4 Top Tier Benefits of a Marketing Analytics Platform

Marketing Analytics Platform March 19, 2021

Mary Kate Morrow

Writer

4 Benefits of a Marketing Analytics Platform

The average marketing team utilizes an extensive number of marketing analytics tools every day. In fact, studies estimate the average number of marketing tools each marketing team has at a shocking 91! The software business professionals invest in for marketing departments parallels the software investment for IT departments. From lead management CRM software to reporting software for data visualization purposes there is virtually endless marketing analytics software available. However, too many marketing analytics tools can quickly become a major marketing performance issue. An excessive marketing analytics tool presence can lead to marketing data loss or error.

The best marketing analytics platforms offer a solution to the excessive marketing analytics tool problem. It is important that marketing teams understand the difference between an analytics platform and an analytics software program. Analytics software is an analytics toolset that comes in 1 package from 1 company. Alternatively, an analytics platform is designed to help different analytics tools share information and work together optimally. Many marketing agencies consider an analytics platform as the best marketing data management option.

A marketing analytics platform avoids manually collecting marketing data from multiple data sources into one place for analysis. Not only does manually collecting marketing data from multiple data sources waste employee time but it also decreases morale. Additionally, a heavier human presence in data management increases the likelihood of errors. Software marketing professionals use also may come in diverse formats, frameworks, and styles. As such, consolidating marketing data into one place can be an overwhelming task. Thankfully, the best marketing analytics platform offers an easy use solution with extensive benefits including-

1. Centralization

Having marketing data easily available in one place is an incredible marketing team benefit. The best marketing analytics platform supplies a centralized real time view of various marketing campaigns simultaneously. As a result, marketing channel data ranging from social media to email marketing campaigns are readily accessible. Marketing analytics platforms that are cloud based supply real time easy use accessibility for marketing teams with remote workers. Without centralized marketing data access, it is difficult if not impossible for marketing teams to correctly perform their roles.

Analytics software like marketing automation analytics additionally assists in marketing efforts centralization and organization. Marketing automation analytics tools help marketers measure marketing campaign success. Organized and accessible marketing data allows marketing teams to make more data driven decisions. The best marketing analytics platform helps marketing teams to identify areas of improvement and develop strategies for the future.

2. Trends

Marketing agencies and marketing team professionals are well aware that the only constant is change. As AI powered technology like machine learning evolves, marketing channels and marketing campaigns evolve alongside them. The tools marketing professionals use must also evolve to support evolving marketing channels and campaigns. The best marketing analytics software goes way beyond simply identifying new trends. Excellent analytics software will analyze data for marketing monitoring, identifying new trends, planning for opportunities, and forecasting challenges. Importantly, the best marketing software facilitates all of this in one place and with real time capabilities.

The ability to identify marketing trends and new opportunities is crucial for accomplishing a data driven marketing approach. Data driven marketing uses data for all marketing decisions. Data driven marketing is especially focused on utilizing customer data acquired throughout the customer journey both optimally and strategically. Customer service capabilities are enhanced when the customer journey is focal. With enhanced customer service comes increased customer engagement and bottom line profitability.

3. Forecasting

Marketing forecasting is incredibly useful for predicting outcomes of marketing activities planned for the future. A centralized analytics platform benefits marketing efforts relating to forecasting immensely. Marketing data available in one place is much easier for marketing teams to reference and analyze. The best marketing analytics platforms not only make forecasting easier but results are also much more likely to be accurate.

Proper marketing forecasting allows marketing teams to prepare for potential challenges or even avoid them entirely. When marketing campaigns are more successful, bottom line profitability is also positively impacted. As a result, marketing departments can concretely demonstrate the positive return on investment and garner further business support.

4. Insights

The best marketing analytics software supplies marketing teams with valuable data insights. Marketing data insights are considered a great indication of marketing performance overall. The ability to view historical and real time marketing data in one place allows marketers unique marketing campaign insights. Marketers can learn from past and present marketing campaigns and apply insights to marketing campaigns in the future.

For example, if marketers want to review a social media campaign that was previously completed. Social media analytics would reveal valuable insights for digital marketing professionals to apply for future social media content posted. Alternatively, if landing pages are not generating the results marketing teams initially hoped for. Landing pages traffic insights reports could propose an alternative lead management direction.

Key Takeaways for Marketing Analytics Platforms

Marketing analytics platforms assist with a wide range of activities including marketing attribution and campaign performance analysis.
Software marketing analytics utilizes benefit marketing operations immensely through supplying improved centralization, insights, trends, and forecasting.