Best Marketing Analytics Tools

Marketing analytics is the study of data that assesses the marketing activity performance. It applies technology and analytical processes to understand the triggers of consumer behavior. Accordingly, you can fine-tune the marketing campaigns and enhance ROI. But, just like a punctured tire won’t get you anywhere, marketing without analyzing the performance won’t bring the results you wish to accomplish. 

It is a math-based discipline that discovers patterns in marketing data and gives you access to actionable insights. Analytics uses different principles like statistics, predictive modeling, and machine learning to get the necessary insights. Fortunately, we have powerful analytics tools that make it easier to understand marketing impact and predict user behavior, thereby driving the user to conversions. 

First of all, let’s understand what marketing analytics tools are. 

What are Marketing Analytics Tools?

Marketing analytics tools are software solutions that enable marketers to track marketing campaigns and how they are performing. They give insights into several metrics like ROAS (Return on Ad Spend), ROMI (Return on Marketing Investment), CPL (Cost Per Lead), CPC (Cost Per Click), deal with attribution modeling, and aggregate marketing data from diverse channels. 

Marketing analytics software can help organizations gain an instant competitive edge. Choosing the right marketing analytics tools will help you utilize your time and resources better and achieve better results.

How Do Marketing Analytics Tools Work?   

Marketing analytics tools find patterns in marketing data and create actions. Online marketing analytics software covers everything from statistics to modeling and machine learning. As a result, businesses can understand their target audience, products, and sales points more effectively. Availing of the best digital marketing services will ensure you can use these tools to their full potential. 

Marketing Analytics software gathers, segregate, and segment data in a way that allows businesses to read it and use it to develop optimized sales and marketing strategies. The analysis can help you find and target relevant audiences for improved conversion and revenue growth. 

Benefits of Marketing Analytics Software

Every prospect or customer has individual preferences when purchasing a product. The right marketing tools help forecast future results and determine which campaigns resonate the most with the customers. Apart from this primary benefit, marketing analytics tools have many advantages. They serve multiple purposes discussed below:

1. Improved customer experience

   Marketing analytics tools help enhance the overall customer experience by letting you know what’s working and what’s not. In addition, you can optimize your campaigns according to the performance metrics gathered through analytics tools. Ultimately, it enhances the customer experience and makes their customer journey smoother.

2. Improved data analysis

   With marketing campaign analytics tools, you can improve the data analysis, eliminating guesswork and helping you choose the right content and strategy. They collect data from multiple sources and help understand the target audience better. In addition, the data analysis can be carried out using different methods and models based on the KPIs to be measured.

3. Enhanced ROI

   Marketing analytics tools help you propel your revenue by determining the most appealing strategy for your target audience.  Moreover, they help you align with your financial goals and keep away from vanity metrics that can be distracting for your team. For example, the number of followers on Instagram looks attractive, but it doesn’t reflect revenue. Marketing analytics tools will help you enhance your return on investment exponentially.

4. Better targeting

   Using the right marketing analytics software will enable you to target your prospects in a better way. Let’s understand with an example: Marketing analytics software will inform you how your customers respond to your campaigns. They will let you know when a customer clicks through your email and converts. Accordingly, you can target them in the future.

5. Increased profitability

   With an increase in the ROI, businesses will observe a boost in their profitability. Certain marketing analytics tools (prescriptive analytics) also suggest recommendations on how companies can optimize their campaigns to increase their bottom line. Since these tools track your customers’ behavior consistently, they can make better predictions resulting in faster business growth.

6. Greater efficiency

   Marketing analytics tools will give you a detailed overview of all the campaigns that bring results. Consequently, you will get to work more efficiently and invest more time in high-converting campaigns. It will make your employees more productive while also preventing rookie mistakes and increasing automation of manual tasks.

7. Improved campaign optimization

   Using advanced marketing analytics software will help you optimize your campaigns based on their performance and how customers perceive them. For example: If your email shows a high open rate but a low click-through rate, you need to work on the email copy and the call-to-action. This will enhance the performance of your campaigns and increase the overall performance of key metrics.

Features of Best Marketing Analytics Tools

There are numerous marketing analytics tools available in the digital marketplace. Each one of them is created with some specific features. Your choice will depend on your business size, industry, and preferences. Generally, you must look for the following features in these tools: 

1. Data collection and integration

   Marketing analytics tools intelligently collect and integrate data with specialized AI. They can collect data from all channels you use in your marketing mix and report on them together. Users can track various data metrics from these tools such as website visitor data, customer purchase data, email marketing data and campaign performance data.

