One Channel Dependency Might Kill My Business!?

Is all your revenue coming from one source? That's a huge risk! Using a single sales and/ or marketing channel to market your business might be a fatal mistake for you. Single-source dependency means over-reliance on one thing and that could ruin your business. It's like having no backup. As much as you diversify your effort into various marketing channels and revenue sources, it’s unavoidable that you find a disparity in results. But that’s not to say you should stop doing it. You never know when a small revenue driver can become your main income and vice versa. 


Some businesses are dependent on one revenue source so they make themselves unduly exposed to forces outside their control. What if that source is over?


For lots of businesses this source is Google, when sales are primarily driven through Google Ads. And they take huge hits when a new competitor outbids them. 


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For other businesses it might be Facebook. A lot of companies use Facebook to engage with their audience. Often they manage groups in which members pay a monthly membership fee to the group admin (business owner) for access to valuable and relevant information. Don't get me wrong, there is nothing wrong with using Facebook groups as a marketing tool to keep in touch with your clients! Nevertheless, relying on Facebook groups alone to generate money for your business might be like building your house on someone else’s land. It's a huge risk. 


I know it from my professional career. We had a client, a very successful company that was built within the Facebook community. The community was one of the biggest in our country and had grown over many years, of course. Since 2011 countless amounts of time and effort were spent on building it and, you bet, it was really worth it. Imagine it as a heaven for an online marketeur. Selling the products almost organically, with no need for paid advertising. It was really dreamy. 


But in 2018 Facebook had changed the algorithm. Mark Zuckerberg announced that Facebook would reduce the organic reach of branded content and would focus more on “meaningful connections”. What is a meaningful connection you may wonder… Facebook no longer aims to keep you on their feed as long as it can, but instead focuses on quality time. Thus, users should be much more in touch with the friends, communities and groups that they are part of and, most importantly, truly interested in when it comes to content. And as a result of this, we started to see lower and lower numbers everywhere. 


What happened then? Out of nowhere there was a dropdown of organic reach. The businesses faced 34% decline in organic reach, on average. There were not enough people seeing the posts and not enough people were led to the website.  There were not enough orders to meet the same ROI as before. Of course, the company wasn't ready for this. This happened all of a sudden, with no warning! We did not have any back up. The company had to fill this gap by investing huge amounts of money into paid advertisements, in order to reserve the same numbers of orders and to keep the audience nurtured as before. Lesson learnt: Never rely on one channel only. It might be easy, but can also cost you a lot. 



For example, you are a real estate agent and you only generate leads from one channel - Zillow. This dependency makes your business vulnerable. What if Zillow shuts down? What if it becomes way more expensive? So, there are other options.  Platforms like Facebook can help you strengthen your brand. You can show your properties there via organic posts or paid ads, as well as build a community through a Facebook group. You can turn your Instagram into your album of properties, as well as connect with wealthy people via Linkedin. If you have a strong influence on each of these platforms and other agents don't, who do you think has the advantage?


Do you sell houses and have a community that has been engaging with your content for some time? Make your posts personal. Bring your story or stories of your previous customers into it. Leverage the fact that people get inspired by others and are interested in reading breathtaking personal stories. Increase your organic reach with high quality content. By high-quality I do not mean professional pictures or videos. What I mean is content that your audience wants! Study your target audience thoroughly before making any content plan. It will pay off, believe me…


Only a few small business owners use a variety of marketing tools to promote their business. Have you considered Facebook? Instagram? Podcasts? Twitter? Linkedin? Bing? And this is just the online section. Let’s not forget the old, but gold, offline channels! The older generations still watch TV, listen to the radio, read magazines or newspapers, as well as see billboards! Pick some other way to have a backup, to present your services somewhere else, to build a relationship with your clients or potential customers. 


The other thing that can help avoid or at least alleviate the one channel dependency is branding. And it might be the business branding or personal branding. Are you a real estate agent? You should build your own personal brand! Are you a small business owner? Work on your small business' brand!


