With over 10,000 volunteers in more than 300 chapters across the nation, the folks at SCORE.org know a bit about running a successful small business. If you’re just starting a business, SCORE mentors can provide the practical action plan, education and tools you need to open your doors and establish a customer base.
That’s what makes their research so valuable, as well. The organization’s 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.