Marketing analytics solutions, properly chosen, can help businesses uncover a goldmine of insights crucial from the perspective of assessing the performance of marketing campaigns.
FREMONT, CA: The advent of new marketing channels has led to a series of interconnected developments. One such direct development involves the use of readily available marketing data for analytics. In order to effectively analyze marketing data, companies are now falling back on turnkey analytics solutions offered aplenty by vendors. In such a scenario, it is a must for CIOs to guide the marketing professionals towards picking a solution that gives the best returns in terms of marketing performance. Firms differ in the way they market their products and services. Keeping this aspect in mind, CIOs are expected to help adopt marketing analytics solutions that align correctly with marketing strategies and overall business model. CIOs can optimize the assessment of marketing analytics tools by posing the following questions to vendors before making the final selection.
• Is the Solution Automated and Scalable?
Growth in business calls for the expansion of marketing capabilities. The question of whether an analytics vendor can support its clients through various phases of growth is integral. CIOs need to make sure that the analytics solution they choose is scalable so that it can continue being effective even after marketing channels multiply, and data input grows exponentially. Another important aspect that has become vital in recent times is that of automation. Although the level of automation that vendors incorporate into their offerings vary, marketers are looking forward to automated features. Automation simplifies numerous functions like scheduling analyses and reporting, making it easier for marketing professionals to stay efficient.
• How Intuitive is the Software?
The profusion of marketing analytics solutions available today can easily confuse even experienced experts when it comes to choosing one. An indispensable but straightforward question that CIOs should remember to ask vendors is about the intuitiveness of their software products. Marketing analytics solutions should be easy to use so that professionals can learn how to use it effectively within a short span of time. Also, indicators, insights, and other relevant information should be available through visuals so as to make the analyzed data decipherable to even those marketers who aren’t experienced enough or technology-savvy.
• What are the KPIs to Consider?
Advertising and marketing strategies have to be assessed through Key Performance Indicators (KPIs). It is essential for CIOs to check for the KPIs a vendor considers in their analytics solution. Only when the set of KPIs is relevant and comprehensive for a company’s marketing policies and procedures, the analytics software becomes meaningful. Besides, some of the KPIs must also be able to throw light upon the long-term effects that marketing campaigns have. Some of the indispensable KPIs marketers often count on include traffic-to-lead ratio, lead-to-customer ratio, and landing page conversion rates.
• What are the Marketing Channels Covered?
The improvement in network connectivity, the explosive growth of smartphone devices, and the rapid adoption of social media platforms has opened up new avenues for marketing. When the marketing analytics solutions offered by vendors cover all the traditional, as well as the newer channels comprehensively, they become instrumental for businesses. Thus, CIOs must pose the question regarding how many marketing channels a particular vendor’s solution covers and how effectively it analyzes the data from those streams. When a marketer can effortlessly analyze the performance of marketing campaigns across platforms and mediums through a vendor’s analytics solutions, only then the software should be considered investment-worthy.
• How Transparent is the Model?
Given that marketing analytics tools depend on complex algorithms, the chances of something going wrong are slim but existent. Thus, one of the most critical questions that must come from CIOs while considering analytics vendors is that of transparency. Ideally, vendors should be able to explain how their solution works and how effectively it analyzes marketing data. CIOs should consider only those vendors who show the willingness to expound on their analytic models and their risk mitigation strategies, should anything malfunction.
CIOs have the power to positively impact the marketing journey of their companies by choosing the best analytics vendors. The effort invested in finding the perfect solution pays back generously in terms of quick returns on investments and better leads and conversions.
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