How to define the SUCCESS of your marketing efforts?

Do not get lost in marketing metrics

Before launching any marketing campaign, we must ask ourselves the question: What is it that I want to achieve by running this campaign? In other words, what goal do I set. This is crucial as it determines the outcome that needs to be tracked – the key metric(s) that I want to analyse. Let us call the key metric the North Star for now.


Imagine you sell houses in the U.S.A. By making great content (e.g. pictures & videos of a new house near a lake) and running an online ad, you want to reach as many people as possible! You worked out how to effectively target your customer and now it's time to evaluate your efforts.

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What metrics will you be searching?

The goal itself answers this question. You wanted to reach as many people as possible, therefore, the number of people reached is your North Star (Facebook and many other platforms call it the “Reach”). But wait a minute… Is this all you need to know? Aren't you locked in the absolute values trap? Indeed you are.

There is a huge difference between 1000 people reached for 10 bucks and 1000 people reached for 100 bucks. Therefore, always be looking for the cost per unit. In our case, what is the cost per 1 (or 100) person(s) reached?

By asking the basic question “What do I want to reach by running this campaign?” you get a clearer picture of what your North Star is. Having said this, it is obvious that the goal & the key metric are like Siamese twins…

By asking the basic question “What do I want to reach by running this campaign?” you get a clearer picture of what your North Star is.


Cool. So you know what to look at and how it's tied to why you really started your campaign. You also know that the amount of dollars per unit (be it anything) is what matters. But where do you find those numbers? In many cases, tools like Facebook Business Manager or Google Ads show you the answers. If you run a website, Google Analytics will probably be your best bet!


In many cases, you will look at more tools at once, which makes the process of analysing more complicated (knowing that the same metrics may differ across channels for hundreds of reasons). Do yourself a favour: use one dashboard. Get your key metrics from more channels to one single dashboard and analyse your efforts from there. Especially when working in a team, a single analytics dashboard is a must have.


All in all, avoid the chaos of not knowing what to search, set your goals before any action is taken and analyse key metrics accordingly. And do not forget to measure your efforts! As Peter Drucker puts it: “If you can't measure it, you can't improve it”.


Key take-aways:

  • By asking yourself the question: “What do I want to achieve by running this campaign?” you get an idea of what the key metric is (goals are tied with key metrics).
  • Always be searching for costs per unit.
  • Use ONE dashboard that gathers the most important metrics.

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How Much Does Facebook Advertising Cost?

Well, that’s a tricky question – there are so many variables at play. Depending on your situation, the cost of your Facebook ads could be as much as $10 per click, or as little as 40 cents.

The most important factor is efficiency and performance. Your ads might be super cheap, but if they do not bring any results, it's a waste of money. Define the purpose (the goal) of the ad and what is your cost limit to label the ad as efficient. Many businesses measure success by the number of sold products, leads generated, or potential customers engaged.

There is no rule or benchmark for this, each business is different with different needs and circumstances. Someone might be satisfied with a new lead for $45 and another might not go over $10. One person might consider a $3 cost per click as successful and another would not want to pay more than $2. Calculate the revenue you can get from the lead and think about how much you want to spend per action, this way you can always check whether your ads perform well or not. 

Before you spend a lot of money, try to set up your daily budget for $5 a day. (We will talk about how to set your budget later). Monitor your results. If the ad performance meets your ideas and you have money to raise the daily budget, do it. And do it again, if the ad is bringing you results.

Remember: If your ad is comical, visually appealing, engaging, or all of these combined, people will like, comment or share it more often than they would with some boring copy with a blurry image. If you really want the most from your paid ads, they have to be great to make the people share them and so the ads will be also spread organically. Deciding how much to spend is a good place to start, but always make sure each dollar goes as far as it possibly can. The key is the visual, the text, as well as targeting. Regarding your content creation, read my article about buyer personas, because you should tailor-make it for your ideal customers and you can also find more helpful info in this article about tools for creating visual content.

So, how can you get an idea of how much Facebook advertising costs before diving in?


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How to Create a Facebook Business Page

This is a short guidance on how to create your business page. As mentioned in the article about facebook formats, the business page is sort of a profile of your business. Once it is set up, you can post any promotion, funny story, new opening hours or whatever you find relevant there.

