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4 Marketing Analytics Tools That Are Shaping the Industry

5 years ago
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Few marketers would admit to having “an excellent handle” on their analytics. But don’t blame it on the marketer.

Often marketing efforts are, by nature, hard to quantify in terms of dollars, revenue or impact. They tend to result in ghosts of impressions or whiffs of perception changes — or what we like to call “brand sentiment” — more than dollar signs.

But vague sentiment isn’t going to cut it for much longer.

CEOs are increasingly demanding more tangible and quantifiable metrics. In fact, in 2014 six in 10 professionals reported rising pressure from upper management to be more data-driven, with marketers feeling a majority of the heat.

As a result of rising demand, there’s been a swift emergence of tools, technologies and “scores” in the past year designed to help marketers measure their impact.

Of the roughly $6.2 billion in deals in the marketing technology space that have occurred within the past four months, more than two-thirds come from funding, acquisitions, or mergers of businesses relating to intelligence and data.

Related: This Startup Wants to Revolutionize Search, One Data Set at a Time

Andreessen Horowitz has recognized the trend, too, and recently announced a $65 million round of funding for Mixpanel, a Silicon Valley Web analytics company.

These investors are ready for an avalanche of cash and contracts. And rightly so. The Wall Street Journal reported spending on marketing analytics is expected to nearly double over the next two years, from 7 percent to 12 percent, as marketers supersede CTOs as a business’s biggest IT spender.

However, because the industry is still rather nascent, the sheer number of companies and technologies flaunting their business intelligence solutions can inundate the digital marketer looking to implement a technology. Despite the feverish efforts to invest in marketing analytics, the lay-marketer is still struggling to get a grasp on which metrics to track.

They’re searching for answers to their questions, like:

  • Which analytics should you track?
  • How do technologies differ?
  • What’s available on the market?
  • How do these technologies integrate with my current marketing technologies?

To help sort through the chaos, here’s a quick look at the some of the most powerful tools in marketing analytics.


Image credit: Mixpanel

Measuring the effectiveness of your website

Marketing analytics start where anything starts: at the beginning, at the foundation. A proper marketing operation ready to track revenue impact contains four elements: a solid marketing automation software, a robust CRM system, a content marketing production space and a web presence tracking tool like Mixpanel.

Related: For Your Marketing Efforts to Succeed, You Need to Overcome These 3 Hurdles

Mixpanel tracks comprehensive user behavior to give companies a detailed look into what users are doing on web and mobile properties, or how much time they are spending within an application. The data, which can be sliced, diced or julienned to a business’s liking, illuminates interesting patterns like: How and where web users congregate, which buttons get pushed most frequently or usage rates for certain features.

The data is also extremely powerful for marketers. By using multifactor analysis, for instance, you could compare retention rates for users based on the marketing campaign that “brought them in” to see which ones resulted in the most valuable long-term customers.


Measuring the impact of your content marketing

The next step is to use technology to tie revenue to individual pieces of content. Kapost’s Content Scoring can help with this task. (Disclosure, I work for this company.)

Content Scoring takes a granular look at the effects of singular marketing deliverables to revenue. It could tell you, for example, the amount of revenue a single tweet or blog post contributed to the business as a whole.

The process uses marketing automation and CRM data to track successful customer “journeys” to identify the various content pieces they interacted with before committing to a purchase. It then attributes a relative percentage of the total revenue driven by that customer to the individual pieces of content (think: blog posts, whitepapers, eBooks, and social media posts).

In this way people can look at what singular component, or asset “type” is really resonating with audiences.

Note: This article originally appeared in Entrepreneur. Click for link here.


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