5 Tools for Analyzing the Market When Expanding Your Business

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5 Tools for Analyzing the Market When Expanding Your Business

Wed, 03/13/2019 - 04:36
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All data is valuable, yet some data is more valuable than the other. Joke aside, this maxim is well-known in the marketing world.

Without the means to abstract data marketers wouldn’t be able to tell precisely which marketing strategy is actually working and which one is not; the same way a doctor can’t properly diagnose a patient without having sufficient information.

For example, a cough could be a symptom of a number of illnesses, yet without a proper medical analysis a doctor can’t determine exactly which one it is, right? When it comes to the market analysis, its diagnostic tools are equally important. So, here’s a list of some awesome analytical tools that will help ‘treat’ your marketing symptoms and grow your company into a healthy business.

1. Google Analytics

This is quite possibly the best, and probably the first, marketing tool you’ll use to develop your business, and with a good reason.

It’s intuitive, it’s easy to keep track of, and it’ll provide you with all the data you need to adjust your marketing strategy to your target audience. What’s more, it will teach you the ins and outs of your website’s traffic and the importance of certain metrics such as page views, bounce rates, conversion rates, average session duration, and so on.

Also, another reason why you want to use this tool is to find relevant keywords and search terms which bring users to your website. Remember, you don’t just want to generate traffic; you want to generate the traffic that converts.

2. Ahrefs

Ahrefs is yet another powerful data-driven marketing solution for growing your small business. Essentially, what it does is help you stay toe-to-toe with the competition by conducting extensive market research.

For starters, it helps you keep a close eye on your competitors’ websites by telling you how many backlinks they possess, how strong they are, where they come from, and so on.

Next, it gives you a detailed analysis of your competitor’s paid and organic search traffic, as well as the list of all the keywords ranking your competitors so highly.

Finally, via the Content Explorer you can find out which content is receiving the most social buzz, organic traffic, backlinks, and more. All in all, it’s an excellent tool for expanding your reach on the market.

3. Kissmetrics

As a marketer, you want to know exactly what makes your customers tick, and with this tool you’ll be able to do just that.

Kissmetrics helps you gain a better understanding of who your customers are, and what they really want, by providing you with a deep insight into your customer behavior patterns. This result then allows you to tailor your marketing strategies around your specific target audience so as to engage with them in the most optimal way possible.

That said, its quality is reflected in its price, which might be too great for some entrepreneurs that are just starting out.

However, when the return on the investment is just too great to pass up, getting a loan might be a good way your small businesses can bridge the gap between the cash and development while expanding. There are some low-requirement options, such as unsecured business loans, that will help you raise the capital necessary for expanding your business with almost no restriction.

4. Hootsuite

With the number of social media users now over 3 billion, it’s somewhat difficult to ignore social media marketing. Yet, with so many social media platforms to keep track of, it can quickly turn into a real nightmare. Thankfully, this is where Hootsuite comes into play.

Basically, Hootsuite is a social media management tool which can be integrated with your LinkedIn, Facebook, Twitter, YouTube, Instagram, and Pinterest profiles.

It has a whole bunch of cool features that help with the automation of your social media channels, but what interests us the most are its analytical capabilities; Hootsuite provides you with incredible insight on the effectiveness of your content on these platforms -- what type of content is getting the most engagement and at what time, what is your most popular content, and so on.

Therefore, by harnessing its analytical powers, you gain a much better understanding of your target market, which can prove beneficial when scaling your business.

5. SEOsitecheckup

On-site SEO plays an integral part in your online marketing campaign. The higher you rank on SERPs, the more people get to see your content, and more traffic equals more chances to convert.

Now, what this particular tool does is that it audits your on-page SEO and highlights the most common SEO issues that need fixing,  including the Meta title, Meta description, keywords, tags, and so on.

Moreover, it provides you with additional info and even advice on how to fix some of these issues. Apart from that, it also allows you to check your site’s advanced SEO settings, speed optimization, security, and mobile usability.

All in all, it offers a complete website analysis, constant website monitoring, detection of broken links, and an easy sitemap generator. So, you basically use this tool to stay optimized and stay ahead.

To sum up, in order to successfully grow your business, you need to know exactly what you’ve been doing right, and what you’ve been doing wrong. To do this, you have to have the appropriate tools at your disposal. So, use the analytic tools above to your advantage and improve your marketing efforts starting today. Work smarter, not harder.