Marketing is the means by which a business promotes its services or products to its target customers. Marketing is about understanding your target customers, what they like or love, and how you can meet this demand. It is not just about a company showing how it cares about its customers, but it is more about putting in the effort, skill, and resources to solve its customers’ actual problems.
A marketing analysis example embeds the strategies, materials and techniques for the promotion and development of services or products. To monitor how well the marketing campaigns are doing and whether they are meeting the objective, monitoring and valuation assessment of the market tools is crucial. The best way to achieve this is by use of marketing analysis tools.
Marketing analysis models entail the assessment of a market both in a quantifiable and qualitative manner. It involves your customer base, buying habits, the challenges they face, and the other players who offer similar products or services.
Marketing analysis employs the use of both paid and free marketing analytics tools geared for business growth and dominance. It involves analyzing the market trends in your line of interest, the content they are consuming and how they are responding to it. Marketing analysis tools are essential to help manage marketing campaigns effectively and promptly. The analysis tools are software that offer the metrics of the performance of the various strategies employed.
Standard Features of Market Analytics tool
Most marketing tools including the free marketing analytics tools have unique features. However, several characteristics appear to be common among most of the analytical tools.
- They determine the marketing expedients that contribute to sales.
- They can identify the market trends, competitors and evaluate the business opportunities available.
- Display customer buying behaviors and the ability to efficiently target resources and message a specific group of consumers.
- Identify marketing methods that are most efficient and cost-effective with a prediction of outcomes using a specific or combination of those sales volume methods.
- Show how a particular marketing strategy that attributes to profit and revenue growth of a business.
- Use various promotional methods with expectations of a logical progression of sales from one level to the next.
- Use a combination of channels to reach consumers, bring traffic to a specific brand, and identify which channel attributes to most customers that buy the product.
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Marketing Analysis Tools: Factors to Consider
The market analysis model is essential in determining the best market analysis tools that favors your business. Many market analysis models are ranging from the traditional to the digital models. Examples of the digital market analysis model include Digital Branders, Product Innovators, Demand Generators and Customer Experience designers. When settling for a market analytics tool, there are several factors you need to consider.
Marketers in the digital space should not overlook the importance of customer service programs. It is essential to look into a platform with a good track record of taking excellent care of its customers. Find a tool that understands the business expectations and one that offers fast and convenient support.
When choosing a marketing analytic tool, it is crucial to consider the size of the business. The number of users will inform you of whether to opt for subscription-based tools or fixed monthly priced tools. There are marketing analytic tools that offer a one month trial before subscription, free updates and add-ons. Be sure to take advantage of these features while looking at the price.
Time, cost and quality are among the top priorities of a business. Automation features provide an advantage concerning these priorities. They require less or no human labor, hence eliminate human error and improve quality.
Some of the automation features are real-time response and alerts. If you are looking into reducing labor in the business, then the automation feature is a factor to consider.
Any business aims to yield maximum profit and increase its worth. Any venture that produces good results gives the company a competitive edge and adds to the return on investment will be of great advantage. When selecting tools with marketing analysis models, choose one that offers multiple solutions and automated tools to boost marketing campaigns.
It is also possible to have a business that benefits more from a specific product than from an all-in-one solution. Determine your business needs, goals and analyze the benefits to know what platform suits you best.
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With many companies offering market analytic tools that perform the same task, it might be challenging to decide which one is best. To avoid choosing a tool that will not help you achieve maximum benefits, make inquiries, reach out to different companies using the device and find out how long the platform has been in the market. Find out whether there are any service delays, how often the system upgrade happens, and the forum’s security. These are factors that will inform your purchase.
User experience refers to the subjective response of the person interacting with a product. While gauging user experience, look into how useful the platform is and whether it will meet your desired need. Establish if the venue is usable. Sophisticated platforms will consume much of your time; hence it is essential to use a marketing tool that is easy to use.
The best market analysis tools are credible; their credibility is measured by how reliable they are. Reading reviews from other users will help you know the pros and cons. Further, you will be aware of what benefits the platform will offer.
A successful business needs to incorporate various practices such as data analysis, management, and marketing measurement. Since this process will require some software, select a tool that allows you to perform multiple tasks from one central location.
There are many market analysis tools tailored to different business needs. They range from an analysis of how your content is fairing on, management of customer relationships, automated posts to social networks and emails and even to check on how the market trend looks so that you can gauge how your competitors are doing.
It is advisable to go for market analytic tools that shed more light on content optimization.
Type of tool
There are market analytic tools that offer a full set of products, while others are product specific. Your business needs will influence your choice.
