Modern marketers in this digital age have access to a large amount of data about consumers and markets as a whole. These data points are called metrics. Managing and harvesting insight from these metrics—and optimizing processes as a result of the findings—is the purpose of marketing analytics. Organizations use analytics today primarily to assess the progress and overall success of their marketing efforts, usually by taking steps to identify the return on investment (ROI) for campaigns and initiatives. Maximizing ROI is important because it also means maximizing the efficiency and cost-effectiveness of marketing endeavors.
Besides helping marketers along on their searches for that ever-important ROI, analytics programs can also aid in identifying both long and short-term industry and overall marketing trends, provide data-backed forecasts of results of future efforts, and even gauge why particular programs performed the way they did.
Note that web analytics is different from marketing analytics in that the process focuses solely on website performance. In other words, web analytics tools analyze the behavior of visitors on a website to determine its effectiveness. Metrics measured by web analytics tools include the number of visits, bounce rates, conversion rates, page views, and the amount of time visitors spend on each page, among others. While marketing analytics and web analytics are different processes, there is some overlap. Thus, the two are often used together.
Perhaps the most common web analytic tool is Google Analytics, but there are many other alternatives available which you can see on our Martec Showcase here. Features of these platforms include campaign and advertising performance reports, audience data and reporting, data collection and management, sales and conversions statistics, navigation analysis and overall site performance across a variety of devices.