A marketing analytics platform refers to a system that is designed to help businesses track marketing performance and make necessary changes to improve their marketing strategies. It does this by collecting data from various marketing channels and providing insights/analyses that can be used to improve campaigns and optimize spending. Knowing where your business or campaigns can improve is crucial to the survival of your business.
A good marketing analytics platform should offer features that allow you to track key performance indicators/metrics. These should include the ability to track ROI, ROAS, conversions, impressions, and segmentation of data. A good platform also offers integrations with other marketing and data tools, so you can easily share data and insights across platforms and team members.
There are a number of different marketing analytics platforms on the market, so it's important to choose one that meets your specific needs. Make sure you can afford the platform, it has the necessary metrics you want to track, and it can share data. In the end it will overall boost your business's effectiveness and grant your company valuable insights as to what is working and what is not.
What types of data can be analyzed with a Marketing Analytics Platform?
A marketing analytics platform can analyze website traffic, social media engagement, email performance metrics, advertising campaign results, customer segmentation data, and other key performance indicators (KPIs).
How does a Marketing Analytics Platform help marketers?
A marketing analytics platform helps marketers make better decisions by providing them with actionable insights into their campaigns and customer segments. It also helps them identify opportunities for improvement and track the success of their efforts over time.
Fun Fact:
"According to a study by Forrester, 87% of organizations that have adopted a marketing analytics platform have seen improved marketing performance" (Forrester, 2020).