Category: Business Value

Rethinking the value of social media

A lot of businesses are still mystified as how to measure just what kind of value they are truly getting from social media. Because it is a medium that is still evolving, it can be hard to understand just what works and what doesn’t when it comes to social media and measuring its value. In fact, it’s not unusual to see so-called experts contradict themselves. Don’t worry if you are unable to totally understand social media value. We’ll break down a few things for you.

Social media is important for your business and it can have a great deal of value for your company if utilized correctly. Of course measuring this value is an imperfect science. While we don’t have a magic formula to help you figure it out, we do have a few things for you to consider when it comes to estimating it for yourself.

Followers matter but…

…they are not the end all be all when it comes to your social media efforts. When social media first started, it was all about how many followers you had. In the eyes of consumers, more followers equaled more credibility. However, that sentiment is no longer a prevailing thought among consumers and the number of followers you have won’t make or break your organization.

However, having a lot of followers does still reflect well on your business and it also gives you an easy way to reach your target audience directly. This is where it becomes important to monitor things like average clicks, the number of clicks the page you shared got, and conversion rate – the number of people who clicked on your share that turned into a sale or lead. If you have 100,000 followers but don’t get clicks, then your social media doesn’t hold a whole lot of value. The next point comes in handy if you’re having trouble monitoring all of these.

Simplify the way you monitor social media

A lot of businesses make a simple mistake that convolutes the way they estimate the value of social media. That mistake is failing to create unique campaigns and contact points for each social media channel. Doing this can make it difficult to determine just what leads and sales are coming from which media. Here’s an example for you. Your business shares a link on Facebook, Twitter and LinkedIn to a page on your website where people can download a free report. You get 150 people to download which is good but it can be hard to determine just where everyone came from to download the report unless you have advanced tools like Google Analytics at your disposal.

That’s why for every promotion or pitch page on your website that you share via social media, you should create a distinct URL for each one so you can easily monitor where people are coming from. This will help you understand what kind of value each of your social media channels has. You might also want to consider creating a separate phone number for each social media channel so that way when a person does call, you will know where they came from. This option is especially easy and cost effective to implement if you have a VoIP phone system in place.

Set social media goals

Without goals in place, it’s pretty hard to figure out the value of anything including social media. If you already have social media goals established, then these are probably the place to start in determining the value of your company’s social media. If goals have not been set up, you are going to want to create some and see if your company is able to reach these. That’s because the easiest way to determine if something has business value is to establish if it can help your company reach its goals. If you see that social media isn’t doing this, then you’ll need to reconfigure your strategy accordingly. If social media is adding value, then you will want to dig deeper using different tools to get a better idea of just what that value is.

If you aren’t using social media to add value to your business, then you are losing out. And if you aren’t utilising technology to assist in these efforts then you are really falling behind. Talk to our experts today to see how you can get started.

Published with permission from TechAdvisory.org. Source.

How big data can increase your profit

One of the biggest, buzziest phrases making the rounds in corporate circles at the moment is “big data”. But what does big data actually mean? What is it and, more importantly, what can it do for your business or organization? The good news is that it’s not just another tired old buzz word that actually has very little meaning (“pushing the envelope”, we’re looking at you!) Using big data within your company can actually help you increase profit. Let’s take a look at how.

So, we’ve established that big data is causing a stir and creating a buzz in companies that are in the know. In fact, it’s become hip to bandy about the phrase whenever one is trying to impress their boss, senior management or fellow co-workers. But like any lingo or jargon that is currently cool, it really doesn’t count for a whole lot if it doesn’t mean anything, particularly in the workplace.

The good news is that, unlike some of the more hackneyed expressions thrown around by those colleagues that are so desperate to impress their seniors, big data does actually mean something. And, more to the point, it can help your business thrive. Big data can help you achieve that end result that everyone in business is chasing: profit.

This is why big data is trending so sharply at the moment – after all, every owner or manager of a small or medium-sized business wants to grow their bottom line. Times are hard in many industries: increasing competition from abroad, the threat of the internet to bricks-and-mortar stores, a difficult economic climate – the list goes on. But what if something as simple as using your business’s data could push you heads and shoulders above the competition, and help turn around that downwards or flatlining arrow on your sales chart and point it upwards in the direction of success?

But before we get to that; what actually is “big data”? Why is it big? Well, we may have said that using data to grow profit is simple but, in actual fact, it’s really not as easy as all that. Big data is used to refer to various sets of data that are so huge and so complex that the traditional methods of processing data are virtually useless. Database management tools and other processing applications become redundant and are just not up to the task of capturing, storing, searching for, sharing, transferring, analyzing, and visualizing data.

