketing that a business can proceed with its main operations i.e., lead generations, conversions, sales, and profits.

As per a report of Convince and Convert, around 44% of CMOs say they prefer measuring ROI via analytics.

So, with marketing being so important to facilitate the business’s operations, it becomes essential to evaluate the marketing performance. Marketing Analytics empowers you to do this adeptly.

What is Marketing Analytics?

The answer to the question of what marketing analytics is is simply measuring, managing, and analyzing marketing performance.

The concept of marketing analytics improves effectiveness and allows marketers to take a successful shot at optimizing the return on investment.

Marketing analytics portrays customer insights and trends.

It is shocking to see that most organizations tend to ignore the concept and importance of marketing analytics. It is undoubtedly a great way to obtain a picture of how marketing efforts are deriving revenue.

The importance of marketing analytics is depicted not only by providing a clear picture of the marketing efforts but also by allowing you to monitor campaigns that can easily facilitate the saving of resources.

The below-mentioned points efficiently portray a picture as to why marketing analytics is the need of the hour for every business, no matter what the field is:

Why is Marketing Analytics Important?

(i) Understanding the customer and market trends is important in today’s time. Marketing analytics easily allows an understanding of big-picture trends by focusing on every detail.

(ii) With the aid of providing you with a clear picture of the efforts and the returns, it allows you to easily depict which programs worked and also depicts the reasons why they failed or even succeeded.

(iii) The market study is also essential to the business. Marketing analytics allows the monitoring of trends over time.

(iv) Marketing analytics allows understanding of the return on investment by providing a clear picture of each program’s working and reports.

(v) By easily helping to study the market trends, marketing analytics facilitates proficiently forecasting future results.

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Turning to search marketing, keywords also allow for understanding what even the mindset of the customers is.

Analytics help you find the keywords that can easily be used to optimize business processes by –

(i) Customer surveys — One can easily infer the relative priorities of competing interests by the examination of keyword frequency data

(ii) Industry trends — It becomes really easy to understand and predict trends in customer behavior

(iii) Product design — It is vital to understand the solutions a customer is looking for. Keywords can easily facilitate the understanding of what the customer wants

The main questions that strike the mind of marketers after evaluating and understanding the importance of marketing analytics are where to start and how to work proficiently with marketing analytics tools.

With the easy availability of search engines, search engine optimization, and paid search marketing, it has become easy to implement the concept of marketing analytics.

Many Marketing Analytics tools are available for marketers to easily use for their aid.

Below are some of the most famous tools that can be effectively used for the concept of marketing analytics-

Marketing Analytics Tools

Image result for marketing analytics tools

Marketing Analytics tools list
Sr. No. Type of Marketing Analytics Tools Tool names
1. Event-Based Tools Mix Pane
Heap Analytics
Oribi
KissMetrics
2. Testing Tools Optimizely
VWO
3. Visual Behavior Tools Hotjar
Crazyegg
4. Digital Marketing Analytics Tools Google Search Console
MozPro
SEMrush
Google Analytics
5. Marketing Dashboard tools Cyf
Klipfoli

Event-based tools

This is one of the effective marketing tools, also known as click analysis.

This tool mainly focuses on the things that matter the most to the business, like shopping cart counts to an e-commerce website.

This tool helps track individual users’ actions within an app or website.

The main and best tools of marketing analytics mostly have broad-ranging capabilities.

Marketers can also integrate more offers by tracking more devices and channels.

Some tools that facilitate the collection of marketing data are website analytics tools, app analytics tools, marketing automation, and data platforms.

Some of the best event-based marketing analytics tools are-

1. MixPane

What do you expect from a top-quality marketing analytics tool?

It should focus primarily on tracking different events related to you on your website and mobile app. Yes, you heard it right. It can very well track the events on the mobile app as well.

You feed in the details about what you want to track, and MixPanel will handle the rest independently.

Though MixPanel was created initially for Product managers, it has so much for marketers. The base package starts from $99 per month, and you can enhance it accordingly.

2. Heap Analytics

This is a newcomer in the field of marketing analytics, but you won’t be able to complain about its performance.

The working of this platform is much similar to MixPanel and can automatically track actions on your website and your app.

You can manually set the preference, and Heap Analytics will accordingly manage the rest. Funnels can also be created by using Heap Analytics.

You can further view the analysis report and work accordingly on your website or app and enhance your marketing campaign.

3. Oribi

When it comes to simplicity, Oribi excels over its competitors and provides its users with an easy user interface. The main focus of this tool is on faster data-driven decisions.

