Are you collecting data from your small business’s marketing efforts? If so, are you taking full advantage of that data you’re collecting? Our newest infographic, 2016 Small Business Marketing Analytics: Use Data to Grow Your Business reveals opportunities for tracking business growth through marketing analytics.
Fifty-one percent of small businesses believe analytics are critical, but only 45 percent track that data. Many business owners say they don’t have the time to track their analytics, but just a few moments of study can help you gain a greater understanding of your business.
Email marketing reports, website analytics, social media analytics, and even sales receipts can be useful in tracking your customers’ behavior. This data can help you note where your business is succeeding, along with where you might have opportunities to improve.
Small business are using marketing analytics for a variety of purposes. Top priority is finding new customers: 73 percent of small businesses do this. Next highest is retaining existing customers at 67 percent, followed closely by improving customer experience at 65 percent. Companies using marketing analytics show increased profits and marketing return on investment -- likely because they’re taking great care of their new and current customers.
Want to excel at data analysis? Take a look at how your business performs in various online search terms. Track page views of your website, but also look at time spent on your site, along with the volume and quality of your web traffic. Are you attracting and receiving the visitors you want?
Spending more time analyzing your marketing data doesn’t mean you need to spend more money. Many analytics are provided for free, especially those tied to social media accounts. Constant Contact recently found that only 34 percent of small businesses it surveyed plan to spend more money on their marketing efforts in 2016. Thirty-five percent of those respondents don’t plan to spend more, and 31 percent of those who took the survey are unsure of their future spending.
The ease of use of many marketing analytics tools combined with increased mobile capability through apps means it’s easier to take your marketing efforts anywhere in the world and complete tasks on the go.
Not sure you’re making the most of your marketing data? Meet with a SCORE mentor to look over your numbers and make a plan to do more with your marketing analytics in 2016.
Download the full infographic.