Cut to the Core

Successful Social Media Marketers Measure KPIs

 
Are you minding your KPIs when making online social media marketing decisions?

Contrary to popular opinion, establishing KPIs (key performance indicators) to benchmark your online performance is possible and simple. In three easy steps you can 1) identify, 2) measure and 3) test the most crucial metrics for your online performance.

 

Step 1) Identify. Your first step is to identify the activities that you conduct online. These include, but are not limited to, tweeting, blogging and updating your Facebook entries. You should also identify the corresponding measure (such as click-through rates or number of retweets and shares) for each of these activities. Tie this metric as closely as you can to your end goals of more orders and/or more booked clients (i.e., the lead-to-sale conversion rate), in order to produce output that is as accurate as possible to use in your decision making. 

 

Step 2) Measure. In this step, take the particular metric you have identified and selected, and develop a plan to measure what you want to improve. As evaluation metrics, the KPIs (e.g., the number of visitors who complete a purchase) are used over time to benchmark your success toward a business objective (in this case, an increase in online purchases).

Quantitative measures such as these can relate directly to the goal. For example, a metric can measure lead-to-sales conversion rates, the number of Web site visitors who click on the buy button and finalize their purchases with a payment. At other times, however, the quantitative metrics are by proxy, as is the case when a measurement infers the value of the desired outcome. Engagement metrics (number of pages viewed per visit and time spent per visit) are an example of this type of metric. The inference is that the more engaged each visitor is with your content (visiting more pages, spending more time on the site), the more likely it is that he or she will buy.

 

Step 3) Test.  Once you have established benchmarks and are tracking KPIs that impact business objectives, it is time to test the design elements that are most likely to influence each of the KPIs. Consider each step of the buying process you offer and experiment with changes in each of its element: e.g., the length of online forms, the size and color of buy buttons, the image content, and the font style of the test.  Examine and test also the surrounding marketing support activities such as e-mail campaigns, online advertisement and organic keywords. At times, even small changes can increase your sales numbers dramatically.

 

Key Point – When you identify and track KPIs that measure the success rate of activities that are closely tied to the success of your business objectives, you will make decisions that are well informed. You will also be able to manage and direct your progress in new and unique ways.

*To learn more about KPIs and online business benchmarking, send an e-mail message to Kore Access Marketing Communications Consultant Maria Pinochet. Make sure to indicate whether you just need more information or whether you would like a personal call.

What Purpose Does a Case Study Serve?

 A case study analyzes a business or an organization and describes how, as a client, that business or organization benefited by implementing a preferred product or solution. A case study details the client’s business objectives, technical and business problems or challenges, the solution that was implemented and the ways that solution benefited the client’s corporate efficiency, marketing strength or sales numbers.

A case study can be structured to serve a multitude of primary and secondary purposes. Most businesses and organizations use case studies to:

• Attract new clients by providing them a means to identify with the case study client
• Inform potential clients of the solution’s benefits
• Position the business or organization as knowledgeable about their former and future clients’     challenges
• Give all clients a background on the various solutions available
• Overcome initial objections to their products or services, and
• Motivate potential clients to investigate further

Explore ways to utilize the power of third-party testimonials to effectively establish rapport with your target audience and to convert prospects into customers. To set up your initial, complimentary consultation and to get a customized project quote, contact us today. 

For FREE case study resources, visit the Kore Access Web site.

Could Backwards Planning Yield Better Results for You?

I used to plan by moving forward. I took an objective to be accomplished, broke it down into its actionable tasks, prioritized those tasks, placed them on a timeline and, finally, generated a daily list of things to do. I then worked my way down the list and enjoyed a great deal of satisfaction as I checked off each item as it was completed. 

This was an unbeatable system for many years, until I became part of the “Sandwich Generation.” These are the individuals in our society who are responsible not only for themselves and the next generation but also for the generation that precedes them. When I became “sandwiched,” I found my normal planning process was no longer effective in assisting me to reach my goals.