A personal brand is kind of like a stamp that defines your persona and how people see it. In the past, personal branding used to be only about business cards, logos and websites. Today, it’s much more diverse. (Although websites are still useful for anyone building their brand and if you'd like to know more, you can read about this topic here.)  Anyone who has access to the internet and social media can showcase themselves as an expert, build an audience, and attract clients that might be interested in their business. It’s a connection between how you see yourself, how you communicate with others and how they see you. Advice? Build your personal brand.


Personal brand is a thing!


If you can count on the loyalty of your customers and strong market positioning, you’re more likely to recover when your main revenue driver goes away. I am not endorsing losing focus on your main revenue drivers. I am pointing out that you should put in more of an effort to please your existing customers, invest in content marketing, associate your brand with other reputable brands (co-branding), and use a relevant variety of marketing channels to expand your reach and nurture your reputation. On a strategic level, this would mean allocating more of your budget to projects aimed at brand awareness. 


When your brand is established, it is like you have built a wall around your company that can shield it against market forces. Even though investing in your brand may seem like a waste of time because it does not deliver an immediate ROI, it’s the safest long-term investment you can make. 


The One-Size-Fits-All Channel does not exist

It's obvious that businesses with bigger budgets and more staff can manage a vast number of channels. An entrepreneur or a small business owner with two team members is not going to have a marketing department full of specialists obviously. If you cannot afford marketing agencies, or hiring other freelancers and contractors to help you pick the most relevant channels and focus primarily on those, you can always use an app to run your marketing campaigns online, with no previous knowledge of advertising. 


No one can say “Facebook is better than Tik Tok” or “Instagram may be fantastic for increasing brand awareness, whereas LinkedIn may be a phenomenal lead generation platform”. Everything needs to be tested because every “rule” is different for each business and is supposed to be based on data! 


What channel should you add to your arsenal? Do you wonder how to find the best online channel for your business? Try a multi-channel strategy! 


A multi-channel strategy tries to combine different channels to reach the user in the best possible way. You just display your business in as many places as the consumers are. This type of strategy contemplates including new channels and new forms of communication into your digital multi-channel strategy. This is a difficult task, especially for those companies that have used the most conventional channels so far. However, there are numerous advantages of integrating online multichannel into a company’s strategy.


Ask yourself: What are the two or three social networks your ideal clients use the most? What channels do they use to entertain, to get information, referrals and recommendations? This will answer you or at least help you get closer to what the most relevant marketing channels are for your particular audience. Based on your results, you’ll be able to pick the online channels that are supposed to have the highest impact and deliver the best experience to your ideal prospects and clients. 


You should define what your social media strategy objectives are. If you can’t explain why or how a particular channel will help you achieve your goals, then it’s more than likely you shouldn’t adopt it. It would be a waste of time. 


Who is your target audience? Do you know who you should have in mind as your ideal buyer? What are their needs, what do they desire, how and when they do like to consume content, and through which channels? To answer these questions, it's extremely helpful to create buyer personas. The personas are developed based on a combination of customer behavior and your understanding of their motivations and challenges. 


In the process of creating these personas, you’ll gain insights into your audience. You will find out the communication style that works for them, and the ways in which they like to consume content. Also, you can find out the ideal price they are most likely to pay for your product. Learn how to create your buyer persona.


What channels are the people from your target audience using? After you’ve set social media strategy objectives, you need to consider where your audience is interacting online. For instance, it could be deemed a wasted effort if your largest customer segment is composed of retired people and you choose Tik Tok as your prime channel.  



What channel is he into?


Also, you must adjust your content to that channel as well as to the audience you are speaking to. Once you know who it is that you are talking to, focus on your target audience’s needs and preferences. Your created personas will help you understand your audience’s concerns, preferences, and goals. When you know these, you are able to create content your buyers will find engaging, relevant, entertaining and valuable. Personas help you determine the very sort of content you will need, as well as the best way to communicate with your audience. 


Don't underestimate this. Being dependent on one channel might kill your business. Be ready to squeeze more out of other platforms when it comes to it! 



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Beginner's Guide to Facebook Advertising

Facebook gathers more than 2,4 billion monthly active users. That being said, it is obvious that the possibility to reach your potential customers is high. On the other hand, getting to know the platform takes time or costs tons of money (for agency fees). For small business owners who decide to leverage this platform, time and money are the core assets.

