Analytics for Small Business Part.1

Published by Engagement Labs on August 6, 2014

Small Businesses need every advantage they can get in order to be seen by the most people and spread their message. The minimum viable product is the biggest hurdle for small companies, but once you’ve got the ball rolling you need to start evaluating your efforts in order to improve going forward.

Analytics make it easy to understand current Internet marketing trends, and your performance. This is critical in helping small businesses develop responsive online marketing strategies that maximize budgets.

External data that you can derive from user generated data (Big Data) includes an analysis of your business’ positioning within a targeted location, understanding consumer behavior and their engagement with your website and demographics of your customers. This information is useful to help you plot digital marketing campaigns and apply the most appropriate SEO marketing tactics to your business’ advantage.

Exploit the opportunities for strengthening your customer intelligence by targeting the essential data with the following four points in mind:

  1. Filter relevant data needed for your business. Not all data is important. Make sure you know what you are looking for or else it’s easy to get lost in the numbers.
  2. Identify metrics pointing to specific leads that will likely convert into sales. Not all individuals are of the same value for your company. Make sure you are targeting demographics that fit your ideal customer.
  3. Use analytical tools that help to link Internet marketing campaigns and defined results. It’s difficult to master online marketing tools right off the bat. Make sure you monitor the results to ensure that every dollar you spend gets the highest click through and conversion rates.
  4. Be prepared to translate big data into meaningful insights. Data will likely start to trickle in, but be sure that you create a framework at the beginning that allows you to scale.

Once you have created a mental framework for your analytical efforts, you should start to find tools for each area where your company is active online. These include websites, email marketing, blogs and social media profiles.

After setting up accounts and creating queries, you need to start a process of evaluating and implementing your results. Data without action is of little value.

The appraisal of your results will rely on the type of business that you have and the scale of your efforts. For example, a luxury brand selling thousand dollar watches online is going to have different standards and focus than a targeted news site. Likewise, there are certain standards for your brand that will only become apparent after ongoing monitoring and readjusting your strategy.

When starting a campaign or launching a project, this process may take a considerable investment of time. After that, create reminders to evaluate the results on a weekly or monthly basis to steadily improve and react.

Check out part two of blog post, as we go into some of the specific analytical tools and how you can use them to better your business.

 

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About eValue™:

The eValue™ score measures the effectiveness of a brand’s overall social media performance on Facebook, Twitter, YouTube and Instagram and provides a score from 0 – 100. It’s the aggregate of the three subscores including Engagement, Impact, and Responsiveness that work together to create one top-level KPI. Our subscores are calculated by using hundreds of sub metrics which are then benchmarked against a hand-picked database of 75,000 verified brand accounts on each channel.

Engagement: Measures the level of interaction generated by your content and how well your community reacts to it.

Impact: Measures how many unique users have potentially been exposed to a piece of content posted by the channel’s admin through organic, viral and paid reach.

Responsiveness: Measures the rate, speed and quality of your responses to fans.