Pressed for time by priorities that I did not have any ability to anticipate or that I could not prevent, I found that a new planning tool—working backwards—became my best planning tool.  I now manage my deadlines instead and schedule project tasks to meet an estimated project delivery date.

By arranging deadlines as a daily to do list of task objectives, with accompanying sub-tasks, in order of importance, I am able to quickly react to the ever-increasing demands on my time and to manage schedule changes that call for quickly reassessing and rearranging of priorities.

Does Goal Setting Deliver the Value Promised?

Goal setting has long been the number one recommendation for increasing both personal and professional performance and productivity. Proponents of this belief advise that goals should be both specific and challenging. Experts prescribe that goals be SMART: Specified, Measurable, Actionable, Realistic and Time bound.

 Recently with the speed of change in the market place, I am questioning how to best define my goals to ensure that actions taken are truly in the best short-term and long-term interest of Kore, its colleagues and clients.

Some of the problems I am facing with traditional goal setting techniques:

*Narrow focus on goals can lead to losing a broader perspective

*Specific goals can create ethical conflicts

*Adding value to the process can be difficult with time bound goals

How are you addressing the challenges of goal setting?

At Kore Access, we selectively goal set in order to balance deadlines and budgets with creativity and value. To read more about how to incorporate SMART goal setting to customized marketing campaigns, read Our Seven Kore Steps to Project Completion.

 We invite you to join Kore Access in a SMART writing project. Remember, Kore Access has a cooperative and flexible process that invites client input and collaboration. Our energetic and punctual work habits deliver a quality project on time and on budget.

To set up your initial, complimentary consultation and to get a customized quote, contact us today!

How to Write a Business Plan

William Sahlman, professor at Harvard Business School, wrote How to Write a Great Business Plan, an article focusing on the role a business plan has in the decisions entrepreneurs make to balance the risk and rewards of ownership. Since its publication in 1996 it has become one of the most downloaded articles. A decade later, Sahlman was interviewed and asked to share how he would update the article if given the opportunity today.

Professor Salhman acknowledges today’s challenging economic environment, but asserts, “I don't think the world has changed materially. Successful ventures still have competent people pursuing sensible opportunities, using resources that help, in a favorable context. Yes, the context is very challenging today. But challenges create opportunities.”

He states that should he rewrite the article today he would emphasize:

*the importance of controlling your destiny by being conservative about access to capital

*the idea that entrepreneurship is critical around the world and solutions are likely to come from the talented private sector and social entrepreneurs

*the notion that the people leading the enterprise is still more important than the numbers

*the exact form of communication for the business plan (i.e. video, Web pages, slide presentation, software generated business plan) matters less than having all the required ingredients (or a road map for getting them)

*the value of the idea being so compelling that entrepreneurs can get early money from their customers

To read the full interview click here.

“I think of ventures as roller coasters, not rocket ships.”

William Sahlman

Challenges and Opportunities for America’s 27 Million Small Businesses Examined

The U.S. Small Business Administration (SBA)’s annual small business research report is now available. A review of the economic conditions, risks and opportunities faced by small businesses in 2007 is highlighted in this 366 page report.

Insights and trends are explored in the key areas of small business financing, employee training and development, federal procurement practices, international trade opportunities and business creation activities. Updates on taxes and various regulations and policies are also presented along with appendices and tables which provide supporting data and pertinent statistics.

An area of positive growth and opportunity this past year was the global marketplace. Exports continue to rise and to contribute to the bottom line of small businesses. In 2006, entrepreneurial firms sold $263 billion in goods overseas, up 68.7 percent from 1996. Three major  trends are given credit for the sustained growth of exports 1) the decline in the value of the U.S. dollar, 2) the positive perception of quality in American products and services and 3) the innovation created by research and development conducted by U.S. firms.

For insights that can assist you in business planning and in developing marketing strategies, read the full report, The Small Business Economy: 2008. Visit the SBA Web Site or click here.

Polish Your Brand and Shine

  As the New Year starts, we all, as market leaders and as business owners, will engage in evaluating and assessing past marketing strategies and tactics in order to map out a marketing plan.

