The U.S. Small Business Administration (SBA) recommends that small business leaders spend 7% to 8% of their gross revenue on marketing and advertising.
Especially if you’re still working to get your company off the ground, that’s a substantial portion of your profits.
As such, it’s important to perform market analytics to make sure your campaigns are yielding the results you expected.
Today, we’re sharing five tools designed to help you do just that.
Ready to learn more? Let’s get started!
1. Social Media Monitoring
Studies show that more than 75% of small businesses use social media as a major promotion tool.
While platforms such as Facebook, LinkedIn, and Twitter can present valuable, inexpensive outreach opportunities, it’s no secret that they can be a beast to keep up with.
Chances are, you’re pretty busy. You don’t have time to refresh your Instagram page every few seconds to check for new activity. It’s also time-consuming to create new content every morning before your first cup of coffee sets in.
That’s where a social media marketing tool can make a world of difference. With this resource, you can organize and consolidate your social media accounts so you can see what people are saying, respond accordingly, and never miss a beat. You can also create posts ahead of time and schedule them to go live throughout the week!
2. E-mail Marketing Analytics
Even in today’s fast-paced digital world, email is far from archaic. In fact, it’s still one of the most influential and successful outreach channels around.
That’s why it pays to find a provider that not only allows you to send personalized messages with ease but also tracks important analytics related to your campaign.
Look for one that integrates with other channels, including Google’s cloud platform. This way you can continuously monitor your efforts.
3. Tracking Lead Sources
No list of digital marketing analytics tools would be complete without a mention of Google Analytics. In one central spot, it allows you to track your business’ presence all around the world, so you can know exactly where your online leads originate.
You can sort the results by the type of traffic received (organic, direct, referral) to check the effectiveness of your SEO campaigns, social media strategy, and more.
4. Analyzing Digital Advertising
If you’re going to invest in digital advertising, Facebook is one of the most powerful places to put your money. In fact, the social media giant’s advertising platform recently topped $16.6 billion.
To make sure your ads are achieving the visibility you need, don’t forget to tap into the analytics tools available within Facebook Ads. From a bird’s-eye view to the nitty-gritty details, you’ll find all of your performance metrics here.
5. Ongoing Competitor Research
Of course, one of the most important metrics to track is how well your competitors are doing!
Where are their traffic sources and leads coming from? Knowing the answer to this question can help you stay ahead of the curve. You can use online research tools to conduct research on your competitors, analyzing the following data points:
- Web content
- Social media campaigns
You can also monitor the performance of your own site compared to others. This information can help you shape a more competitive and relevant digital marketing campaign.
Market Analytics Tools You Can Trust
When you invest time, money, and resources into online marketing, it’s critical to check-in on a regular basis. Is your campaign delivering the ROI you need? Is there anything you need to tweak?
Thankfully, there are a myriad of market analytics tools that can help you grow your business with ease. Leverage these today to take a more hands-on, proactive approach to your efforts.
Looking for more digital advertising resources? We’d love to chat. Get in touch today, and let’s take this next step together.