There are very few marketers in business who would admit that they have a good handle on their analytics. They are not necessarily at fault though.
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Marketing is quite difficult to quantify in terms of the impact it has on revenue. Sure, we can throw numbers like ROI out there, but it doesn’t always tell the whole story. One week, our ROI might be high, but a week later the same ad could see a significant drop in ROI.
All entrepreneurs try to quantify these types of changes, but most are just playing a guessing game. In a world where we’re starting to able to gain access to so much data, guessing is not going to cut it for much longer.
The demand for new technologies has grown so vast that thousands of tools have been released, all with the goal of helping businesses measure their marketing impact. Investors expect more from analytics now than ever before. Despite this growing demand, some businesses have yet to grasp the basics of determining which metrics to track.
They are relentless in their pursuit of answers to questions like:
- What metrics should we track?
- How do analytical technologies differ?
- What is available right now?
- How can we integrate these new technologies with current marketing efforts?
The truth is that there are several marketing analytical tools that have changed the way we do business. This article is going to look at the top three.
The Way we Measure Effectiveness of our Websites
Today, everything begins and ends with your website. It’s the foundation for which your online marketing is built. Therefore, it makes sense that tools measuring the effectiveness of a website are at the top of our list. Four elements are used to determine whether a marketing campaign is properly tracking revenue: marketing automation, proven CRM system, content marketing production space, and an analytical tool.
Mixpanel is a comprehensive marketing tool that provides detailed information about what users are going when they visit your website. Furthermore, it can be filtered in a way that makes sense for a specific company. For example, your business might need to know what button on your website users are clicking the most.
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This type of analytical data is a game-changer for businesses. No longer do we have to guess what users are doing when they visit our website. We can see it with our own eyes.
Businesses can Measure the Impact of Content Marketing
Content analytical tracking is the next huge development. Kapost’s Content Scoring is a great example of this type of analytical tool. In short, content scoring can track the revenue of specific marketing content. For instance, you could see how much revenue is being generated by a single blog post or a single tweet.
The advantages to this are astronomical. Companies are able to focus on creating content that is generating the most revenue. In the past, a business had to guess or use surveys to produce this information. Now they can track it directly using data.
Predictive modeling is probably the most powerful form of marketing analysis tool on the planet! These systems use conventional data that is stored by a business and filters the information in an effort to reveal patterns in consumer behaviors.
These patterns are then used to accurately predict future buyer behavior. Alone, predictive modeling is powerful, but when used in combination with other analytical tools, it can shape the future of business in ways that are indescribable. The most popular predictive modeling tool is Lattice Engines, used by PayPal.
Marketing analytics has completely changed the way we do business. If you are not using the three tools listed above, then you’re not getting the most out of your marketing efforts.