Top 5 marketing analytics tools — solutions to look after in 2023
Analysis of a 2022 Gartner survey revealed that the more senior executives put aside their biases and wholeheartedly embrace marketing data analytics, the more informed their decisions will be. Given that, it is important to choose the most effective tools to analyze and improve your marketing strategy. We understand many business owners struggle to find the right tools, so we have compiled this list of the best tools for marketing analytics you can employ.
But before we talk about which tool amongst them is the best, let’s first explore why every marketer needs marketing analytics tools.
Why every marketer needs a marketing measurement and analytics tool?
Marketing analytics tools help identify the progress and success of your marketing campaigns. Combined with key performance indicators, they show if your campaign is achieving the goal it was designed for, whether that is generating new leads, spreading awareness, or any other goal.
Without marketing measurement analytics to inform your decisions, you are unlikely to be able to create successful campaigns. Such tools help you identify approaches that increase your return on investment (ROI) and return on advertisement spending (ROAS) while also helping you remain wary of increasing your ad spending without generating returns.
Marketing measurement and forecasting also increase the likelihood of the success of future marketing campaigns. This predictive analysis helps you understand the potential of future campaign performance and make informed decisions about new strategies. You go in knowing what’s most effective in producing conversions and can predict how your company will perform accordingly.
A great analytics strategy is supplemented by equally good tools. Here is a list of some of the top marketing analytics tools you can use to boost your marketing campaign.
Top 5 marketing analytics tools — don’t miss them in 2023
Here is a list of some of the best tools for marketing analytics you should be looking out for in 2023:
1. Google Analytics
This free web analytics tool is a common choice for basic to intermediate marketing analysis. Google Analytics will show you the traffic you’re receiving on your site, where it’s coming from, how long visitors stay on your site, and other vital statistics.
The tool also provides user profile data, including their location, behaviour, interest, and how they interact with your site. The free version also shows data in real time, with customizable and multi-channel reporting. It can also be integrated with other Google products, such as Adsense, to measure advertising revenue performance.
Unfortunately, the free version has several limitations. For example, it caps data volume capacity at 10 million per month, with a maximum of 50,000 data rows. This may not be an issue for smaller businesses, which can work within those limitations. However, for larger businesses with higher data volumes, this marketing measurement and analysis tool is not too favourable.
Google Analytics 360, the premium version, incurs a substantial cost but also offers more and improved features. It includes:
- 500 million hits data volume capacity per month
- Greater data accuracy and freshness
- Improved analytics, including attribution modelling and integration
- Dedicated customer support and Google Analytics 360 manager
In 2023, Google Analytics 4, introduced two years ago, will be the only analytics tool available from Google, replacing Google Analytics 360 and Universal Analytics. It promises greater flexibility and range for processing different data types, among other things.
Google Analytics is best suited to measure and analyze web traffic. If you are deploying web marketing campaigns, this tool is a useful feature to have to generate insights.
2. SegmentStream Conversion Modelling Platform
Conversion Modelling is the modern solution to all problems of cookie-based attribution models. It analyses and assigns value to each web visit based on user behaviour using Machine Learning. This assigned value is then used to compute a user’s conversion probability in the future.
When the probability is high enough, a Modelled Conversion is created. This means that, regardless of where the conversion actually happens, the correct value is assigned to all traffic sources that participated in that journey.
The Conversion Modelling Platform, as a marketing analytics tool, counters the limitations of other attribution models that cannot assign the correct value to traffic sources. Such tools consistently undervalue opening touchpoints and overvalue closing channels due to multi-device and multi-browser traffic, leading to inaccurate data. As a result, marketing strategies based on such data end up failing.
With SegmentStream’s Conversion Modelling Platform, you can prioritize successful advertisements and make efficient budget allocations. The tool bridges the gap between user ad interaction and conversion and uses historical trends to map conversion probability.
The Conversion Modelling Platform gives you the advantage of:
- Determining the conversion source
- Pinpointing future conversion with historical trends
- Assigning accurate values to web visits and mapping conversion paths from the traffic source
Machine Learning algorithms can offer better insight into future conversions based on past user behaviour. This is not possible with traditional marketing attribution tools, as cross-device and cross-platform journeys and cookie limitations make it difficult to track traffic sources, a growing concern in 2023.