Instead of looking at separate small sets of data, big data – as the name implies – looks at larger sets that contain far more information. This enables anyone analyzing the results to cross-check the sets and pinpoint trends, both positive and negative, across the entire business. As a result, owners and managers can make more informed decisions that affect the company in a more beneficial way than is possible by merely looking at small, isolated sets of data.

Big data therefore plays a valuable role in strategy and planning, and also helps troubleshoot worrying or problematic trends that threaten the performance and profitability of the business. Put simply, using big data to assist in making decisions for your company is about being able to see the bigger picture (to use another tired corporate buzz phrase). Decisions made with all the facts at hand will naturally help increase revenue, as opposed to blindly feeling in the dark and making changes to one area or department that may negatively affect another.

There are a number of ways that you can use big data analytics to make better decisions and increase profit. Crucially, it allows you to see what really makes your customers tick. Nowadays many businesses offer different ways for their customers to communicate with them. From email to a website, to phone calls and human interaction, all of these present you with meaningful information about your clients’ behavior. Knowing what your customers rely on you for, how they interact with you, and where they may hesitate or stumble when using your services, provides a wealth of knowledge just waiting to be mined. However, a lot of this data is unstructured and therefore cannot be analyzed using traditional means. That’s where big data comes in: it can help you uncover the information you need to really understand your customers.

Of course it goes without saying that a deeper understating of your customers can help you grow your customer base, increase repeat business, heighten customer loyalty, and reduce bounce rates and the number of dissatisfied customers. But that’s not all – analyzing this data will allow you to develop new products or services, create stronger, more effective marketing campaigns, and create an all-round better experience for the people that matter most – the people you serve.

Want to learn more about big data, and find out how it can have a seriously positive impact on your business’s revenue? Talk to us today – we have the knowledge and experience to help you really get the most out of your company’s intel.

Published with permission from TechAdvisory.org. Source.

How data adds value to your business

We all know that data is valuable. After all, the more we know about the inner workings of our business and how our customers behave, the better. But knowing that data is crucial in helping to move your organization forward, and knowing exactly how to use that information to do so are two very different things. Here are some ways to overcome the hurdles and add real value to your business by harnessing the power of data.

Many small and medium-sized businesses shy away from data analytics due to the perceived complexities of dealing with the myriad of facts and figures. A head for figures is something many of us lack – and, even if you have no problem with the math, there’s the time involved in setting aside a part of your busy schedule to track your analytics.

But the sooner you embrace your data, the sooner you can start adding real value to your business through this extremely valuable, and often untapped, source. But just how does a smaller enterprise actually set about doing that? After all, even the most humble of mom and pop stores or home-office-based entrepreneurs has access to an often bewildering array of trackable metrics.

The key point is that, if data is to be of any value, it needs to be easy to collect, collate and analyze. There’s no point spending half your working week mired in incomprehensible spreadsheets and charts if you can’t extract useful information and then apply it in a meaningful way that meets your end goals.

When thinking about analytics, it can be easy to feel overwhelmed. Not only that, but the vast majority of business owners would much rather spend their working lives filling dental cavities, laying flooring, solving legal disputes or selling fitted kitchens – whatever your own particular specialist skill might be – than learning about and trying to apply data analysis techniques. That’s where an analytics dashboard can help. These take the hassle out of unearthing all that data, and present your metrics to you in a more understandable format. But with an array of different tools to choose from, what should you consider if this is the route you decide to take?

  • How easy is it to use? There’s no point investing in a dashboard solution if you don’t understand the way the data is presented to you; you still won’t be able to apply it in any meaningful way.
  • How deep will the analysis go? You’ll likely want to be able to track trends, compare results over time, and chart your success.
  • Is the data easy to apply? You want your dashboard to simplify the application of data within your business environment, and make it easy for you to take action.
  • Does it save you time? If you’re currently spending frustrating hours sifting through reams of facts and figures, this is a huge consideration. You need your dashboard to supply pertinent information in an easy-to-read format.
  • Is it compatible with other programs and apps? If you’re operating an online store, you will want the dashboard to work with your POS and shopping cart. You may also want it to track website analytics and social media engagement.

Once you’ve decided on a data analytic dashboard, how do you know which metrics to look at? Every business will differ depending on their industry and individual needs or challenges, but there are a couple of points you will want to bear in mind.