10 Best Marketing Analytics Tools
Market analysis tools range from the free ones to those that you have to pay for a subscription depending on the features that they perform. Here is a list of the best marketing analytics tools that everyone should have.
Owned by Google LLC, Google Analytics is one of the best market analysis tools free of payments. It is an indispensable analytics tool that provides vital information for knowledge-based, e-commerce or service driven needs on your site. It comes with the ability to monitor website traffic, showing how many visitors have come upon your website, whether they are new or repeat visitors. It also shows the duration of time that they spend on your website, which particular pages they viewed at specific times than others and the keywords that attract most visitors to your website. Show the type of browsers that the visitors used to access your website.
The tool also has demographic information to show the region and language used by your visitors. It can show bounce and exit rates: Bounce rates are those customers who visited the website but did not take any action, while the exit rate is the visitors who browsed at least two pages from the website. You can also segment data and pay attention to specific data market analysis tools pdf reports relevant to you using the filtered reports. The user also has pivot table features for creating pivot tables without using other software such as Google excel sheets or Microsoft Excel. Here is a look at the Audience Overview in Google Analytics:
(Image Credit: Kinsta)
- It is a free marketing tool and can be easily accessed.
- Ability to collect data from different sources
- Create and customize your goals and views for e-commerce
- Use real-time data for analysis
- Easy to learn and provide a learning platform at the Google Analytics Academy
- One must learn the language used to use the platform
- The free platform only favors small websites, but for huge websites, you have to part with up to $500
To make smart marketing decisions and tie the revenue to them, Hubspot is a must-have market analysis tool. It comes with a traffic report to show the number of people visiting the website while identifying the source of most of the traffic. It also comes with demographics to show the region from where the visitors visit your site, contact information, and conversions.
It also has filtered market analysis tools pdf reports to show detailed information for each marketing channel and information you can easily share or make data-driven decisions. This marketing analysis tool enables you to get a well-designed Call-to-Action click trick, pinpoint the market strategy that brings the most traffic and show new and repeat customers. You can use these market analysis tools free, though you can opt for a premium starter plan of $50 per month. The image below shows you what HubSpot looks like:
(Image Credit: HubSpot)
- You don’t have to learn coding to use the platform
- It is easy and simple to create a trackable event on Hubspot
- It is has a user-friendly interface
- It does not have the segment filter feature; thus, one cannot focus on a particular marketing tool and assess how much traffic it drives.
- Their contracts are not flexible, meaning that you are locked in for that entire period had you selected an annual subscription.
This software tool is used by marketers in the digital space to improve and enhance online search performance. It is exceptional as it informs users of the keywords that help with search engine marketing and search engine optimization campaigns. It has a keyword rank tracking feature that locates the position of a website in Google Search. You can be able to see how you rank as well as the position of their competitors.
SpyFu also enables you to get Search Engine Optimization Backlinks. These backlinks help a website to build traffic as they increase its discoverability. This analysis tool reveals the information on websites and their backlink profile. Through its Top Ad Competitors, Spyfu helps in identifying competitive keywords to capitalize on a paid search. Take a look at the SpyFu Overview below:
(Image Credit: SpyFu)
- It is a reliable tool for finding keywords for organic and paid search programs.
- It has been in existence for 13 years in google data, making it a credible marketing tool.
- It keeps you in the know about your competition.
- The backlink updates weekly thus are not the best for backlinks analysis. It does not have sufficient information in the keyword research tool.
- Average capabilities in keyword rank tracking
Cision Communication Cloud
It helps to identify key media and influencers connecting them with the target audience. Companies can track competitors’ business performance by comparing posts on competitors’ social media channels. Cision Communication comes with automated insights, impact reporting and monitoring of different media. It also allows you to target and connect with the key influencers who can market and influence your products while increasing traffic to your site. For example:
(Image Credit: Cision)
- Automated insights
- Impact reporting.
- Target and connect with the key influencers
- Monitoring of media
- Easy to navigate and find what you require
- Maintains a media list.
- Suggest content that will reach the targeted market.
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SemRush is currently one of the most used SEO tools. It provides information that is useful in creating content for websites and identifying opportunities for link building. SEMRush gives insights on content that will make a website rank higher. This tool comes with backlink Analysis, which allows you to view the backlink registry and anchor texts and IP addresses of those backlinks.
It also has a link-building feature, which makes SEMRush unique from other marketing tools. Search Engines highly rank sites with more links referring to them, giving you the advantage of gaining links from authoritative sites. SEMRush creates a list of websites that are commendable for backlinks. It has also broken link building properties that work by recreating content in broken links, identifying people who used the link and requesting them to link to the recreated content. Here is a look at the SEMrush backlink tool:
(Image Credit: SEMrush)
- Has a free trial window that allows users to try all their products.