By developing a better understanding of the success of your marketing strategy using the SegmentStream Conversion Modelling Platform, you can achieve better insights and, consequently, more informed marketing decisions. You also better understand your ROI, making financial planning and ad spend budgeting decisions easier.
Businesses struggling to identify conversion sources and looking to optimize their analytics strategy should invest in this Conversion Modelling Platform for improved and more informed marketing measurement and analysis. You can sign up for a trial to see how SegmentStream can help you enhance your marketing analytics strategy.
Supermetrics functions more as a data provider. It integrates digital marketing sources like Google Ads and Meta Ads to generate marketing data you can use for analysis and decision-making. It combines various data sources, such as different social media sites, into a single platform that can be organized, filtered, and used for marketing optimization.
As a data provider tool, it offers many benefits, including:
- Data automation, so you don’t have to conduct manual data transfers
- Data encryption and security to safely store data
- Multi-platform integration and cross-channel reporting
- Free trial demo version, so you can test out the tool before investing in it
Unfortunately, the tool can also present a number of challenges. Some cons of using this tool include:
- Limited cross-platform integrations
- No visualizations - the tool is rather used as an add-on
- Highly technical and hard-to-understand data mapping and transformation process
- Low data volume cap for some integrations
The solution is useful if you’re just looking to organize your data. Especially if you’re sourcing analytics data from multiple sources, it can be helpful for arranging data in a single database.
A digital marketing reporting tool, Whatagraph offers over 30 reporting tools optimized for various business needs. In addition to web reporting, you can use it to analyse pay-per-click campaigns, SEM and SEO research, and e-commerce reporting. The tool integrates various data sources to create useful visualizations that inform your marketing campaigns.
As such, it is a valuable tool as it offers:
- Quick and easy data reporting;
- Customizable templates so you can highlight data that is significant to your business;
- Cross-channel reporting and multi-user sharing options.
The solution may not be suitable for everyone, especially smaller businesses looking for cheaper options, as it can be quite costly. On the other hand, businesses looking to automate their data reporting process may find it a helpful tool.
When it comes to data reporting, Funnel is one of the best tools for marketing analytics. It integrates data sources over the cloud and automates the recording and reporting process. Data storage security is guaranteed and can be organized based on business needs and KPIs. Your data can then also be easily shared with other users.
The tool can support businesses of all sizes and offers over 500 connections and integrations. One of its biggest advantages is that it does not employ any technical use aspects, which makes it a more accessible data management tool.
Some of the pros of using the solution include:
- A variety of integrations and connection options;
- Useful visualizations;
- Ease of access and use.
The main drawback with this tool is that you will be charged additional fees for every data source you connect. This may not be a suitable option for smaller businesses with tighter budgets.
Now that you’ve seen some of the top marketing analytics tools, it’s time to implement the best option for your marketing strategy.
Key takeaways: looking for the best marketing measurement tool
Marketing analytics tools are important to inform your marketing campaigns and develop insights into future conversions. The best marketing measurement and optimization tools should offer an integrated and accurate picture of user behaviour across opening and closing channels. They should help you pinpoint the success of specific campaign features and, ideally, help you determine future patterns that lead to successful conversions.
As such, SegmentStream offers a broad-spectrum approach to marketing analytics. Understanding the limitations of traditional, cookie-based tools, it has employed an intelligent approach utilising Machine Learning, making it highly relevant in today’s changing digital landscape. You can check it out and see how SegmentStream can help you get more conversions for every dollar you spend on ads.
You might also be interested in
Is this the end of Meta’s behavioral targeting?Learn more
Introducing AI-powered Marketing Mix OptimizationLearn more
Product updates for July - September’23Learn more
Never miss an article
Get the latest articles, event invitations and product updates delivered straight to your inbox.
Thank you! You’ve been signed up for our newsletter.
Get started with SegmentStream
Learn about Conversion Modelling and why it is a true next-generation solution to outdated marketing attribution and conversion tracking tools.