What is marketing analytics?
Marketing analytics refers to the tools and processes used when analyzing data gathered from various marketing campaigns and data sources. Generally, the goal of marketing analytics is to determine overall performance of campaigns, identify optimization opportunities, and ultimately achieve the highest ROI on your marketing efforts.
Marketing analytics is a broad field and there are many ways you can go about analyzing performance, although it typically involves understanding how each touchpoint along the customer journey impacts the final conversion. The goal of understanding how each touchpoint performs along the conversion funnel is to determine what drives customer actions in order to refine each step and increase the overall ROI.
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What are the uses of marketing analytics?
When marketers uncover patterns or optimization opportunities in data, they achieve a data-driven approach to improving their marketing strategy. This can include everything from comparing the performance of a campaign’s geographic targeting to redefining audience demographics to optimizing ad creative, and much more.
Marketing data can also be analyzed using a wide range of methods and modeling techniques depending on what target KPIs you’re optimizing for. For example, as Marketing Evolution highlights, several popular analytics methods include:
- Media Mix Modeling (MMM): MMM involves looking at aggregated marketing data over longer periods of time.
- Multi-Touch Attribution (MTA): MTA involves looking at each touchpoint’s contribution to an eventual conversion goal.
- Unified Marketing Measurement (UMM): UMM uses various attribution models from both MMM and MTA to form a more comprehensive analysis.
Regardless of which modeling technique is used, marketing analytics is more important than ever given how fragmented the user journey is. These days, a conversion often involves multiple devices, platforms, and unique visits until reaching completion.
With data available at each touchpoint along the buyer’s journey, this provides an often overwhelming amount of information that needs to be processed and analyzed. In order to understand this data and uncover actionable insights, marketers turn to marketing analytics platforms that specialize in the field.
How Singular delivers marketing analytics?
As a leader in marketing analytics, Singular helps marketers take a scientific approach to their growth strategy and expose optimization opportunities to maximize ROI with granular performance insights.
Specifically, Singular provides marketers with:
- Unrivaled ROI Insights: Singular exposes accurate and timely insights both at a high level and the most granular levels in order to optimize the return on marketing spend. By providing eight layers of granularity to your marketing analytics, we’re committed to providing ROI insights across more media sources than any other solution.
- Visualized creative level insights: By visualizing creative asset performance side-by-side, marketers improve their storytelling and the ROI of each ad creative. The platform also uses proprietary image recognition technology to automatically group ad creative together, regardless of minor copy changes.
- Custom tailored analytics: Singular is designed to be customized to match your specific analytics needs with the dimensions, metrics, and events that matter to your company.
- Ad monetization analytics: This allows you to to automatically collect, normalize and combine ad revenue data across various monetization partners into a single, holistic view.
- Fraud prevention: In addition to best-in-class marketing analytics, Singular provides a fraud prevention suite to help keep ad budgets focused on high-quality users.
As we continue to focus on privacy-safe marketing analytics and attribution solutions, Singular is increasingly moving towards what we call Hybrid Attribution, which takes all sources of data into account, including first-party data, deterministic data, ad delivery data, cost data, and much more, and builds a holistic view of marketing performance using many different tools of analysis, including media mix modeling.
These are just a few of the solutions that Singular provides in order to streamline the process of analyzing marketing data. If you want to learn more, check out our resource on Marketing analytics for the modern marketer: actionable insights for accelerated growth.