More than one study published this year shows businesses are spending some of their marketing budgets on data analytics. The focus on math might be fine for big businesses but SMBs are getting the picture, too. According to BIA/Kelsey, your SMB clients are spending money on analytics this year. The data analytics space is crowded with big competitors. But, before you decide there’s no opportunity for you in this market, check out a few details.
BIA/Kelsey reports about 45% of SMBs are now using data to try to improve their business prospecting and customer service. Here’s how the typical SMB relies data analytics, based on a SCORE infographic:
- Find new customers 73%
- Retain existing customers 67%
- Improve customer experience 65%
- Segment marketing lists 44%
The study didn’t cover which tools SMBs are using for data tracking but it’s easy to imagine that some may have developed their own worksheet-based system to try to segment marketing lists. Others may be using an online email management system to send out promotions to customers that haven’t purchased from them in a while.
Neither one of these strategies are particularly expensive but they are time consuming. The time problem is one frequently cited by SMBs. They perceive new technologies to be expensive, unreliable and difficult to use. Despite these concerns, 23% are interested in online satisfaction surveys. Twenty-one percent say they want to start using a social media monitoring tool or service this year. And, 25% expect to invest in automated email marketing in 2016. All of these tools fall under the data management umbrella.
And, all of them are likely to overwhelm the typical small business owner. This situation could be a huge opportunity for you. Your clients want to explore some of the simpler data management strategies. Their accounts aren’t going to be big enough for large data analytics firms to go after. But these SMBs, many of them may already be clients, are looking for a partner to help them. If you’re developing digital marketing services, now is the time to approach clients with proposals designed to optimize their entry into data management.