Best Marketing Analytics Software & Tools

Definition Marketing Analysis Tools: What is a marketing analysis or what is marketing analysis software and why is it needed?

Digital marketing undoubtedly has many advantages. A key benefit lies in the fact that related measures, their performance and ultimately their success or failure can be clearly verified based on a variety of data. The process of collecting and evaluating such information is generally summed up under the term "marketing analysis". Nowadays, a holistic multichannel approach is usually pursued. This means that modern marketing analysis usually does not focus on just one marketing channel, but on several or ideally all the channels important in the respective company context and compares them. The main concern is to obtain the most relevant information for your own marketing goals, with the help of which the efforts can be maximized efficiently and continuously optimized. Marketing analysis tools can include a variety of features that help marketers in capturing specific data, its evaluation, and in managing the associated measures as well as in their long-term control. Since data collection usually refers to marketing on the Internet, these helpers are often also called online marketing analysis tools. Analysis tools for marketing can or should answer the following questions in particular:

• How effective are the current marketing activities, what impact is expected in the long run and what can/should be done to improve them?
• Enterprise marketing analytics provide clarity on how their own marketing activities compare to those of competitors, where they might be driving special marketing initiatives and whether important channels are being used that one is not using oneself?
• What marketing activities should follow next, are the ongoing measures well distributed, are resources being put into the right channels, and how should the marketing budget be prioritized for the next year?

How does a Marketing Analytics Platform Work?

This question can hardly be answered generally, as there are indeed different analysis softwares for marketing that work differently. For example, a visual behavior tool takes a very different approach than event marketing analytics or a pure traffic analytics program. However, a direct connection between the software and the marketing channels to be examined always has to be established. With a classic traffic analytics tool for websites, this connection is often established using a special code that is inserted on the individual pages of the Internet presence to be analyzed. The program thus has access to the pages and can, for example, be used as a Software-as-a-Service application (SaaS marketing analytics) via a conventional browser. Such programs allow their users to overview the traffic on their pages in various facets. Depending on the scope of the software, visitor sources, bounce rates, lengths of stay, conversion data and much more can be determined. Some marketing analytics tools for traffic also allow events to be defined and evaluated. Furthermore, it is possible to look at all information in historical comparison and for example to see how the traffic has developed over the past twelve months or specifically since the launch of new marketing activities. The analysis and evaluation possibilities are usually very diverse.

What are the advantages and disadvantages of marketing analysis tools?

• Transparency and strategic efficiency: Companies of all sizes and industries can benefit from marketing analysis software. It helps them make better decisions within digital marketing strategies. Not least, executives expect arguments for specific marketing decisions. With marketing analysis tools, companies can measure their marketing through key performance indicators, also known as KPIs, and justify their marketing activities transparently. This leads to a better understanding of which channels should be used and why they are important. Furthermore, it contributes to effective resource allocation.
• Actionable insights: With marketing analysis software, marketing experts can make informed, proactive decisions within their marketing strategy. Based on analysis findings, strategic and tactical next steps can be derived that allow marketers to define the most purposeful marketing goals and associated measures. Ultimately, all marketing can be highly purposeful, as it is data-driven. Based on relevant information, it can be constantly and highly efficiently optimized or further developed.

However, there are also some disadvantages or potential problems when using analysis software for companies.

• Accuracy and volume of data: Even with the best analysis tools for online marketing, valuable insights cannot be gained if the metrics analyzed by users are not precise or insufficient. If companies adopt generally recommended metrics that do not precisely match their marketing, they run the risk of collecting inaccurate data, as they cannot establish a direct relationship to their measures. On the other hand, the sheer amount of information can be overwhelming given the usually numerous channels and marketing activities as well as methods of data collection. This makes correct evaluation considerably more difficult.
• Data privacy concerns: In most cases, activities related to data collection bring data protection into play. Internet users are increasingly concerned about how their personal information is collected and used. Marketing analysis tools usually collect and store a tremendous amount of data on all website visitors - from their origin, to individual interactions, to specific conversions. To prevent companies from running the risk of legal difficulties, they must always keep track of current data protection laws and comprehensively consider them for their marketing analysis. This undoubtedly involves a lot of work.

How to choose the right Marketing Analytics Solution or what should you pay attention to?

Firstly, interested parties should determine their need for marketing analytics and decide which features are most useful for the company. The following questions must be answered for this:

• What specific goals does the company pursue with the use of a marketing analysis program?
• Which marketing channels should be pursued now and in the future?
• Does the product need to be integrated with other software?
• What analysis functions are - if any - already present in the current marketing technology and which should perhaps be added?
• What is the budget?

Once these questions are resolved, the available marketing analysis software should be compared based on the answers. Ideally, the comparison of possible marketing analytics programs is made on the basis of a corresponding must-have list. Now all products that seem to meet the company's requirements are summarized. The selection should then be further narrowed down. The pricing, the implementation requirements and the quality of customer support may be factors that do not allow individual products to be shortlisted. The more attention is paid to these and other details (perhaps also in the fine print) of individual offers, the more suitable the final selection will be. Ultimately, no more than three marketing analysis tools should be left. Once a shortlist is available, interested parties should, if necessary, make contact with the provider companies to arrange demos and/or test versions. Some developer companies also offer trial versions that can be used without prior contact. Demos and tests enable the functionality and the user-friendliness of the individual products to be examined more closely. It also gives a first opportunity to gain insight into the service level of the respective provider. When it comes to buying a marketing analysis solution, one should never act alone. Ideally, a selection team, consisting of executives, individual employees who will later work directly with the tool, IT professionals and legal experts, should take care of determining the appropriate application. Before signing the contract, buyers should definitely negotiate the best price and inquire about possible discounts for which their company qualifies. Now is also the right time to discuss implementation and introduction services as well as payment plans. In the days and months after the purchase, those responsible should monitor the company's progress with the new marketing analysis tool. Does the product work as intended? Have the employees fully adopted the functions of the product? Will the product grow with the growth of the company? If the answer to any of these questions is "no", it may be necessary to pull out. If the problems - possible together with the provider company - cannot be solved, it might be time to look for alternatives.

What do online marketing analysis tools cost?

Simple or even some more complex marketing analysis tools for viewing the traffic on websites are completely free of charge. Event-based tools, visual behavior tools, or marketing automation software, which sometimes use AI to make evaluations and forecasts, are usually not available for free - at least not with full functionality. Basically, the cost depends on what a marketing analysis software can do or which features are included and to what extent it works independently. While the overarching goal of a marketing analysis platform is clearly to support marketing experts in measuring and optimizing marketing performance, the methods and tools that can be used for this can indeed vary greatly from product to product.

Basically, there are two options: a stand-alone solution and an all-in-one marketing suite.

Stand-alone marketing analysis tools can connect to one or more data sources and marketing channels to measure marketing performance. These products can usually be integrated into marketing automation software, CRM software, and other marketing-specific programs. Stand-alone platforms collect and consolidate marketing campaign data from the connected sources so that marketers can analyze campaign performance across various channels and target groups. Stand-alone products can include tools for optimizing digital advertising, but usually do not offer functions for the direct execution of marketing measures. They are available for free or for ten to 20 euros per month. All-in-one marketing suites usually support marketing experts much more comprehensively - namely in planning, implementing and measuring cross-channel marketing measures. In addition to marketing analyses, these solutions offer functions for the direct execution of marketing activities via the website, email, social media, digital advertising, landing pages and more. All-in-one marketing suites can also include marketing automation software, business intelligence and/or account-based marketing features. They are correspondingly much more expensive than standalone solutions.