2. Data visualization

   Digital marketing analytics tools give you interactive dashboards that present the data in a visually attractive manner. These tools are best for advanced users or enterprises who want to display the campaign performance in front of stakeholders or clients.  It will leave a good impression on the onlookers and increase visualization of important data for decision-makers.

3. Behavioral segmentation

   The best marketing analytics tools have features that allow advanced behavioral segmentation. They employ automation to categorize users into groups with comparable behaviors. As a result, you can enhance conversions by targeting your campaigns to the right person at the right time.

4. A/B testing

   A/B testing works as a confirmation to get your message right and in the best possible way. A good marketing analytics platform allows you to A/B test UI design, marketing strategy, and almost everything that matters for your business growth. Some examples can be your email subject line, its CTA, the color of the CTA button, etc.

5. Automated campaigns

   According to the data gathered through marketing analytics tools, you can set triggered or behavioral automated campaigns. These campaigns will let you achieve the marketing triad of reaching out to the right person. For instance, you can send out automated cart recovery emails or push notifications as soon as a customer abandons the cart.

6. RFM and ROI analysis

   Marketing analytics tools help you in RFM or Recency, Frequency, and Monetary analysis to identify high-value or inactive customers. In turn, it will allow you to channel your marketing spend appropriately. These key metrics can help you focus your marketing campaigns on the right audiences to increase results.

7. Campaign performance reporting

   Vanity metrics look attractive on the surface. However, when you dive deeper, ROI is the most crucial parameter. With a robust marketing analytics tool, you can easily track and report campaign performance. Metrics like click-throughs, conversions, and average revenue per unit will enable you to build marketing efforts that bring the best results.

8. Multichannel tracking

   Marketing analytics tools are not limited to a single platform. Instead, they can give you a comprehensive picture of your campaigns across social media, email, website, and mobile apps. Therefore, you will get a clear understanding of the most powerful channels for your business and help you adopt different strategies for different marketing channels.

9. Attribution modeling

   Attribution or channel attribution modeling refers to assigning credit to different marketing channels or touch points leading to conversion. With the help of marketing analytics tools, you can determine the origin of user actions like first purchase, last interaction, clicks, and much more. Accordingly, you can optimize your strategies and allocate more time to the channels that bring the desired results.

10. Real-time monitoring

    Real-time user insights let you know how your customers are using your app or website. Accordingly, you can respond to their actions with triggered campaigns.  The advantages of real-time user insights are real-time analysis of customer data that gives detailed information about key metrics.

How to Select the Right Marketing Analytics Software?

As mentioned in the previous section, marketing analytics tools come with different features. It is of paramount importance to pick the one that matches your business objectives, as it can either make or break your marketing strategy. While choosing online marketing analytics tools, you must consider a number of factors. They are:

1. Business requirements

   ‘Your unique business requirements is the number one factor that determines the choice of all digital marketing analytics tools used by digital marketing services. Certain digital marketing analytics software is suitable for SaaS businesses, while others are for eCommerce websites. For example, Google Analytics works well for SaaS companies.

2. Budget

   Marketing analytics tools are available at different price ranges. You can invest in an affordable marketing analytics tool or a premium tool that comes with advanced analytics. Many vendors offer flexible pricing plans according to your unique business requirements so that you do not overshoot your budget.

3. Ease of use

   Usability is a crucial factor when selecting a marketing analytics tool. The tool you choose should be easy to use. Even a novice should be able to use it without any technical complications. Some tools have advanced features that require you to hire an expert who is well-versed in all the technicalities.

4. Customer support

   The best digital marketing analytics tools have a reliable customer support team that is always ready to troubleshoot and help you with your concerns. Go for the marketing analytics system with excellent customer support so that you don’t have to wait too long to resolve any issues and get instant resolution for your queries.

5. Scalability

   Suppose you are a small-sized business at the moment. Pick the marketing campaign analytics software that will allow you to scale up your business and cater to a larger audience. If the tool has limited features, it would be a roadblock when you are trying to scale your business, so scalability is a vital factor.

6. Integration

   Marketing analytics solutions should offer easy integrations with third-party software programs. Integrations with a huge range of tools can make your work more efficient and convenient and save time. This becomes all the more important if you are already using data-related tools for your business.

7. Free trials and demos

   Most marketing analyst tools offer free trials and demos to help you with the purchase decision. Generally, the trial period ranges from 7 days to 30 days. Also, consider the fact that some features might not be available in the trial version. Take the demo session before making the decision.

Top 5 Marketing Analytics Tools Comparison

There are plenty of marketing analytics solutions available these days. You can choose the best one according to your business requirements and preferences. It is advisable to research well and then make the final decision to buy. Here are the top 5 marketing analytics tools with all their features, pros, cons, and pricing structure.