One of the best features of this tool is that it will automatically track the data on your website, and there is no need to manually set everything.

Even a small change in your website will be tracked by Oribi, and it will highlight it in the dashboard. You can choose the subscription plan of $79 per month or $799 per year.

4. KissMetrics

KissMetrics ranks among the toppers in the list of marketing analytics tools, and it deserves that as well.

It has been designed to track the activity on your website, and you can further use its analysis report to enhance the user’s engagement and improve your business.

It will also let you know what impact will your changes in the website will cause hence you can tweak that at the same time to enhance the results.

Testing Tools

This tool allows marketers to test multiple feature or message variants.

Testing is an important part of product development as it helps collect real data.

No marketer would fancy working based on assumed data, no matter how intense the gut feeling may be.

These tools even facilitate contact with users using channels like emails, push notifications, in-app notifications, and web hooks. Some of the AB testing tools for you here are-

1. Optimizely

It is best used to test different variations of any page or element related to your website.

You can further decide which variation will suit your requirement depending upon the analysis report of Optimizely.

You can lead experiments on your website and test the best variation for your marketing goals.

2. VWO

Visual Website Optimizer or VWO works similarly as Optimizely.

It can also provide you with the best results about different variations on your website, and you can then analyze which variation suits your marketing goals.

One of the best features of this tool is that it offers a visual editor; hence you can create visible changes and test them accordingly to pick the best one for you.

Visual Behavior Tools

 Such tools outline how much time the user spends looking at the screen and what he looks on to.

The basic aid that helps collect the data is cursor movement as a proxy. These tools also allow the users to segment the data and find how down the user scrolled.

Marketers can use the data to proficiently rearrange their interfaces and successfully bring a positive change in their services. The best Marketing Analytics tools in this category are-

1. Hotjar

Hotjar offers many analytics features that you can use to enhance your overall marketing campaign and eventually improve your business. Its main features are feedback polls, conversion funnel analysis, surveys, and registration form analysis.

It provides you with a heat map that can track how visitors interact with your website and what actions they take on it.

2. Crazyegg

Just like Hotjar, crazy egg also offers a heatmap through which you can understand the performance of your website. It will let you know what actions people take on your website, how they scroll, where they click, and so on.

Their analysis report is so rich in information that you can optimize your website in the best ways to enhance the user’s engagement and get better conversions.

Digital Marketing Analytics

These tools collect data with the aid of marketing and advertising channels. These tools can be easily grouped into five categories.

Search Engine Optimization tools help understand how likely the website is to appear in the search results.

Social media platforms offer free analytics that allows marketers to understand how users react to their profile and online appearance.

Search Engine marketing tools allow marketers to improve their ad performance to gain an edge over the competitors for better performance and outcomes.

Display ad platforms allow marketers to help marketers improve their success rates.

Predictive-scoring model platforms allow marketers to score users or prospects primarily based on the likelihood of buying or renewing.

Some of the tools for these purposes are-

Marketing Dashboard Tools

These are mainly related to the unification of data.

The consolidating of analytics is always considered to be a good idea. It easily saved time and effort caused due to duplicity and even being bogged down.

This allows marketers to manipulate data quickly due to one consolidated dashboard and answer queries easily.

These tools are a hit among people who love simplicity and avoid ad hoc systems due to complexity.

Dashboards even allow automatically refreshing data, which is missing in using excel sheets. Top rated dashboard tools are-

1. Cyf

You can view the data from different marketing tools on a single dashboard of Cyfe.

Tracking data from different social media platforms is a cakewalk while using Cyfe.

It is an excellent tool for marketers who want to see different variations of results on a single dashboard.

2. Klipfoli

Here you can build your own dashboard, providing you with all the marketing analysis data you need.

You can manually put the data from different tools on its dashboard, and it will show you accordingly.

Some of the major tips that should be the point of focus when using marketing analytics tools are listed below-

Top Tips for doing Marketing Analytics like a Pro

Image result for marketing analytics

(i) Repeat Ad Nauseum — To ensure your advertisement displays for applicable searches, the use of negative keywords can help to a great extent.

Most professionals or even newbie marketers recommend the use of negative keywords, keeping in context how advantageous this technique can be.

(ii) Results and analysis — It should be a common practice to display keywords in ad text that portray the ad’s relevance to the search.

An ad that is solely related to the search indeed gets more clicks and is excellent for the website and even the business.

