Monday, November 23, 2015

Google Analytics vs. Coremetrics

Keeping up with the ever-changing landscape of digital marketing could become a challenge and there’s always something to learn and experiment with.
Earlier this year at the digital marketing conference analysts from Gartner for Marketing Leaders pinpointed top digital marketing trends. In less than five years these trends will continue to provide value to marketers.

I wanted to list a few I thought would be of interest to marketers I work with on the daily.          
           
Real-time marketing. Marketing that is based on up to date events. This moves in customer time as consumers create links to each other and to brands.

Super Bowl XLVII was one of the biggest nights in history. Beyoncé had just performed her first halftime show. The San Francisco 49ers and the Baltimore Ravens had taken the field. And then suddenly, everything went dark at the Superdome. More than 100 million viewers turned to social media, and many brands saw an opportunity to light up that space.
Dunk in the Dark.” Oreo acted fast, and they got thousands of people talking. They earned more than 10,000 retweets in the first hour and made headlines in more than 100 countries—all with a $0 media budget.

Multichannel attribution. From a retailers standpoint being able to identify conversion taking into account all the different channels that the shoppers were exposed to leading up to the actual purchase. This set of techniques link specific actions marketers take to consumer actions.
 






Content marketing. Marketers need to build a content marketing supply chain and determine how to create, curate and cultivate content (Levy, 2015). 


So what is more important than keeping up with emerging digital marketing trends? Measure, Measure, Measure!!! The key is to find a way to influence new people and engage them to reach your conversion goals correct?
Well just like these trends there are also a ton of web analytical tools to help you with your marketing efforts and measurement. I wanted to compare and contrast Coremetrics to the functionality inside Google Analytics that is used by majority of marketers.             

According to digital evangelist Avinash Kaushik, buying a web analytics tool is like buying a car, you can do all the research on the web you want but you have to get your butt into the seat of a real car and take it for a test drive and see how you feel about it. Press the buttons, get a sense for how your hands feel on the steering wheel, what happens when you take quick turns or go over potholes on the road. Then you start to get a real idea of what the difference is between a Saturn Ion and Toyota Matrix.
Each web organization is unique when it comes to its culture, existing systems, IT skills and infrastructure, the need for reporting or analysis etc (even if different organizations are in exactly the same line of business). What works in your favor is that in our world you don’t have to take the tools you want to compare for a 30 min test drive. Any vendor, especially one that wants your business, will let you implement their tool on your site for free for a few weeks and take it for a spin (Kaushik, 2015). 

GOOGLE ANALYTICS

By now everyone knows Google, a company that owns many products for consumers (email) to businesses using Google analytics.
Google Analytics helps you analyze visitor traffic and paint a complete picture of your audience and their needs. Track the routes people take to reach you and the devices they use to get there with reporting tools like Traffic Sources. Learn what people are looking for and what they like with In-Page Analytics. This will help you tailor your marketing and site content for maximum impact.

Google Analytics has the latest in full-credit measurement. Sophisticated features like:
·        Multi-Channel Funnels and Attribution show how all your campaign elements work together — so you can give the most credit to those that work best.
·        Remarketing can help you reach your most engaged viewers and see the impact of your message at the moment it’s delivered.
·        Site Speed, Alerts, and In-Page Analytics let you reach peak capacity by helping you avoid slow page loads, poorly placed content, and site crashes due to high visitor volume.

Google Analytics helps you understand which digital marketing strategies perform best. Make changes, re-measure, and test some more to meet your performance goals. Have more than one group weighing in? Share valuable insights and dashboards with your colleagues and generate reports tailored to the needs of different teams. If there is a dip in traffic patterns, Custom Alerts lets you know so you can act immediately (Google, 2015).

COREMETRICS

IBM® Coremetrics® Web Analytics is the complete, cloud-based digital analytics product that sets itself apart by providing marketers with not only data, but with answers for increasing ROI. Marketers gain a competitive edge because they benefit from state-of-the-art analytics, comparative benchmarks about industry peers, and advice on how the best performers are actually achieving success.

Coremetrics Web Analytics is at the heart of the IBM Digital Marketing Optimization Suite. Marketers are provided with a data warehouse on visitors’ digital journeys, across marketing touch points and channels, even offline, so that marketers can go from insight to personalized marketing action with just a few clicks.

Coremetrics Web Analytics removes barriers for going from analytics to action so marketers can increase revenues by targeting prospective customers with relevant content across digital channels. It helps marketers increase visitor reacquisition and retention rates, improve multichannel strategy formation and implementation, and optimize budget allocation and marketing mix, including email marketing, mobile marketing, display advertising and social media marketing.
(ibm.com)

Unique features:
                                                    
Powerful marketing attribution capabilities
           Understand attribution with intuitive visualizations and “touch point pathing” to determine what campaign combinations lead to the greatest return.
           Compare side-by-side different models of attribution logic with limitless flexibility.
           Present complete boardroom insights using add-on options to include view-throughs from off-site ad or brand impressions and online/offline conversion scenarios.
Coremetrics LIVE (Lifetime Individual Visitor Experience) Profile
           Coremetrics LIVE Profiles, provides a data warehouse of customer and prospect interactions with your business over time and across digital channels.
           Marketers go from Core metrics LIVE Profiles to delivering highly relevant recommendations, and personalized email with just a few clicks to increase advertising ROI, cross-sales, retargeting success, and customer lifetime value.
This data positions businesses to serve customers highly tailored experiences based on their individual history—on a website, through email and throughout multiple ad networks. Profile mining, multi-channel integration, behavior-based marketing, and campaign attributions are some of the initiatives that LIVE Profiles make possible.
(IBM Digital Analytics)

Which one is better?
In summary, campaign attributions delivered by Coremetrics provide an exceptional opportunity to improve marketing sales.
·        Optimizing keyword inventory, bids, advertising text, landing pages and website conversion based on individual business objectives with LIVE Profile data.
·        Delivering relevant offers, automate the offer generation process to save time, and measure and improve cross-sell effectiveness with IBM Product Recommendations.
Export LIVE Profiles to email service providers to segment and target visitors and customers based on their behavior to deliver the right message, to the right customer, at the right time.

In contrast, Coremetrics is expensive and depends on your server load. You could spend up to $10,000 per month (Bernhard, 2011). Very happy to report that Google Analytics is a great tool that marketer’s from all sizes turn to and use for FREE. It provides various high level reports, information on site visits, and their behavior and track what they are doing on your site.

Coremetrics operates from the perspective that websites are online retailers. And Google Analytics operates from the perspective that there are content sites and ecommerce sites, and they should all track the same general success metrics. Pick which perspective matches your own the best!


No comments:

Post a Comment