1. Whatagraph

Whatagraph is the best marketing analytics platform suitable for marketing agencies and in-house teams who want to track every step of their data journey. This tool offers intuitive functionalities to customize, blend, export, share, and move for storage — all at once. It will allow you to create and share attractive marketing reports in minutes instead of hours. 

Whatagraph Features

• Seamless cross-channel reporting
• Ready-made templates and smart builder
• Boundless customization
• Custom, unique widgets
• Report delivery automation
• Custom branding
• Outstanding support

Whatagrap Pros

• Whatagraph is an easy-to-use tool
• It has a white-label function to offer personalized reports to the clients
• Users can apply custom formulas and custom metrics on this platform
• It allows integration with 40+ third-party tools

Whatagrap Cons

• Whatagraph is an expensive solution 
• Its customer support is not that impressive

Whatagrap Pricing

• Basic Professional plan - Starts at USD 223 per month, billed annually, and offers 25 data sources with 5 users.
• Premium plan - Starts at USD 335 per month, billed annually. It offers 50 data sources with 10 users.

2. Domo 

Domo is one of the best marketing analytics software if you are looking for visually powerful insights and scalability. It renders intuitive experiences driven by data science and a secure data foundation. The tool connects with your legacy systems, thereby allowing you to put all your data in one place and gain business visibility.   

Domo Features

• 1000+ pre-built data connectors
• 150+ interactive chart types and 7000+ custom maps
• Scheduled reports
• Instant chat and collaboration
• AI-driven alerts
• HIPAA compliance

Domo Pros

• With Domo, you get limitless functionality and data representation
• It can be used for collaborative work and enhance team productivity
• It gives you connectivity with other apps through integrations
• Domo offers a built-in formula or code editor (Beast Mode) to improve chart creation
• It is a flexible and reliable BI platform

Domo Cons

• It may be a bit overwhelming because of too many features
• It has slow processing for large datasets
• The platform offers limited pivot table functionality

Domo Pricing

• Custom Pricing

3. Funnel.io

Funnel.io automates data collection, transformation, and loading to streamline marketing reporting and analysis. It integrates with more than 500 apps and platforms that include advertising, eCommerce, email marketing platforms, CRMs, and more. The tool has a range of advanced analytics options to give better business visibility and increase bottom-line results.

Funnel.io Features

• Custom metrics
• Cross-channel analytics
• Excel reports
• Advertising data CSV upload
• Ad account organization
• URL auto tagging
• Insightful reports
• Overview and control of ad expenses
• Automatic currency conversion

Funnel.io Pros

• Funnel.io enables cross-channel data integration
• The platform has an intuitive user interface that is navigable
• You get reliable customer support from Funnel.io

Funnel.io Cons

• It gives you access to limited metrics as compared to other tools
• It is somewhat expensive and complex to understand
• Users might find it difficult to set up the dashboard

Funnel.io Pricing

• Essentials plan- Pricing starts at USD 400 per month, billed annually
• Plus plan- Starts at USD 1100 per month, billed annually
• Enterprise plan- starts at USD 2400 per month, billed annually. 

4. Supermetrics

Supermetrics is a marketing measurement software that helps with PPC, SEO, analytics, and social data. It is suitable for scrappy startups who need help with getting the data from Google Analytics, Adwords, and Facebook into Google Sheets. It integrates insights from more than 100 platforms to provide real-time visibility.

Supermetrics Features

• Customizable dashboard
• Customizable templates
• Data connectors
• Data synchronization
• Performance management
• Reporting and statistics
• Third party integrations

Supermetrics Pros

• It is easy to use and has a navigable interface
• Supermetrics allows multiple platform integrations
• It gives automated updates and requires less maintenance
• The platform has an easy learning curve and does not require any training for users

Supermetrics Cons

• Multiple users are not allowed
• It becomes clunky to refresh feeds
• Customer support can be improved

Supermetrics Pricing

• Starts at USD 39 per month billed annually and moves data to Google Data Studio.
• If you want to copy your data to Google Sheets or Microsoft Excel, it starts at USD 69 per month billed annually.
• Core package starts from $239 per month billed annually 

5. Semrush 

Semrush is a marketing analytics platform that helps marketers enhance their online visibility and reinvent marketing opportunities. If you are dealing with SEO, content marketing, social media marketing, paid media, and other marketing strategies and channels, Semrush is the perfect tool for you. Its AI algorithm gives you a clear picture about online customer journeys and activities. 