(iii) Implementing natural search — The habit of teaching the best keywords into your website increased the chances of clicks more than even a paid advertisement. This indeed facilitates the generalization of new content.

(iv) Keyword research — It is important to know how to do keyword research as stagnant keywords can affect the online appearance as it neglects the information and even the trends on new products.

(v) Using paid search marketing — Taking the aid of paid search marketing lowers the bid and also improves the ad position.

It does not mean that you should only rely on paid marketing, but yes, you can’t choose to ignore its importance.

This can easily be one of the proficient marketing analytics examples.

(vi) Messing with the data — It should always be kept in view that the reports and information which is gathered from the search marketing provide aids in all aspects of the business and even the offline revenue and primarily the product development.

You should always provide proper attention to the implementation of search efforts.

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Paid Campaigns & Marketing Analytics

The improvement of the marketing strategy of PPC advertising campaigns can be easily done through the aid of the AdWords campaign.

Only the strength of this campaign facilitates and portrays how well the ranking is in the search engine.

The fact that prospective clients would never see your site without a decent ranking should always be kept in context.

It offers expert analysis of the site and the performance of the marketers’ efforts. Let us have a look at some of the marketing analytics examples to understand the concept more comprehensively-

Marketing Analytics Examples

Amazon Fresh and Whole Foods

Image result for amazon fresh and whole foods

This campaign is one of the best marketing analytics examples showcasing how analytical data helped Amazon gauge how customers purchase groceries. It also updated the company about how suppliers would do their interactions with the grocer.

Netflix’s use of Marketing Analytics for Target Adverts

How netflix uses big data analytics to drive success

Netflix used analytics data to find out the specific inclinations of their audiences.

Accordingly, the company sent emails to its subscribers about the programs that would be the best fit for them.

These marketing analytics examples facilitate the smooth operation of an online marketing campaign.

An online marketing campaign depicts how the online appearance of your site and that is solely responsible for how your website fares among the users.

In Conclusion

The advantages depicted above form a significant conclusion about how fine the marketing analytics concept is.

This concept of analytics always helps marketers greatly review the performance of their campaigns and obtain reports. These reports directly provide aid in the representation of the data accordingly.

The analysis helps formulate the strategies in such an order that it ensures proper returns with minimum effort.

Who wouldn’t want a strategy or program that allows marketers to put in minimum effort and obtain desired maximum returns?

Hopefully, it would be best if you had got your answer to what marketing analytics is. Good luck with your stint with marketing analytics and seeing it do wonders for your business!

Want to learn and master marketing analytics? The Web Analytics Course would be the right pick for practically understanding the concepts.

In case of any doubts about the concepts associated with Marketing Analytics, feel free to write us in the comments.

FAQs

1. What is Marketing Analytics?

Marketing analytics is the process of analyzing the business marketing’s past data or historical data, or various marketing campaigns in such a way that what elements are affecting the business.

And what campaign can be beneficial for the business can be known using professional analytical tools, and an excellent beneficial marketing plan can be made according to the analysis.

2. What are some examples of Marketing Analytics?

Some examples of Marketing Analytics are:
1. Current trends in the market
2. Analyzing past and current campaign data
3. Analyze and understand customer behaviors
4. Customer segmentation analysis
5. Monitor the performance of different campaigns
6. Make predictions and best possible guesses using machine learning algorithms or using AI analytical techniques

3. What are the 3 main components of Marketing Analytics?

3 main components of marketing analytics are:

1. Collecting accurate data regularly
2. Analyzing those data for identifying patterns and current trends running in the market
3. Take necessary action on the insights which we got after analyzing the data for future predictions

4. What do you learn in Marketing Analytics?

In marketing analytics, we learn how to analyze past marketing data and how to measure the performance of various marketing campaigns based on some set threshold values or based on marketing goals.

The campaigns are performing well or not, also deeply analyzing the ROI so that a good marketing campaign can be made for future.

5. Is Marketing Analytics a good career?

Yes, Marketing Analytics is one of the top-notch careers with very high demand in the market and also provides a lucrative salary package.

Avatar of manish singh
Manish Singh
A Digital Marketing Evangelist and Web Analytics Expert, Manish is adept in complete Digital Marketing Landscape. Creating and implementing Digital Marketing Strategies related to Analytics, SEO, PPC, SMM, Product Development, Mobile Advertising and other Marketing Strategies along with effective Consumer Analysis are his forte. He loves imparting all his experiences and expertize through his blogs.  

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