A major obstacle for marketers today is being able to properly interpret their analytics data. The task is a hard one for marketers as marketing efforts are, by nature, difficult to understand in terms of impact, revenue or dollars.
But at the same time, top company executives are pushing marketers for more quantifiable metrics. A 2014 report found that six in 10 marketers were feeling pressure from top-level management to be more data-driven.
Yet this has led to a rise of technologies and tools in recent years that help marketers measure their ROI. But the sheer number of these business intelligence tools (BIT) flooding the market may be overwhelming for the common digital marketer who is aiming to better understand the numbers.
They’re looking for answers to questions such as:
- Which analytics should be tracked?
- How different are the technologies?
- What BITs are available on the market?
- How do these tools integrate with other common marketing technologies?
If you’re an overwhelmed marketer seeking guidance as to which BITs are worthwhile, allow us to introduce you to four of the most effective tools in marketing analytics.
1) Mixpanel: A Tool that Calculates the Effectiveness of your Website
Undertaking a solid marketing operation that properly measures revenue impact requires four elements: a CRM system, content marketing production, marketing automation software, and a website tracking tool like Mixpanel.
Mixpanel tracks the behavior of website visitors and provides companies with detailed information on what the users are doing on mobile and web properties. It also measures how much time users are spending on a digital application. The data, which can be presented in many formats, reveals telling patterns like: how and where web users frequent, which buttons get clicked on regularly or usage rates for specific features.
The data as represented by Mixpanel is easy-to-understand. You can use multifactor analysis to compare and contrast retention rates for digital property visitors brought in by a certain marketing campaign. This enables you to identify your most valuable returning customers.
2) Kapost: Tracking the Impact of your Content Marketing
Kapost’s Content Scoring is a business intelligence tool that measures the revenue impact of individual content posts. The tool can show you, for example, the percentage of revenue a single blog post or tweet contributed to the company’s coffers.
By using CRM data and marketing automation to follow a customer’s journey, the tool identifies which content pieces were read before a purchase was made. It then pegs a percentage of the total revenue contributed by the customer to said blog post, eBook, white paper or social media post that initially caught the user’s attention. The tool picks up the importance of the content piece to bottom-line revenue, no matter the language the content is in (whether in Spanish, French, German or any other language).
This allows the marketer to evaluate what type of content leads to purchases.
3) Marketing Evolution: Undertaking ROI Plans
A marketer worth her salt never forgets to create a plan out of reports.
The business intelligence tool Marketing Evolution helps marketers draft ROI plans from big data. The software platform monitors performance while the campaign is underway in real-time and can recommend mid-course corrections of the campaign so that minimal budget dollars are wasted. Marketing Evolution allows marketers to obtain vital insights about marketing content and recommends actions that turn those insights into profit-generating decisions.
All in all, the software helps you discover which messages are working best with which visitors, in which media and context, and allows you to tweak and optimize the campaign as it progresses.
4) Lattice Engines: Predictive Lead Scoring and Conversion Rates
Predictive modeling analyzes available data kept by marketers to show patterns that predict future user behavior. This form of “crunched” analytics allow marketers to find out which kind of content pieces optimize revenues.
Business intelligence tool Lattice Engines has helped companies such as DocuSign, VMWare and Paypal focus on content that brings them the most profits. At a time when marketers and upper management are trying to find out what is working most for them qualitatively, it’s good to be implementing marketing campaigns with an eye to what your customers will likely be doing next.
Denise Recalde is a Senior Content Writer at Day Translations, a human translation services company. A seasoned writer and editor with eleven years of experience under her belt, she is a bonafide wordsmith who loves playing with the written word creatively and always takes care to lend a certain hue of snap and color to her drafts. Always one to rise up to challenges, she has traveled to 14 countries and has worked on a smorgasbord of writing projects that spanned several industries, from finance to health to beauty and fashion.