- Has a variety of channels for customer support, and one can use email, phone or chat.
- The platform is straightforward, making it easy to use.
- Limited to one user account
- Difficult to use this marketing tool on the phone
- Some features have an additional cost.
It is an online marketing tool that helps marketers build their reputation and keep track of the business’s local Search Engine Optimization. Moz Local has an online business listing feature for each location of its customers. It also comes with a feature that allows you to conduct reputation management, allowing you to build credibility within your site. It also gives you the ability to identify listings occurring more than once and permanently delete them. For example:
(Image Credit: Moz)
- Offers a variety of pricing plans for businesses.
- Have an alert that informs you on edits made to your listing
- Provide accurate business information
- Reduces redundancy by deleting the duplicate business listing
- They are costly compared to other companies providing marketing analytic tools.
- They have limited availability on SEO analytics. Premium users can only access-Moz local search engines. Very fast onboarding features that can only be used by members or businesses with a hundred or more locations.
Prominently used for B2B sales with attention directed towards attracting and engaging consumers into sales funnel. Highly customized with four different plans and payment options for each. It has lead management features allowing you to transform visitors to customers. The marketing analysis models offered by this tool allows you to automate Salesforce and marketing with its all in one marketing feature.
(Image Credit: PAT Research)
- Easy integration with many systems and services.
- Many learning tools on their website.
- Great dashboard and report feature
- You have to build your preference center.
This marketing analytic tool is used in social media to enhance performance and determine social media presence. Provides insights that you want to pull from your audience. It provides real-time metrics of social media accounts such as Twitter and Facebook. Crowdbooster also informs on what content creates traffic to allow you to maximize on the results. The tool comes with dashboards, tables and graphs that can be customized. For instance:
(Image Credit: Digital Marketing Directory)
- Simple to use
- Provide insight that can improve the website traffic
- Saves on time.
- Easy to use and user friendly
- It does not apply to all social media platforms
- It does not improve with experience
- Lacks human interaction as it is an Artificial Intelligence platform.
Ahrefs has the world’s greatest index in backlinks and is ranked among the best SEO tools. This market analysis tool comes with an overview of sites that detail URL rating, ranks, and domain ratings. It comes with top page features that allow one to build backlinks through publishing legit content that attracts more links. One of the features that stands out is building broken links as it reports the broken links of a domain. For example:
(Image Credit: Ahrefs)
- Contains graphs that identify a competitor’s poor promotion and poor growth of backlinks.
- Ability to profile backlinks.
- Ahrefs can group similar links.
- Provides filters that enable the sorting of URL
- Has Google features included
- It is expensive
It is an all in one tool used to improve online search performance and inform competitors’ marketing strategies. Serpstat allows you to get competitive analysis benefits by learning strategies being employed and diversifying your own. It also comes with site audit capabilities that enhance search visibility from the users. To maximize your SEO strategies, it comes with Keyword Rank tracking to increase your keyword ranks. The image below shows an analysis done by SERPSTAT:
(Image Credit: Chrome)
- Has useful features for site auditing, backlink analysis and keyword research
- Cheaper compared to some marketing tools such as Ahrefs and SEMRush
- Data visualization is unclear
- Unreliable customer support.
- It is expensive.
Diib®: Try Our Professional Marketing Analysis Tools
Digital Marketing is a highly competitive industry. For a business to thrive, you will need to use one or a combination of market analytic tools. Diib Digital offers marketing analysis of each of your campaigns; from keyword analysis to social media demographics. Here are some of the features you’re sure to appreciate:
- Keyword, backlink, and indexing monitoring and tracking tools
- User experience and mobile speed optimization
- Bounce rate monitoring and repair
- Social media integration and performance
- Broken pages where you have backlinks (404 checker)
- Technical SEO monitoring
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By definition, marketing tools are tools designed for product development and promotion. Companies use these to help market and promote their products or services.
Examples of online marketing tools are: Email marketing, display ads, PPC ads, social media marketing, SEO, virtual events, webinars and content marketing, just to name a few.
There are two major quantitative data analysis methods: descriptive statistics and inferential statistics.
Also called an analytical method, this is the analysis of a specific problem, status or fact. They are usually time-limited and task-limited and used to solve a specific problem or concern.
This journey can seem difficult. Here are some steps to help smooth your way. 1) Identify the purpose of your analysis. 2) Review your industry outlook. 3) Identify your target audience or customers. 4) Compare your competition. 5) Gather all relevant data and metrics. 6) Analyze all findings. 7) Implement your new strategy.