Posted by Indusa Admin on July 30, 2015 5:17 am
The business landscape for marketers is evolving and changing dramatically. As marketing experts struggle to keep their brands at the forefront of customers’ minds, marketing planning through the use of proprietary marketing analytics and marketing intelligence software provides solutions to these challenges. IDC predicts marketing software will be a $32.4B market by 2018, making marketing software one of the fastest growing areas in enterprise software.
Marketers experience a variety of hurdles in planning and executing marketing activities, as well as measuring their effectiveness. The lack of a centralized platform to gather marketing response data from disparate systems and the absence of tools that generate custom reports/dashboards that cater to the needs of distinct audiences is a scenario that is occurring for marketing teams everywhere. Additionally, there is an impending need to obtain marketing campaign responses automatically and in real-time, rather than requiring manual and cumbersome steps to extract the same routine data. Finally, there are a number of specialized marketing needs – buyer intelligence, social media management, SEO, content marketing, lead scoring, etc. – which is becoming more predictive, automated, and organized. All of this presents interesting opportunities for software companies that have the capability to build on marketing domain knowledge and marry it with data analysis, algorithms, appropriate application architecture, and user-friendly applications.
The Need for Marketing Software: Analytics
Marketing analytics is essential data to ensure maximum ROI against marketing efforts, so we’ll focus this post on analytics and various aspects to consider when building in analytics into your marketing technology product.
The advent of marketing technology and success of the omni-channel business landscape has led to the increase in complexity of quantifying marketing’s impact on revenue. Marketing analytics and marketing intelligence platforms can be engineered to analyze and evaluate marketing performance through continuous optimization. Combining these key ingredients provides marketers with tools to help companies remain relevant and master the art of effective marketing in a digital environment. Here are some
Marketing analytics can enable automation of sales and marketing activities allowing organizations to streamline activities, processes, and document their marketing campaigns. Marketers can review efforts through various channels over a specified period of time, which helps to drive future efforts forward. By bringing data together, marketers can your workflows and unlock numerous possibilities.
The ability of marketing analytics to generate customized reports based on distinct business needs gives organizations insight into their business performance. Marketing analytics brings data from various marketing activities to one platform allowing the creation of custom reports/graphs and dashboards to measure marketing effectiveness. This includes measuring the performance of marketing campaigns against forecasts. Smart dashboards enable marketers to have quick access to summarized information on different statistics, eliminating the need for technical involvement through self-service reports for swift business decision making. Out-of-the-box dashboards also help enterprises reduce implementation time and accelerate speed to value.
Marketing analytics closes the loop between planning and performance by improving visibility and increasing effectiveness through simplified suite of integration and reporting solutions. A predictive modeling and analytics engine offers actionable insights for improved effectiveness. Integration across different marketing channels is now possible, and enables organizations to assess and monitor the performance of each channel. Through such analysis, marketers can identify actionable performance indicators across a wide array of metrics, providing more pieces of the puzzle for informed and revenue-centric decisions.
Marketing planning and analytics tools allow organizations to monitor and manage marketing campaigns by automating marketing activities and offering top-notch marketing techniques for effective lead management, e-mail marketing, event management, webinars and seminars, website marketing, social media management, and sales management. Capturing actionable performance indicators across a gamut of metrics enable informed and revenue-centric decisions. Activity metrics reports such as email reads and website visits provide enterprises insight into the business impact of their marketing tactics. Additionally, optimizing search engine marketing gets the most out of SEO and PPC marketing campaigns.
Marketing analytics provides up-to-date data to increase customer engagement and conversion, providing better capabilities to respond to customers in real time. These metrics also can provide insight related to customer preferences and industry trends. By continuously aligning to these metrics, marketers can drive business value. Organizations can also build long-term relationships with customers by engaging their audience through personalized and automated follow-ups that result in increased sales.
Marketing Analytics Tool Must-Haves
From our experience of working with some leading marketing technology firms, here’s our take on the must-haves of any tool which incorporates analytics:
Make sure you have the data predict actions from campaign respondents, prospects and leads. Campaign responses can be analyzed and presented in a statistical format. By building relationships with the audience and understanding their level of interest, marketers can convert prospects into customers.
Your tool should be able to perform activities that drive revenue for organizations. Marketers should be able to not only create awareness about the brand but also focus on KPIs that directly or indirectly impact revenue.
Design out-of-the-box dashboards to enable marketers to use that insight to drive action within a short span of time is a must have. A dashboard example is below.
Dynamic and Configurable:
A key must have is that your analytics tool is ready for any audience with dynamic views and filters, user groups, and code-free configuration of custom dashboards and scorecards. Users don’t have the time to coordinate with IT every time something small needs to be adjusted. By configuring chart properties such as colors and types, 3D effects, export features, menu items, adjust filters, and all such features without rewriting the code, users have a customized and flexible tool.
Cloud-based SaaS and real-time data are imperative. The marketing software should be able to capture real-time customer related information, generate instant reports based on that information, and boost the organization’s decision making capability.
The use of marketing analytics and associated tools built by well-established marketing software providers help organizations address issues related to marketing, helping them serve their markets better. They facilitate organizations to make effective use of their marketing activities information and bridge gaps that exist in their marketing automation tools thus providing a great enterprise platform for planning and performance measurement. If you’re building marketing technology, have you considered how analytics fits, strengthens, organizes, and communicates the ultimate marketing goals of your customers?
About the Author – Brijmohan Bhavsar
Brijmohan Bhavsar is the Senior Project Manager(.Net) at INDUSA. He is an Application Developer himself, and Project Leader in a wide variety of business applications.
Contributing Writer: Neha Kumar