Many small businesses worry that they don’t have the budget for behavioral analysis. They’re either a non-profit that funnels as much as they can to support their cause or a small business trying to keep the lights on. Neither of these organizations has the budget for large-scale analytics investments. Fortunately, many analytics tools are free and there are multiple sources of data from which to choose.
For example, public records and other forms of third-party data (like industry publications or earnings reports) can tell marketers about their industry and audience. This might be as simple as reading about the spending habits of millennials before marketing to them. This research is typically free and easy to access. Meanwhile, a lot of first-party data is free because it’s collected by the company. This might include donation size for nonprofits, average purchase size, and regularity of purchase or donation. This information alone can help companies focus on their calls to action and frequency of marketing to customers, which can be a huge money saver.
Naturally, data collection and analysis is only the first step of the analytical process. Many companies collect and analyze data but then fail to take action on the insights that they learned. Execution is a crucial step in the behavioral analysis, as the whole process is moot without it.
Check out this infographic by CopyPress on the value of Behavioral Analysis and how it can be implemented throughout your campaign. Even small businesses on bootstrapped budgets can find ways to analyze their customers and tailor their marketing strategies to their needs.