With the rapid evolution of technology and fall in the cost of data storage and processing, massive piles of data have become the norm—and so has the challenge of making sense of them. This required expensive development and analytics resources. Emerging analytics platforms have successfully streamlined brands’ ability to garner a deep understanding of their consumer, their journey, and how to optimize the path to conversion. They have enabled marketers to make smart decisions rapidly to reflect their audience behavior and ever-evolving customer trends. The following analytics platforms are leading the way in empowering marketers to respond to consumer trends with ease and efficiency:
BeMyEye – A crowdsourced analytics platform, BeMyEye has a network of 120,000 on-demand workers that provide location-specific insights to brands. Workers are able to access tasks on their mobile device, such as mystery shopping, interviews, and collecting sales leads. While these types of research have historically been time-intensive and laborious, BeMyEye has achieved differentiation through the speed, granularity, and scale at which they’re able to provide data.
Heap – Heap, a web and app analytics platform, takes a modern, comprehensive, and flexible approach to analyzing user behavior. It allows you to create custom user segments, automatically collect every action they take, and report real-time insights. This removes the usual complexity of working with an engineer to implement code, waiting weeks for the data to trickle in, and then using an analyst to make sense of the metrics. Their clients include Breakthrough Brands such as Harry’s and Casper, as well as well-established analytics platforms such as Salesforce and Marketo.
FullStory – FullStory allows brands to record user’s sessions on their website, then play it back to uncover insights into how these users are engaging with it. The ability to search and segment by different types of users allows brands to understand the nuances of how the site can be optimized for various segments of an audience. While many analytics platforms rely on numbers and charts to illustrate behavior, Fullstory allows brands to see that user behavior for themselves.
StatSocial – While there are many social analytics platforms that tell you how people are engaging with your brand, their ability to illustrate who is engaging with your audience has barely scratched the surface. StatSocial provides an in-depth demographic and psychographic analysis of Twitter users, such as people following a brand, people engaging with a hashtag, or people @ mentioning you. This data goes far beyond gender and age, showing lifestyle insights such as their favorite TV shows and the brands they like.
Custora – Custora, a predictive marketing platform built for ecommerce teams, assists retailers in acquiring valuable customers and drives customer lifetime value. Their software is able to extract insights that enable them to predict what their customers will buy, how much they’ll buy, and how frequently they’ll shop.
The common thread for all of these platforms is around three areas:
Ease of use – The User Experience has to be flawless, mobile first, and fast. No one has time to figure out a new tool. Building intuitive interfaces is as important as the data itself. A marketer’s time is valuable, and how easy a platform is to use determines how many trials turn to customers. For example, Heap is built around ease of use. It gives a powerful analytics integration to the hands of the marketer, rather than development teams. It takes the most difficult part of platform adoption out of the experience.
Actionable – Insight and analysis is great, but if the path from insight to action is long, the actual insight becomes less and less valuable. New analytics platforms are being developed to provide recommendations, and sometimes even act on them within the platforms themselves. Time to act is a critical component, and one that creates a reliance on analytics tools to drive and measure results, versus just providing analysis. Custora’s ability to pass data to email and ad platforms helps build audiences that have a high propensity to drive lifetime value, for example. It’s not just about the data, but about how much revenue it can drive.
Interdependent – The marketing ecosystem is larger and more complex than ever. Connecting the dots between disparate tools, systems, and channels is a critical component, and the new breed of analytics platforms put playing nicely together at the forefront. FullStory’s integration with GA is a perfect example, allowing marketers to easily see videos of all users who’ve dropped off of a specific page in the customer funnel.
In today’s marketing environment, a single marketer needs access to digestible information quickly and easily without extensive teams. Breakthrough Brands in Analytics aren’t just focusing on the quality of the information they are providing or how innovative their approach is, but on how easily they dispel data and how actionable it becomes. We expect this trend to continue as other players enter the fold, further pushing both incumbent brands and up-starts into enabling a marketer to be agile, informed, and results-driven.