This group of software helps determine which marketing channels and campaigns deliver the most value and highest marketing ROI, ensuring resources are allocated correctly and the best channels are identified. Marketing analytics software tends to include features such as visual reporting, prediction and forecasting of customer behavior, identification of social trends, real-time campaign insights and optimization solutions for ill-performing activities. Read the full software guide...
Marketing analytics software is any digital solution that helps marketers measure the effectiveness of their marketing campaigns, using metrics such as, return on investment (ROI), click-through rates, conversion rates, bounce rates and search engine referrals. The software usually consolidates data collected from multiple marketing channels in one place, making it easy to analyze and compare the results of your different campaigns.
For instance, you can identify the marketing channel or campaign delivering the highest ROI or maximum revenues, and allocate your marketing resources accordingly. Unlike web analytics or social media analytics tools that focus on one particular channel, marketing analytics software analyzes all your marketing initiatives across multiple channels over a period of time. This enables you to get a comprehensive picture of your marketing performance for more effective decision making.
Marketing analytics tools not only report on the past marketing campaigns but also have the ability to perform real-time and predictive analysis. Other important features include the ability to track the entire customer lifecycle, to create detailed reports on each marketing channel you use, to design visual reports using drag-and-drop functionality and to identify trends and recommend the next best action.
The first thing to consider is how many marketing channels you’re currently using and if you have any plans to use other channels in future. Your marketing analytics software should have the ability to track all of your marketing channels.
Also, consider your company’s average time to complete a single sale. If sales tend to happen quickly after the first interaction, you can choose a basic product that simply aggregates data without identifying your anonymous leads. However, if most sales in your company occur after several interactions, you need a marketing analytics tool that has the ability to track every step of the customer buying cycle. This helps you gain insight into individual customer behavior after every successful transaction.
Choosing a product also depends on the nature of your business. B2B companies, for instance, often need to focus on customer retention. If your business mainly relies on long-term customer relationships, you need a product that integrates seamlessly with your existing CRM. Online retailers, on the other hand, should look for a product with strong eCommerce integration capabilities.
Ease of use is another major factor to consider. Look for marketing analytics software that requires a minimal learning curve, has an easy-to-use interface and provides easy-to-understand visual reports.
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Audience Targeting||Allows for audience segmentation, generally to tailor marketing or advertising messages to target specific user groups.|
|Brand Management||Tracking and promotion features for one or more brands of products.|
|Conversion Tracking||Track signups, purchases or user actions to measure the effectiveness of marketing or advertising campaigns. This is often used to optimize inbound or outbound marketing efforts and improve sales conversions through a range of online channels.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Keyword Tracking||Track keywords for Search Engine Optimization (SEO), Search Engine Marketing (SEM) or item tagging purposes.|
|Lead Management||Manage business leads to improve sales outreach processes or stay on top of prospect inquiries.|
|Lead Scoring||Manually or automatically assign quality scores to business leads to target / segment sales outreach efforts.|
|Link Tracking||Track link performance to your own or to competitor websites.|
|Marketing Automation||Automate marketing processes, such as outreach emails, customer engagement, chat replies through the use of chatbots and others.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Net Promoter Score||The Net Promoter Score (NPS) is a tool that can be used to gauge the loyalty of a firm's customer relationships.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Social-Media Integration||Integration support with social media platforms, such as Facebook, Twitter, Instagram, Tumblr and others.|
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