So how can you get the most out of the biggest social network? First of all, know the basics. Facebook (and any other advertising platform) can be overwhelming, which makes it easy to get lost. Don’t try to understand everything. Choose to learn what matters to your business the most!

We have prepared content that will help you get to know the very basic idea behind advertising on Facebook. We call it the Beginner’s Guide to Facebook Advertising and within it we cover the following topics:

  • Setting up the right strategy.
  • Get to know the Facebook interface.
  • What is Facebook optimisation and how does it work?
  • How can you effectively target your audience?
  • Where does Facebook show your ads?
  • How do you pay for your ads?
  • What are the types of ads you can run?
  • Petr’s case study- a story of a man who successfully sold his company after a few months by growing his business on Facebook.

Dig into the Facebook advertising by downloading the e-book below and let us know how it helped you boost your business!

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Hype vs. Trend – What Really Matters for Your Business?

AI, Chatbots, Blockchain, self-driving cars, cloud-computing... You have probably heard of all of those, right? Do these terms represent trend or a hype? What is the actual difference between those two words? And are they important for you, as an entrepreneur who's just getting started? These are probably the questions that jump to your mind when hearing these buzzwords.


There is a HUGE difference between what stays and what doesn't. In other words, not everything will stick and change our behaviour. This is how we can define our keyword, trend: as a change in the behaviour, habits or ways in which things work. It is a constant change. Let me explain trend in a graph, as I am a visual learner and a numbers freak…

Trend Line
Trend Line

On the contrary, hype is something that simply occurs and fades away… without any lasting impact. If I spoke in graphs, hype would look like this:

Hype Line
Hype Line

When the terms are clarified, let us look at the history and point out some of the trends and hypes we, as humans on this earth, have been through…


  1. 1950 – Year when the first credit card was introduced

Presented by Diner's Club, the very first universal credit card came to use and was accepted by some establishments. Had it been just a hype, no one would be using credit cards today… Non-cash payment instruments play a huge role in our lives today – this trend changed our behaviour for good.


Now, imagine a bank not issuing a credit or debit card after opening an account – a business that did not catch the trend. This bank would for sure not survive in today's world…


  1. 2008 – The word shared economy was loudly spoken for the first time

… and changed the way we travel, transport ourselves and purchase goods. Startups like AirBnB or Uber have shown us there is a new way of ordering a taxi or renting a flat for a few nights. Have classic taxi companies had to react to this change? You bet they have!


You can probably guess where this is heading. There are a plethora of examples of trends that have changed our lives. These are real changes that – if businesses ignored them – could be very harmful... 


  1. Now – Podcasts, home voice assistants and voice orders

Here we go. 2019 and podcasts, home voice assistants, voice search, voice order and – you nailed it – everything that has something to do with voice is slowly changing the way we behave. Is this something you should keep an eye on? I believe so. Is this something that is about to change / threaten / boost your business? That truly depends on your business industry and approach.


On the contrary, hype can calmly be ignored (or shortly leveraged). Do you remember the Bitcoin bubble in late 2017? 


If not, let me briefly explain. Bitcoin is a cryptocurrency that was invented in January 2009 by Satoshi Nakamoto. Its price has been slowly rising since then, and in 2017, one Bitcoin was worth around 20,000 USD. With no real value behind it! In other words, so much money was invested in this currency that the price rose rapidly. An easy economic rule: when the demand rises (while the offer is limited), the price goes up. But what is crucial, is the value behind it. There was no value at all. And in January 2018...BOOM!

Bitcoin Chart (2018)

Identifying hype and trend can be crucial for the survival of your business. But no one really tells you how to get started. Well… saying that there is a manual would mean there is a way to predict the future.


But there are some ways to prepare yourself. As Gartner puts it: “Three key factors will ultimately enable you to identify the potential impact of a particular technology trend on people, business, IT and the technology market:

  1. New value. Identify clear business opportunities that this technology trend could help exploit, or challenges that it could help solve to produce better business outcomes.