Look for data trends
To make the leap from looking at data to making plans and actually doing something, you need to highlight your most important metrics and use them as something to action. Let’s say you find it hard to retain customers; you know this and your data backs it up. Clearly you’re not doing enough to ensure your customers return. That could indicate you’re spending too much time and money on attracting new clients. Now you can take action: do you need to improve your customer service or offer more products or services? Create a marketing plan that targets past customers by telling them about something new or by offering them a discount.

Analyze your past customers
Now you have easy access to data that shows you your best selling products or services, your peak selling periods, and more. This will help you get to know your customers far better, track their behavior, and plan ahead when it comes to adding services, buying inventory, or preparing for busy spells.

Whether your aim is to attract new customers, retain old ones, expand your offering, or discern whether opening a new location is a viable option, your data will prove to be an indispensable friend. After all, customers may come and go – but your data will always be there for you.

If you’d like to learn more about adding value to your business with data analysis, or want to explore data analysis dashboard options, get in touch with us today – we’ll be happy to advise you on the options best suited to your needs.

Published with permission from TechAdvisory.org. Source.

Adding value to your company’s blog

Blogging has gone from being a fun side project for aspiring creatives to an absolute necessity for businesses of all sizes. For many companies, especially small to medium-sized ones, it’s likely to be just about the only web page that is updated with any regularity on their websites. And that’s why you need to be pushing your blogs. With hard work and engaging content, you can morph your company’s blog from afterthought to valuable asset that brings in people to your site.

Do any of these sound like your blog?

Sporadic posts often months apart
A once vibrant blog that is now nothing more than digital tumbleweeds blowing by
A page that says “coming soon”

We’re not here to judge. However, if any one of these scenarios resembles the current state of your blog, it might be time to do something about it. We know you’re busy and that the last thing you want to do is write about your business but, with content that is carefully crafted and curated, your company will have an unique asset that can help lead your marketing, by establishing you as an expert in your field, and promote sales efforts by driving people to your website.

You’re probably wondering where to begin. Well go ahead and reset the password for your WordPress or Tumblr account, because we have a few pointers to help you get started.

Use your blog to build your brand identity

For small and medium-sized businesses, it can be difficult to build a brand identity. You have your logo and colors, but what does your brand consist of beyond that? What is its personality, what characteristics does it have, and what is its tone? These are just a few of the questions you need to consider before you begin writing your blog posts, or having someone else write them for you, of course, which is a good option for busy business people.

A blog that reflects the personality of your business helps to give you a brand identity in the minds of readers by letting them know just what your company is. A hardware store is most likely going to want the contents of its blog to be straightforward, reliable and no-nonsense, while a marketing company is likely to have a blog that shows off its creativity, playfulness and skill at design and wordplay. This is your chance to develop your company’s identity, and explore just how you wish to be perceived by online readers.

Tip: Before starting to write posts for your blog, picture your business as a person, and write down what this person would say and how they would say it. This should be used as the foundation for each and every blog post.

Create a strategy and schedule for your blog

A clearly defined schedule and game plan for your blog will help make sure that once the ball starts rolling, it keeps rolling. Your goal from a scheduling perspective should be to have at least one new post a week. More is always better, but weekly posts will at least let both readers and Google know your site is still active.

In terms of a blogging strategy, don’t feel like every post needs to be a second coming of The Odyssey. Sometimes all you need to do is come up with a quick tip, or share a video you think is useful to people visiting your website. Varying the the length and type of content featured on your blog is a good way to keep things fresh.

Tip: At the start of each month, you should come up with blog topics and a deadline for each post. This should help make sure content is always going up on your blog.

Lead and inform, but do not sell

One of the biggest challenges for small and medium-sized businesses with a blog is to keep the content related to your company without putting on the hard sell. Realistically, the goal of your blog should be to point people in the direction of your business without pushing them into buying something. They should be able to reach that conclusion organically.

Let’s use an auto parts store as an example. A blog on the quality of the windshield wipers it sells is unlikely to generate a lot of interest. That’s because it is not something that resonates with a lot of people. A post on the dangers of driving with old wiper blades, however, will help get readers more interested in investing in new blades. And the good news for them is that they can purchase new wiper blades right, without even having to leave your website.

Tip: In addition to creating informational posts, don’t be afraid to add blog posts about your employees, especially if you do not have dedicated staff pages on your website. This can enable people get to know the names and faces behind your business, and help potential customers to feel more comfortable with your company as a whole.

You made it to our blog, so there must be something to this whole blogging thing. Get in touch with us if you want to know more about how blogging, or any other technology-related tools, can help add value to your business. And of course, feel free to keep reading our blog while you’re here!

Published with permission from TechAdvisory.org. Source.