CMOs report they spend 8% of their marketing budgets on marketing analytics and they expect spending to increase in the next three years.
Data and insights from analytics are powerful. This empowers us with information on what has happened and the results from our marketing efforts. This reason alone justifies the cost, but that doesn’t mean CMOs should go and purchase each and every analytics platform out there. There is still a need to be strategic when selecting they analytics software.
What is the ultimate goal that I want to my analytics software to achieve?
Selecting the right analytics platform or digital marketing dashboard can be a large task in itself. There are so many marketing analytics platforms out there that you will be able too find one. But there is the risk of picking one that has all of the right features at first, then after a short period of time the software quickly becomes out-dated and old news, or doesn’t provide the right features for your team anymore.
Before your go and start spending more for your online reporting software, be sure to think and do a little research first.
First gather information about what you and key stakeholders need from a analytics software. If you are like many of the other marketers in the world, you are probably under a lot of pressure for new priorities from leadership, using multiple marketing channels, and have the problem many marketers share, proving the ROI of their marketing efforts. Some questions you can ask yourself are:
- What <a href="https://www check here.unifusion.com/blog/web-metrics-that-matter-for-your-business”>metrics matter to my stakeholder, what do they need to see from the software?
- What motivates or incentivizes the performance of employees who will use the analytics tool?
- What channels will my team be actively engaging and reporting on?
- Do we want to manage the software ourself or partner with a SaaS company?
- How important is long-term customer relationship?
- If picking a SaaS company, how strong is their technical support, training, or documentation?
- Does the software provide a good user-experience or bad?
- How much time do we currently spend on reporting and analytics?
But the most important question, what is the ultimate goal that I want to my analytics software to achieve?
According to Hubspots State of Inbound Report 27% of marketers that responded to their survey stated that the biggest challenge is proving the ROI of their marketing efforts. As mentioned earlier in this post, you will be likely to find an analytics software as there are plenty of fish in the sea, but finding one that works for your team and your team’s goal is what it will all come down to.
Once you’ve completed a little research, compile all your information into three buckets:
- Must-haves: If the product doesn’t have this feature, then it is eliminated
- Nice-to-haves: Although they are not required, they can be the differentiator
- Will-not-use: Features that in the long-run, you’ll never use
With this information at hand, you should be able to pick the right analytics software for your team.