  2. Level of digital disruption. Decide whether adopting this trend would mean changing your organization’s business model or inventing a new one. Could this new trend replace existing technologies or ways of doing business? How could this trend disrupt the technology market? Although, there will probably be opportunities for new providers, new trends can disrupt the services and performance of existing providers on which your organization may rely.

  3. Type of impact. Investigate whether the trend’s impact will be felt only within your organization, or whether it will have an external impact on your organization." 


Yes, you have to know your business and industry perfectly in order to answer those questions. If you decide to simply ignore everything that goes around you, you may get kicked out of business soon… But if you learn, build on your knowledge and keep an eye on the current trends & hypes (as you may not recognize them at the beginning), your chances will rise.


Build on your knowledge. Do not pay attention to what does not affect your business, but be aware of something that does…

We at groost.com are leveraging online advertising for small businesses, which has shown to be a strong trend that is here to change many industries. In 2018, for the very first time, 50 % of the world's population was online. Never before has the percentage of people with access to the internet been so high. And guess what… The number is rising. Is this a trend or a hype? You are now able to answer the question for yourself.


Are you up to date with what's on trend for 2019? Check the Gartner's research here: https://www.gartner.com/smarterwithgartner/5-trends-appear-on-the-gartner-hype-cycle-for-emerging-technologies-2019

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How Do Sponsored Social Media Posts Help You Reach WAY MORE People?

Have you already come across social media posts tagged with “Sponsored”? Do you wonder what they mean and on which principle they work? Good question! An even better one would be, how can these posts help you reach way more people than you do with your organic posts – the ones that you publish on your social media timeline? In today's post, we will uncover not just that, but also concrete steps to get started!

Truth be told, you can use these types of posts to reach many more people than you do today…

But before we jump into what a sponsored post means, let's look at what it doesn't. Say that you run an Instagram profile and add posts to your profile. So do we. This is what it looks like:

Instagram Feed

These posts are the ones that appear on your social media profile and most importantly, on the feed of your followers and friends. The ratio between the number of people you reached with your posts and the total number of followers is your ORGANIC REACH. The more people who follow your profile, the more people you can reach with every one of your social media posts. Therefore, it is important to build your audience.

But what if you want to reach more people? What if you want to expand your reach to someone who hasn't liked your page yet? Both answers will be clarified, go ahead and continue reading...


In regards to the organic reach, we have to tell you the cruel truth. The organic reach is constantly decreasing. What that means for you, is that you no longer reach the same number of people as you did before. 

We have covered this topic more thoroughly in this article, but to point out the importance of this decrease, see the graph below:

Facebook Organic Reach Decline

From 2012 to 2016, the organic reach on Facebook has sunk to almost zero…


Let's do some math to understand it perfectly. Say your page or profile has 10,000 followers. Due to the organic reach decline, your organic posts may reach between 300 and 800 people based on its performance – making your organic reach between 3% to 8%. Now the chance that some of these 300 to 800 people interact with your content is way lower than if you reached 3,000 to 8,000 people (call me captain obvious). It may sound logical and totally clear, but ignoring this fact and relying solely on your organic reach may cost you your share of voice or market share. In other words, you may lose your followers, fans and customers if you don't act.


Now that we've come through what organic posts mean, let's finally clarify what these “sponsored” posts are that serve you targeted content on your social media feed…


Refresh your Facebook or Instagram feed and scroll for a few seconds… Stop, there it is! A post that looks like any other one with one small difference. It is tagged with “Sponsored” in the upper part. Can you see it?

Vogue Business on Instagram

You will find plenty of these on your feed. And most of them will be perfectly targeted at you – based on your interests and preferences. Now the key is to leverage this feature for you and your business, isn't it?


Let's dive into how this sponsored content works. Facebook, Instagram, LinkedIn, Twitter, Tik Tok and other social media platforms allow you to run ads through their advertising interfaces. You sign up, learn how the platforms work and jump straight into promoting your content. These interfaces – let's call them the Campaign Manager Accounts for now – remain unknown to “ordinary” users. It's all the magic that “happens in the background”. 


