Top 3 Medtech Data Analysis Tools for 2023 and Why You Must Prepare Now
From analyzing campaign performance to understanding market trends, data analysis tools are critical for marketing success. But what changes are coming in 2023 that every Medtech marketer must be aware of and actively prepare for?
In the midst of rapid technological advancements and increasingly fierce competition, Medtech companies face extraordinary challenges in leveraging data effectively to increase ROI on their marketing dollars. Although "Big Data" and "advanced analytics" have become buzzwords in Medtech marketing, most medical device companies struggle to wrap their heads around the task of injecting data into their operations.
From analyzing campaign performance to understanding market trends, data analysis tools are critical for marketing success. But what changes are coming in 2023 that every Medtech marketer must be aware of and actively prepare for?
Why Medtech Marketers Need Data Analytics
According to a McKinsey and Company worldwide survey involving over 1,000 sales organizations, 53 percent of "high-performing" companies rate themselves as effective users of analytics. Contrast that with only 37 percent of "slow growers" that use analytics effectively.
Undoubtedly, data analytics offers a host of advantages to Medtech companies. One of the primary benefits is enabling medical device companies to make better decisions about allocating their resources. Analytics can provide insights into trends and a deeper understanding of customer journeys. In addition, data analytics software can track and analyze massive amounts of data, allowing you to build actionable reports and dashboards.
Top Medtech Data Analysis Tools for 2023
Of the many data analysis tools available on the market, here are the top three we deem the most significant for Medtech marketers.
Google Analytics 4
If you have been using Google's Universal Analytics (UA) tool, you may have heard about Google's plan to retire its UA platform on July 1st, 2023, and transition to the new Google Analytics 4 (GA4) system. However, you may not realize that transitioning to the new GA4 system will likely be a significant undertaking, as the process is far more intricate than previous upgrades.
Here are some of the challenges you should be aware of to migrate to the new system successfully:
GA4 data will differ from the UA data. There is no way to migrate from UA to GA4 because GA4 uses an entirely different data model
Google will stop updating existing UA reports mid-2024
While UA uses page-view measurements, GA4 uses events
Users will need to create new Google Analytics properties to store their data because Google will delete old properties
Expect a learning curve to get accustomed to GA4's interface
As you can see, the changes are significant. With the deadline to transition right around the corner, Medtech marketers should begin using their new GA4 accounts NOW to create a plan to build meaningful reports with both historical and live data going forward. You will have several months of historical data before UA gets switched off by making the switch now.
What are the benefits of GA4?
GA4 provides several advantages over UA, including an event-driven data model, more accurate user behavior description, and user engagement measurement. The platform can summarize data across mobile apps and websites and use Google's identity software to recognize users who are not logged in. GA4 also allows users to enable features requiring code changes without the need to modify tags. Many GA4 users place a high value on the GA4 system's ability to bring together web and mobile data, offer a side-by-side view in the same reports and collect data that are not currently available in UA.
HubSpot Analytics
Google Analytics is not the only data analysis tool to consider. HubSpot Analytics is another valuable tool that does a fantastic job of helping you develop data-driven marketing strategies. HubSpot's cloud-based CRM aims to foster sales enablement by providing inbound marketing strategies and helping you sell your product more effectively.
Since its initial development in 2005, HubSpot has undergone significant evolution and now integrates all the critical digital marketing strategies, such as blogging, email marketing, social media marketing, and more.
HubSpot's best feature is its Growth Suite, which combines all the HubSpot analytics tools in an all-in-one package. HubSpot Growth Suite may be a great option if your company is looking to transform its current marketing methodology into inbound marketing.
Looker (previously Google Data Studio)
Looker is a business intelligence (BI) tool that combines analysis and reporting tools to collect and consolidate raw data. This tool allows you to analyze your data in detail, helping you make better business analytics decisions. Looker also offers fast and accurate reporting, improving operational efficiency and helping to identify new revenue opportunities.
Users of the tool enjoy real-time data and excellent data visualization with graphs and charts to make data analysis as easy as possible. In addition, Looker prioritizes data security and offers unique reporting tools and dashboards for faster decision-making. For example, you can save each "analysis" in a "Look" and add it to a dashboard for reporting purposes. Finally, since Looker is hosted entirely in the cloud, it is easy to use and does not require desktop installation.
Prepare for 2023 Now by Managing Data and Reporting
High-performing companies overwhelmingly rely on data analytics to grow their business. Google Analytics 4, HubSpot Analytics, and Looker are excellent options for Medtech marketers.
If you are currently using Google's Universal Analytics tool, remember to begin your transition to the new GA4 system before the fast-approaching deadline of July 1st, 2023. It's best to create your new account now to avoid some of the challenges of the transition process.
Explore HubSpot's Growth Suite if you are looking for inbound marketing opportunities. Alternatively, a business intelligence tool like Looker may be the ideal platform for you if having a combination of analysis and reporting tools under one roof is important to you.
Many companies use multiple data analysis tools to help their decision-making. Since each tool offers a unique set of benefits that complement each other, having more than one data analytics method is a wise approach.
Undoubtedly, data analytics is not a static marketing technique; instead, a dynamic and constantly evolving process.
Are you prepared for the coming changes in 2023? Take steps today to ensure your company is in the best possible position to leverage the benefits of new tools and effectively manage data and reporting in 2023.