Certain aspects of your brand, if updated or enhanced, can bring additional value to you and to your customers. Examine the following areas for potential improvement: 1) the promotion of core organizational values, 2) your writing style and tone, 3) the prioritizing of content messages and 4) the cultural relevance of your brand to your niche audience.

Imagine creating marketing messages that clients and prospects consistently identify as unique to you - no matter what the media. To assist you in the review process and to help you refine your marketing messages read the Kore Access Newsletter, “Polish Your Brand and Shine.”

Ease Scheduling Stress: Remember to Make Your Goals SMART.

In the rush to finalize all your end-of-the-year to dos and get prepared for the coming year, frustration and exhaustion can take over. However, if your goals are SMART, you are likely to accomplish more than you expect. First break down your goals into separate and distinct parts, items. Then review the items on your list and redefine to meet SMART guidelines:

*Specific - Is each of your items distinct and clearly defined?

*Measurable - Can you qualify how close you are to completing each item?

*Actionable – Do you have the ability to take action on the items as detailed?

*Realistic - Are your resources sufficient to accomplish your end goals?

*Time bound – Have you made a commitment to a timeline and a deadline?

SMART goals assist you in creating and executing commercially successful projects by aligning your human resources and capital assets to more effectively and efficiently meet your project timeline and budget. To read more about how to incorporate SMART goal setting to customize marketing campaigns, read Our Seven Kore Steps to Project Completion.

We invite you to join Kore Access in a SMART writing project. Remember, Kore Access has a cooperative and flexible process that invites client input and collaboration. Our energetic and punctual work habits deliver a quality project on time and on budget.

To set up your initial, complimentary consultation and to get a customized quote, contact us today!

Plan for Success in 2009

Year-end is a traditional time to take inventory, review outcomes of initiatives and develop a new strategy for the coming year. Though it is important to review past business activity and evaluate strengths and areas of opportunity, it is equally important to assess the rapid changes occurring in the lives of the niche you serve and to determine how those changes impact future tactics.

Be Quick to Deliver Value

To ensure you allocate assets to meet immediate customers’ needs it is essential to create plans that deliver the unique value your customers seek and need. At the same time, in this rapidly moving economic environment, it is critical to implement marketing strategies that have flexible processes and procedures to accommodate rapid response to market changes.

 Know Your Cost Structure

One of the best ways to achieve flexibility in your customer delivery process is to know your costs and to empower those that act on your behalf to make customer pricing decisions. By ensuring your managers and staff understand costs relevant to their functions they in turn can best manage the customer relationship.

 

Today, it is more important than ever, to make sure your customer and prospects can easily and quickly do business with your organization. Get started on your yearly marketing review and evaluation with these easy-to-complete Kore Access worksheets – click here.

Could YOU Be the Next “Joe the Plumber”?

The American artist Andy Warhol was a visionary of sorts when, in 1968, he expressed his view that media coverage would allow anyone to become a celebrity: "In the future, everyone will be world famous for 15 minutes."

During the third and final presidential debate, Samuel Joseph Wurzelbacher, an unlicensed plumber, had his turn at fame. Better known now as “Joe the Plumber,” he got over 20 mentions as John McCain and Barack Obama used Joe’s potential business plans to debate their opposing tax plans. As a result, Joe now has a publicist, has appeared on numerous talk shows and news programs, has entered talks about a country music contract, and may even run for Congress.

Another Joe, Joe Lara, a licensed plumber since 1990, who actually calls himself “Joe the Plumber” professionally, has also had the good fortune of instant fame. On his Web site, as of this writing, he states he has received over 275,000 Web site visitors and 300 calls and has been asked for several interviews. He, too, has been offered radio and television appearances.

Are You and Your Brand Prepared for Your 15 Minutes of Fame?

Your day of fame could come in the most unexpected manner. How would you and your organization handle the opportunity?

It may be time to develop a contingency plan for instant success or fame, just as you have for emergencies. As shown by the Joe the Plumber scenarios, such opportunities are not as far-fetched as you might think.