Let's take Facebook as an example. Say I want to promote our post that has been (organically) published on our timeline:


Facebook Feed

Organically we didn't reach as many people as we'd like to. Let's promote the post then…


Either in Facebook Business Manager or tools like our own app, you can follow a few steps and create your campaign – sponsor a post. By defining your goal, marketing persona, budget and message, you can expand your reach and speak to people that have never heard of your business before or show your content to followers you'd not have been able to reach organically.


Going back to our example, let's say that we want to target small business owners in California. According to data from Facebook, we could reach 290,000 people, respectively 277 to 800 people a day for less than $10 a day. 


Yes, promoted posts are about investing something into expanding your reach. But as you see, you don't have to sit on millions of dollars in marketing budget to speak to more potential customers than you probably do today. You don't even have to sit on hundreds of dollars to achieve your goal of reaching more people… 


Not to say that when they purchase from you, your investment is back – with interests (or margin:)


This is what the set up would look like...


Facebook Ads Manager

With only a few clicks – in case you use tools that simplify this process – you are able to start your campaign (sponsored post). 

The best thing is, that you target your posts solely at people who are relevant to your business. In other words, you tailor your content to people that can become your customers, followers or fans.


Say you run an eshop with accessories. You sell watches, necklaces, small pieces of clothes, rings and other goods. You have two types of products: those made for men and those made for women. 


You manage your Instagram profile and post content about your customers’ satisfaction (reviews), newest pieces of clothes and inspiration as to how they fit with other outfits. This content can be interesting for both men and women. But what if you want to run a campaign targeted solely at men with the goal of selling all the men's watches that have been sitting in stock for a long time? That's when the sponsored post comes into play…


The process has already been described: you define your goal (sell more watches), marketing persona (men in California between 25 and 45 years old, interested in fashion), choose which channel you want this post to appear on (Instagram), set your budget and campaign length ($5 a day for 7 days) and finally, create your great content – the ad that your potential customer sees on his feed. Say your post looks something like this:

Example of an Instagram Post

Thanks to this campaign (while using the setting in the brackets), you are able to reach more than 7,000 people. And you've invested $35 in total. Awesome, isn't it?


Is this the only option to increase your organic reach, you may ask? It's definitely not. Marketing is all about synergy. You may want to combine more tactics to achieve the best results. 


Let's go through some tips & tricks that can work perfectly with (or without) promoting your posts.

Create engaging content that can't be ignored

Again, this may sound obvious, but is not always completely understood. Creating super engaging content comes first, along with understanding your audience! If you don't know who you're talking to, your speech can never really resonate, right? 


It's like in life. Imagine you go on a date with a pretty and intelligent woman who is into fashion and yoga. You spend the whole time speaking about the Super Bowl! How would that date end? You probably know the answer... 


The same applies to your social media profiles and any content that you publish. If you create something that no one's interested in, you decrease not just your reach, but also engagement. 


Start with defining your marketing persona and create content that they find interesting, educating, funny or shocking – anything that goes with your brand.


If you do so, your followers will like, comment, share and recommend your content and products. Thus, you can leverage the real power of social media: the snowball effect that happens once people share your content.


Leverage other channels and platforms

Let me share one secret with you. Your followers are not only on Facebook or Instagram. They also use other platforms like Youtube, Pinterest, LInkedIn or Tik Tok. In fact, an average American Internet user has more than 7 social media accounts. That being said, you should definitely leverage the potential to reach your audience where they are (and where your competitors probably aren't… yet)


Platforms like LinkedIn or Tik Tok have a much higher organic reach now. They are where Facebook was a few years ago. That may change as they grow and decide to monetize their audience, but till then, you can build your follower base and successfully grow your business! Go for it...


Are you also suffering from a continuous decrease in organic reach? Do you reach less people than you'd like to? Try some of these tactics and let us know how it has helped :)

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7 Facts to Know About TikTok Demographics & Stats

Everybody speaks about TikTok, right? So, why is this platform so famous and who really uses it? Launched in 2016 by a Chinese company ByteDance, TikTok displayed an amazing three-year growth. Today, more than 800 million users engage in this entertaining platform worldwide. Entertainment is what it's all about. TikTok is a platform that allows its users to create short stories and add a musical background. Not by any chance did TikTok (ByteDance) acquire Musical.ly. Music plays a key role in the content of all TikTokers. Let's have a look at the key TikTok demographics and stats!