Creating the page itself is not difficult. You only need your Facebook profile. In the upper bar on your profile, find the button “Create” and select “Page”. Choose “business or brand” and then enter all the needed info.

You will be asked for the page name, your business address (it does not have to be shown to anyone), your profile picture, as well as the cover picture. As you can see in the picture below.

Facebook business page
4 Easy Steps to Get Started

When you enter all the information, you can start building the content of the page and then start inviting people. In the upper bar you can go, for example, to your inbox to check your messages, in the Insights section you can see how posts and the page perform overall, and in the publishing tools, you can schedule your posts as we explained in the previous article about community management.

Facebook Business Page
Newly Created Facebook Business Page

If there is a specific action you want the visitors of your page to make, you can add a button for “Shop now”, “Contact us”, “Download game/app”, and plenty of other options. It is handy and makes the page look professional.

Facebook Page Button
Adding Facebook Page Button

It is very easy to add any piece of content to your business page, but sometimes it is confusing to switch between your profile and the page. Lots of entrepreneurs struggle with posting personal things on their business page and vice versa :). Don’t forget to switch between profile and page! On your mobile phone you can find your page on your hamburger menu. On the desktop, you can switch to it in the upper bar by clicking the little arrow.


Manage Facebook business Pages
Find the Facebook Pages You Manage

Creating a page is not a big deal, right? To use the whole potential of Facebook for businesses, you should create a business manager account, as well as, an ad account to be able to run your paid ad campaigns. Regarding Facebook advertising, you can find complex info in our e-book!


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7 Key Instagram Stats & Demographics

There are more than 7 billion people on earth. And 1 billion of those people are on Instagram. That means every 7th person uses this visual-based social media network. Launched in 2010, and eventually bought in 2012 by Facebook (with more than 30 million users back then), Instagram offers a huge opportunity to connect with your current and potential customers, as well as, your followers and fans. The growth has been tremendous, which makes Instagram one of the most well-known and most widely-used social media platforms of all.


You already know that you can leverage any platform if you have a clear understanding of the audience you can reach there – and whether or not it aligns with your target audience… To find this out, let's jump into the key stats about Instagram and its users!

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How to Find and Engage Your Target Audience on Instagram?

If you are reading this then you have probably heard of Instagram. It is one of the most popular social media platforms in the world. With over 1 billion monthly active users and more than 500 million daily users.Nowadays more and more businesses are using Instagram as a key marketing tool when it comes to online marketing.

 

But it is important to do your research and learn the ins and outs about marketing on Instagram. So you can enjoy all the benefits it has to offer and create the best possible marketing strategy to ensure great results.

 

Your main objective is to find your target audience and engage with them in the best way possible. This is achievable by using a number of key tactics and data which are all available to you via Instagram. Studying this information will help you come up with the best marketing strategy for your business. Which will help you reach your targeted audience to ensure you are offering your product or services to the right people.

 

Sound interesting. Here are the key methods to finding and engaging with your targeted audience on Instagram.

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Here Is Why Your Facebook Posts Get a Lower Organic Reach

Weird. Your page likes or followers remain the same, but you no longer reach as many of them as you did in the past, right? The reason is obvious – algorithms change as does the business strategy of social media networks. Let me explain what I mean by that.


In 2018, Mark Zuckerberg announced that Facebook would reduce the organic reach of branded content and will 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 their friends, communities and groups than they are part of and, most importantly, truly interested in when it comes to content.


What is the result of this change? A 34% decline in organic reach on average. But that hasn't been the first time we faced such a drop in organic reach...

 Facebook Organic Reach
Decline in Facebook Organic Reach Over Time


In other words, those who were building their community and follower base on Facebook in the “early days” of Facebook leveraged the opportunity to reach almost everyone for free. Today it's totally different.


This strategy applies for more platforms, of course. Instagram (being owned by Facebook) follow the same rules. So do the others… And it makes (economically) completely sense for them.

How to get out of it?

It looks like a huge problem, right? But what if you can use this to your advantage? Focus on great content, optimize according to the data that you get and leverage the latest Facebook formats and you may overcome your competitor pretty soon… Not everyone is able to follow the trend and change the processes accordingly.


Here are some tips to follow to increase your reach:

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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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