What is the difference between an SMB that fails and an SMB that succeeds?
Obviously this is a complicated questions, and there are a lot of factors. Everything from marketing tactics and business plan to work ethic and capital investment matter.
But the ‘secret’ factor, the thing that no one really talks about, is marketing data. Marketing data is the secret sauce for SMB success.
SMBs that gather marketing data grow. They are more likely to succeed than SMBs that don’t gather marketing data.
What Do We Mean When We Say ‘Marketing Data?’
We’re not talking about market sizing or market analysis. We’re not trying to gauge how many households there are in the market or how many customers you could possibly sell to. That would be market analysis.
We’re talking about actual marketing data—measuring how well your marketing is working.
For example, is your Google PPC campaign producing phone calls? How many leads are you getting for the money you’re spending? How does your website perform? How many phone calls did that local radio ad you ran produce?
This is all critical marketing data.
And SMBs that gather and analyze marketing data succeed more often than SMBs that don’t gather and analyze marketing data.
Marketing data is the secret sauce for SMB success. If you want your business to stand out and succeed, gather at least a littel bit of marketing data.