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10 Best Tips to Get More Followers on Instagram

Do you run your Instagram account, but see it is not as successful as other businesses' profiles? 


Building up a community on Instagram is really difficult and it takes a long time to gain followers who are engaging with your content. To find your followers, it is crucial to maintain content that is relevant, entertaining, consistent and frequent. Once you master this, you can start to build a larger following of Instagram users for your profile.


So what can you do to get more followers?


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6 TOP Marketing Metrics Every Brand Needs to Track

There are hundreds of metrics you can measure today. That's the biggest advantage, as well as, disadvantage of digital marketing.

The truth is you can measure almost anything.  You can build a detailed report with real time data, refresh and make those business decisions based on precise data, visualize insights in all those bar charts, funnels, pie charts, cohorts, heat maps, numbers, percentages, etc. That's what the theory is about.

And I partially agree with that, but the reality may be a bit different. Yes, this is important for large companies that, thanks to comprehensive measurements and reports, can optimize their processes and save a significant amount of money.

However, at the SMB level, the situation is quite different. You probably don't have an IT department full of specialists and data analysts who are able to invest hundreds of hours to set up your data platform, connect dozens of data sources, transform the given data and from that, build strong reports. Also, you probably don't deal with a billion dollars in revenue, so sophisticated analytics can be counterproductive because you don't have enough quality and precise data to optimize individual processes and earn a significant savings.

I'm not trying to say that you should completely ignore data analytics. Rather, it is about finding the right balance between not getting overwhelmed with data and gaining valuable insights that can help your business.

In this article, I’ll cover the most important metrics that actually give you valuable insights into your business and online marketing efforts. At the same time, I will highlight the metrics that are less effective and easy to misinterpret.

What Are Those 'Marketing Metrics'?

Klipfolio, an analytics tool, says: Marketing Metrics are measurable values used by marketing teams to demonstrate the effectiveness of campaigns across all marketing channels.

Sounds a bit complicated, but in other words, marketing metrics are numbers that tell you how effective your marketing efforts are. You set a goal, and your metrics tell you, whether you have achieved it or not. Based on this you can make a change and try a different approach.

Example: My goal is to get 100 website visits per 50 USD invested in Facebook ads. My metric in this case is Clicks. Two scenarios could take place:

  1. I get 100 clicks and it cost 50 USD. Great! I have achieved my goal.
  2. I get 15 clicks and it cost 50 USD.  It is clear that I have not achieved my goal and I need to fix it. The solution could be to change a description or image.

Why are Social Media Metrics So Important?

Metrics can tell you, how effective your efforts are and help you to make changes before you spend hundreds of dollars.

Digital marketing is unpredictable, and a strategy that worked well the last couple of months could eventually become less effective or stop working entirely. Metrics tell you immediately if your efforts are paying off.

Common Mistakes

Setting the wrong goals and misinterpreting engagement metrics is pretty rife. Let's check out some common scenarios. Maybe you will even spot some of your own mistakes.

Treating All Social Media Platforms the Same

You probably wouldn't speak English in Portugal. The same principle applies when it comes to social media. Every platform works in a slightly different way, has a different user base, and people behave differently. Your message shouldn't be the same for all platforms. We wrote an article about demographics and the specifics of individual social media networks, so make sure you read it to understand how all those platforms work and what makes each one different.

Tip: You don't have to be a marketing PRO to master campaigns across multiple channels. Try tools like groost that simplify this process.


Focusing on Likes

I'm not saying that likes are not important. But in and of itself, they mean nothing. Nowadays, it is possible to buy likes for posts or a page for a few dollars, but it doesn't help your business at all. It usually does the opposite. It is necessary to look at the number of likes in context of the given situation.

Measuring Everything

You can measure almost anything you can think of and probably much more. I understand the allure of this idea, because in the beginning it sounds amazing…the theory about having precise real time data on a beautiful dashboard... but reality is usually different. In most cases, you can end up with an over-complex dashboard where you could easily get lost. It takes a great deal of time and energy to make this work.

