Marketing Analytics Software: Why It Matters
Marketing analytics software is a potent tool in a company’s profit-driving arsenal. An estimated 54% of companies that use advanced data and analytics achieved higher revenues, while 44% gained a competitive advantage.
Approximately 37.7% of marketing projects in the United States use marketing analytics to make informed, data-driven decisions. If you’re considering joining them, understanding what marketing analytics software is, what features it needs to contain, and similar details are essential. Here’s a closer look at marketing analytics software.
What Does It Do?
Marketing analytics software is a technology that helps companies understand their audiences, target their marketing efforts, and track the results of campaigns using data-driven approaches. The solution collects, organizes, and analyzes data to support real-time decision-making, all while eliminating the burden of having to review data and gather insights manually.
With marketing analytics software, it’s also possible to forecast or predict the performance of a campaign. In turn, companies can refine their strategies to secure the best possible outcomes, often much faster than if they relied on employees alone.
What Features Should It Have?
Generally, companies need specific features to make the most of marketing analytics software. First, the solution – or combination of software programs – needs to cover the three primary tool sets: web analytics, social media analytics, and email marketing analytics. Web analytics focus on website activity metrics such as traffic, entry point, and time spent on the site. That helps companies understand what’s drawing visitors to the site, what may be pushing them away, whether the visitors return in the future, and more.
Social media analytics assist specifically with social media performance, including that which is related to posts and ads. Along with tracking activity like likes and shares, it can monitor activity for conversations about the company’s products or services, the brand as a whole, competitor offerings, and similar information. It can also assess the success of social media ad campaigns, including those produced by the company and those created by competitors.
With email marketing analytics tools, companies can track the performance of marketing emails directed at subscribers. It can collect data about read rates, closure times, click-through rates, and more. In turn, companies can make data-driven decisions to increase the performance of their email marketing efforts.
Is It Right for Your Company?
Generally, marketing analytics software is a valuable tool for practically any business. With marketing analytics software, companies can refine their marketing strategies based on performance data. Additionally, they can assess customer sentiment in real time, allowing them to adjust their marketing efforts in response to shifts in their audiences. As a result, marketing analytics is beneficial to any organization for which direct marketing plays a significant role in customer acquisition, ensuring that any future campaigns generate the best results.
Top Provider Options
There’s a wide variety of marketing analytics software programs on the market. Some focus on specific marketing components – such as web or email – while others are more comprehensive. But all of the top providers are known for generating results.
Here is a list of some of the top solutions:
- Buffer
- BuzzSumo
- Google Analytics
- Hootsuite
- Hotjar
- Hubspot Marketing Hub
- Mailchimp
- Semrush
- Sprout Social