Semrush Features

• On-page SEO
• Technical SEO
• Competitor analysis
• Content marketing with data-driven solutions
• Local SEO
• Rank tracking
• Social media management
• Link building
• Paid advertising
• PPC keyword research

Semrush Pros

• This solution is easy to use and a low learning curve
• It has an impeccable customer support
• Semrush is great for search engine marketing
• It facilitates organic investigation of competition

Semrush Cons

• Only one user account is allowed
• The tool comes with expensive add-ons
• Semrush has limited usability 

Semrush Pricing

• Pro plan- starts at USD 119.95 per month
• Guru plan- starts at USD 229.95 per month
• Business plan- starts at USD 449.95 per month

Software Related to Digital Marketing Analytics Tools

A number of software solutions related to marketing analytics tools are available in the market. Some of the key software related to digital marketing analytics tools are:

1. Customer journey analytics

   Customer journey analytics software or customer experience analytics software gives you an insight into the customer’s online behavior. It will help you track the customer’s journey right from the first touchpoint to the purchase. It also gives you an idea about the impact of customer behavior on the business results.

2. Social media analytics software

   With the help of social media analytics software, you can gather data from social media channels and use it to make business decisions. It will also help you measure the performance of actions taken according to those decisions. Some metrics used in social media analytics are click-through rates, conversion rates, engagement rates, leads, and impressions per mile.

3. SEO software

   SEO software allows you to boost your website’s ranking in search engine results pages (SERPs). It helps you audit your website and suggests improvements like keyword placement, content creation, URL optimization, and removal of low-performing or duplicate content.

4. Content analytics software

   Content analytics software offers users detailed information about visitor interactions with blogs, infographics, whitepapers, and other forms of published content. According to these metrics, you can modify your content marketing strategy to drive better results. It is also known as content intelligence, and it helps users in increasing online visibility.

5. Attribution software

   Companies use marketing attribution software to define how different customer touchpoints contribute to the success of their sales and marketing teams. Companies use these tools to track multiple marketing and communication channels and capture information about customer interactions. You just have to assign a value to any factor contributing to the conversion according to its influence on the customer’s decisions.

Challenges in Marketing Analytics Software

Marketing analytics tools are the most crucial arsenal for marketers. It helps create a data-driven strategy and increase customer engagement with relevant messaging. In spite of all these advantages, there are several hurdles when it comes to these tools.

1. Data volume and accuracy

   The most basic challenge with sales and marketing analytics tools is the data volume and its accuracy. The amount of data keeps increasing, but you might have to deal with incomplete data records or failure to track marketing and buying activities. Generally, you can easily overcome this challenge by identifying the data you are unable to track and then investing in more advanced tools or technology to fill in the gaps.

2. Privacy concerns

   As your marketing analytics tools are a repository of all the important data, privacy concerns are bound to arise. To do away with all the apprehension, set the right access controls and incorporate two-factor authentication so that no one can retrieve the data without your knowledge.

3. Data integration

   If you are using multiple tools, it might be difficult to integrate data from multiple sources in a single market analytics tool. So, you will not be able to have a consolidated view that covers it all. A simple workaround for this issue is to look for a tool that offers easy integration with third-party solutions.

Latest Trends in Marketing Analytics Tools

Marketing analytics tools are constantly evolving, and we are all set to witness some promising trends in the days to come. You ought to follow these trends if you want to stand out and win over your competition. 

Here’s a sneak peek into the future of marketing analytics solutions.

1. AI-powered optimization

   As AI and ML have become easy to access, AI-powered optimization will reign supreme in the world of market analytics tools. It will help revamp the marketing strategy based on the insights gathered through the tools. It supports segmentation, targeting, and personalization. Furthermore, it forecasts customer behavior, lifetime value, and churn rates and enables marketers to refine their marketing campaigns.

2. Improved automation

   Owing to advanced automation technology in marketing analytics tools, marketers will be able to mitigate workflow inefficiencies and eliminate bottlenecks. More businesses will start implementing automation and using it to its maximum potential. To illustrate, assume that your re-engagement campaigns are not performing too well. So, it will allow you to refine them based on the insights.

3. Personalization

   As marketing analytics tools continue to transform and deliver better insights, it will be easier to personalize your messaging. Personalized messages are tailored according to the customer’s behavior and interactions with the website. Consequently, you can expect higher customer engagement and conversions.

4. Multi-channel attribution

   Customers interact with brands through various touch points like search engines, backlinks, and social media channels. With multi-channel attribution, it will be easier to determine the touchpoints that bring the best results and help in maximum conversions. Marketers will be able to understand which channels are most effective and optimize their strategy accordingly.

Conclusion

Many organizations are using different marketing analytics tools to gain a competitive advantage. It gives direction to the marketer and lets them know how they can overhaul their content, design, and strategy to bring the best outcome. Make sure to research and invest in the best marketing analytics software to increase bottom-line results and key performance indicators.