Ignoring Analytics Completely

The extreme opposite of measuring everything is measuring nothing. With the vast amount of information around us, it's understandable that one would just want to ignore everything. But with this approach, you are probably losing your money and throwing its potential out of the window. You can't tell if your spending on social media advertising is effective or if you are losing money, if you're not analyzing what is working vs. what is not. You don't need a complex dashboard with many metrics to keep proper tabs on this.

Metrics to Focus On

You know it already, there are hundreds of metrics out there. But you should focus on those that are most important for you and your business. From our perspective, these are the ones which you should be keeping track of:

Reach

Reach tells you, how many people were able to see your content. It doesn't mean real views, rather it refers to potential views. If someone with 1,000 followers retweets your tweet, your reach increases by those 1,000 different people, but not every single one of those people may see it.

A higher reach is better, but if you don't get enough leads or engagement, something could be wrong.

Leads

This metric tells you, how many direct contacts you got. A lead is a person or even a company that is ready for a follow-up. This person has usually reached a stage where they are ready to become your customer.

Engagement

Engagement measures the amount of likes, shares and comments your content or ad received. This metric tells you, how much your content is resonating with your followers. It's an important metric to check when optimizing your content strategy.

The engagement rate is influenced by many factors like platform, number of followers, industry, time of posting, etc.

Tip: See our article on What to Expect from Social Media.

Conversions

This metric is an exact number of how many people targeted, eventually became paying customers. Remember, that this isn't just about this exact number. It has to be compared with the Conversion Rate, which is a percentage metric that shows you a ratio between visitors and converted customers.

Conversion rate may vary across industries and required action.

Tip: See our article on What to Expect from Social Media.

Revenue

This is a monetary metric telling you, how much revenue your ad has generated. At the end of the day, this is what counts.

Return on Investment (ROI)

ROI demonstrates how your marketing time, energy and money spent are contributing to your company growth. You always have to know how much money you spent on advertising and how much money it has brought. It tells you, if and how effective your advertising efforts are.

ROI (%) = (income/spend)*100

Your ROI should always be higher than 100%, otherwise a given strategy was ultimately, a waste of money.

Where to Start with Your Social Media Metrics

Well, now you should understand the basics of Social Media Metrics. But the most important thing to understand is how to implement metrics in real-life scenarios. These are 4 steps to successfully start your measurements.

Step 1: Define Your Goals

In the beginning, find some time to write down your goals. All social media platforms could be used in many ways. What do you want to accomplish? The more specific you can be, the better. 

Here is a list of examples to help you brainstorm:

  • Bring more people to my website
  • Increase views of my social media content
  • Other goals…?

Tip: We made an article about defining goals, where you can read all about the process behind it.

Step 2: Create a Set of Metrics

The next step is to understand which metrics to use, to see if you are achieving your goals or not. This process is quite easy. Basically you are trying to find those numbers, so you can recognize how effective your efforts are. Your goal should fit into the following categories:

Awareness – Use metrics like volume, reach, exposure, and amplification. How far is your message spreading?

Engagement – Look for metrics around retweets, comments, replies, and participants. How many people are participating, how often are they participating, and in what forms are they participating?

Traffic – Track URL shares, clicks and conversions. Are people moving through social media to your external site and what do they do once they’re on your site?

Advocates and fans – Track contributors and influencers. Who is participating and what kind of impact do they have?

Share of voice – Track your volume relative to your closest competitors. How much of the overall conversation around your industry or product category is about your brand?

Step 3: Measure

Social media platforms usually do provide some basic analytics. For most cases it's enough, so if you're new to analytics, start small. In our case, we built groost. analytics right inside the app.

Tip: If you want to see groost in action, sign up here for free.

Keep in  mind that social media interactions happen in real time. Look for a tool that allows you to access data immediately, without delay. You can't afford to wait weeks or even days for a report. Having real time data allows you to react and make quick changes, in order to stay effective.

Step 4: Monitor and Make Changes/Decisions

To make all previous steps valuable, take a data-based action. Don't forget to see data in a wider context and compare it with industry benchmarks. 

Ask yourself…

  • Did I achieve what I was expecting?
  • How are these metrics doing?
  • Am I missing something?

These questions will help you optimize your social media analytics process.

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