Marketing Analytics Software

What is marketing analytics software?

Marketing analytics software helps marketers measure, manage, and analyze multiple marketing campaigns. It helps track the performance of marketing efforts across channels such as email, social media, search engine optimization (SEO), and paid advertisements. It gives insights into customer behavior, website traffic trends, and return on investment (ROI) from marketing activities, as well as other metrics, to help marketers make data-driven decisions about how best to market their products or services. 

The software integrates with customer relationship management (CRM) systems to provide insights into customers' buying behavior, facilitating better decision-making for future marketing activities. Furthermore, it enables A/B testing of different marketing strategies, such as split testing landing pages and email content to optimize conversions.

What are some common features of marketing analytics software?

• Performance metrics: Measures the performance of marketing campaigns by tracking key performance indicators, such as website conversions, bounce rate, cost per customer acquisition, and ROI. This helps marketers analyze the effectiveness of different marketing campaigns, capture market trends, identify areas for improvement, and optimize future campaigns.

• Multi-channel data collection: Collects data from multiple sources, such as websites, social media platforms, and emails. It helps marketers track customer behavior across channels to gain valuable insights into their target audience's interests and preferences.

• Campaign tracking: Monitors the performance of campaigns—from initial launch to completion—across multiple channels (email, social media, and more).

• ROI tracking: Tracks the return on investment for each marketing campaign. This provides insight into campaign performance and enables marketers to optimize their marketing strategy for better results in future campaigns.

• Data visualization: Helps marketers visualize marketing campaign performance data on a unified dashboard to identify trends, outliers, and patterns within marketing campaigns.

What are the benefits of using marketing analytics software?

• Analyzes the success of marketing campaigns: Marketing analytics software provides insights into customer behavior, market trends, and product performance—helping marketers analyze the success of marketing campaigns. Using these data-driven insights, they can identify trends, spot opportunities for improvement, track customer interactions with content or products, and optimize budgeting decisions. 

• Improves marketing campaigns: Marketing analytics software enables marketers to analyze key performance indicators for their campaigns, including website visits, click-through rates, time spent on pages, email opens/clicks, and more. With this marketing data, they can identify areas of improvement and potential growth opportunities, and alter existing campaigns to achieve desired results.

• Tracks customer engagement: This software provides insights into how customers interact with your website, social media platforms, ads, emails, and more. Using customer engagement data, you can look into customers' purchasing behavior and preferences, which helps improve targeted marketing campaigns and product development initiatives. With marketing analytics software, you can also identify market trends that help you understand what works best with your target audience.

What are the potential issues with marketing analytics software?

• Data integrity issues: Marketing analytics software relies on accurate and reliable marketing data to provide insights. If the data being used is incomplete, inaccurate, or outdated, the insights generated by the software may be flawed or misleading.

• Expensive maintenance fees: Some marketing analytics solutions levy hefty charges as maintenance fees. These can add up over time and impact the ROI from investing in such technology, as businesses may fail to recoup their costs due to ongoing expenses for upkeep or support services. Additionally, these costs may go unknown until after purchase and setup, leaving businesses with no choice but to pay them to use the full capabilities of the system.

• Missed opportunities due to lack of flexibility and scalability: Some marketing analytics tools limit a business’s ability to customize the software for its specific needs and its capability to scale up or down when needed. It increases the risk of missing out on opportunities due to limited insight into customer behavior and data analysis capabilities. It also increases the costs associated with upgrades or changes over time.

• Complex software usage for beginners: A marketing analytics tool can be complex and overwhelming, with a steep learning curve for beginners. It makes it difficult for businesses to get started and fully leverage the capabilities of the software. Moreover, businesses may need to hire experts to help with training, implementation, and management, which can be costly.

How much does marketing analytics software cost?

Most marketing analytics platforms are priced on a “per month” basis, and their entry-level pricing plan ranges from $8 to $100+* per month. An enterprise product that’s priced higher may include additional features such as AI-based forecasting insight, audit logs, auto-generated customer segments for targeting, social media analytics, marketing automation, and deal insights.

*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of March 21, 2023.

Key considerations when purchasing marketing analytics software

• Analyze predictive analysis capability. Predictive analytics help marketers understand customer behavior and provide insights into how they may react or respond in different scenarios. It helps optimize campaigns for maximum success and ensures efficient use of resources. Evaluate what types of data sets are available within the platform and how advanced its algorithms are to help you get an accurate picture before making a purchase decision.

• Test customer segmentation accuracy. Accurate customer segmentation is essential for an effective marketing analytics platform. It helps target the right customers and better understand their needs, interests, behavior patterns, and preferences. After understanding the target audience, marketers can develop tailored marketing campaigns—ultimately increasing conversion rates and improving ROI.

• Assess data visualization features: Data visualization helps identify market trends, allowing for more accurate insights into customer behavior and preferences, as well as potential areas of improvement and growth opportunities. Before making your purchase, ensure that your chosen software provides intuitive navigation tools, visual representations (charts, graphs, and tables), and customization options.

Sources

Products evaluated for the pricing calculation were taken from GetApp's marketing analytics software directory. The pricing ranges exclude freemium versions of the products. The features highlighted were identified based on their relevance and the percentage of products in GetApp’s directory that offer them. 

Disclaimer

This marketing analytics software buyers guide was authored by GetApp's content team. We develop our guides using the author’s expertise, insights from 2M+ unique user reviews, and our proprietary data science algorithms to identify trends in user sentiment, preferences, and priorities. Some text was generated with assistance from AI tools.