Showing posts with label Small Business. Show all posts
Showing posts with label Small Business. Show all posts

Monday 27 July 2015

The Huge Pitfalls Of Reducing Your Price & What To Do Instead!

As the economy struggles to recover, and competition gets more and more fierce, we thought it was important to bring to your attention the problems you encounter by reducing your prices in the hope that this will bring you more sales.

One of the most common and most costly traps business owners fall into has to do with the perception that the quickest way to increase cash flow when sales are down is to have a ‘sale’.


On the surface, the concept itself seems to make sense. We need more sales, so we lower our prices.
Lower prices will attract more buyers who will purchase more of our products at the reduced prices. And we’ll make up for the money we’ll lose with the lower prices by the increased number of sales.

But the reality is, rarely is this strategy a success.

Having a sale, reducing prices in order to attract more customers, can often be the kiss of death for businesses unaware of the bigger picture.

In reality, there is rarely a good reason to reduce your prices. No matter what you think, most people do
NOT buy on price and price alone. In fact, research over the last 6 recessions has shown that only between 5% and 20% of people buy on price. Most people think it’s the other way around! So let’s take a look at the effects of reducing your prices...

Let’s assume, for illustration purposes, that your business operates on a 30% margin and you want to reduce the price to increase sales. If you lower the price just 10%, you’ll need to increase the number    of sales you make, or the number of customers you sell to, by 50% just to maintain the original profit.

Don’t believe it? Let’s walk through the numbers…

Let’s say that you sell an item for £100, and that your total costs to acquire that product and get it out the door comes to £70. That leaves you with a net profit of £30 on that item.

Now, let’s say that you reduce your price by 10%. You now sell that item for £90.

You didn’t do anything to reduce your product costs or your expenses. All you did is reduce the amount you charged your customers.

If you subtract your £70 costs from the £90 sale price, you net £20.

Now, if you subtract this £20 from your previous profits of £30, you end up with a £10 difference. Divide the £10 by £20, and you get 50%.

So to get back to the same profit level that you were enjoying before you lowered your prices, you’ll have to sell more items  or the same number of items to 50% more customers.  Now, here’s another problem most businesses fail to take into account. No one knows you’re having a sale unless you tell them about it.

So you need to advertise or send something out to let everyone know you’re  having a sale.

And if you expect to attract more customers and sell more goods, you may need to beef up staff, salespeople, delivery, packaging, money processing, accounting, stocking, signage and any number of additional things that you may not initially consider and all of which further increases your costs.

So when you look closely and carefully at having a sale, you may have to sell considerably more than the 50% to even come close to breaking even.

IMPORTANT
REDUCING PRICES IS THEREFORE SOMETHING YOU NEED TO THINK VERY CAREFULLY ABOUT. REMEMBER, VALUE AND PRICE ARE LINKED – SO PROVIDE MORE VALUE AND YOU’LL STILL GET THE SALES!

The Value Of Increasing Prices


In our estimation, we believe that 90% of ALL businesses charge too little for their products and services.

Often people are scared to increase their prices, and business owners rarely test different price points (do you?). 

But having carefully targeted your prospects and customers (like we always advise you do), you are in a position to charge premium prices because you are seen by the market as THE go-to company for their specific requirements.

And there is no quicker way of increasing your profits and the success of your business than by increasing your prices. Let’s take a look...
Using the same 30% margin as in our previous example, instead of decreasing prices by 10%, you raise them by 10%.

The result?

You can now maintain the same profit margin with a 25% reduction in sales volume… either in the number of items sold, or in the number of customers sold to.

You could actually lose one out of every four customers and still make the same money.

Now, let’s compare two identical businesses which sell exactly the same products. Business A lowers prices by 10% and Business B increases prices by 10%.

As was pointed out, Business A has to sell 50% more, and Business B can sell 25% less, and they’ll both make the same profits as before.

While the owner of Business A is working his/her tail off just to break even, Business B owner is cruising along without all the stress, worry and other problems, and yet is making the same net profits.

Furthermore, what is often surprising to business owners is that when they do increase their prices, the opposite of what they expect actually occurs. Instead of losing customers, they actually gain more customers.                                   

Why?

Because the higher prices are met with the perception  that your products or services are worth more and therefore this perception of ‘added value’ gives the business a welcome influx of sales it would previously never have received.

We have numerous examples of this. For instance, a photographer was charging just £450 per day for his wedding service.

With very little change to the way he carried out the service, he increased his prices to over £3,000 in three months.

A restaurant owner increased her prices by 20% and saw an immediate increase in bookings .

A jewellery store increased prices 15%, resulting in an increase of £25,000 a month in sales.

These are not isolated incidents. If you get your target market right and you deliver a good-quality product or service, increasing your prices and increasing your sales is NOT a pipe dream.

So what if you’re selling a commodity-type product or service, whereby people can easily shop for the best price? Well, it’s no different. What you have to do, though, is create a level of service that is unmatched by any of your competitors.

This includes offering superior delivery times, quicker service or using a powerful guarantee which no other competitor offers and creating ‘premium’ products or services that customers will be happy to pay more for.

So even if you’re reluctant to increase your prices, concentrate on giving more value and you’ll still get many more sales.

As long as you create a gulf of value between you and the competition you’ll be able to increase your prices.

Believe us no matter what you sell, increasing your prices is something you should look at doing now.

Of course, don’t just make a wholesale increase right across the business. Increasing your prices is a tactic that should be approached like all your other tactics. Test small and then roll out when you have sufficient evidence that it works.

Tuesday 21 July 2015

9 Tips on How to Face Difficult Conversations in Business Avoiding Stress!

We all have to face up to difficult conversations at times that we’d sooner not have. Whether it be an employee, a client, a business partner or someone else, the thought of being the bearer of bad news, facing up to the elephant in the room or handling an error, can lead to many a sleepless night. Here are some tips on how to reduce the stress and get a better outcome.

How To Lower The Stress and Improve Your Outcomes When Discussing Real Issues?

 1. Is the conversation necessary?

This isn’t a cop-out! On occasion, a major issue today may be a lesser one tomorrow. You should decide, without fooling yourself, whether time is on your side or whether this is something that isn’t going to go away. If it’s the former, then schedule a moment for you to revisit it - say, a week ahead - and forget about it until then. If the latter, then let’s carry on…

2. Choose your conduit

Face-to-face discussions are usually going to be best. Telephone or email may seem the easier option but the absence of visual signs depersonalises the conversation and makes misunderstandings far more likely whilst, physically, people remain in their own defensive camps. Practicalities or security may require otherwise but, even then, video and online conferencing can allow a degree
of ‘face-to-face’ benefit.

3. Choose your location

If you are driving the conversation, then you will want to be on your home turf, so that you can control more aspects of the meeting and have the benefits of being the home team. However, if your position is weak - let’s say you are trying to address an error by your firm - then being the visitor can have its advantages. By going to them you are already taking a conciliatory tone. You are holding your hand up. If neutral turf is required, then make sure you’re the one who organises the practicalities, giving you that element of control again.

4. Plan your approach

This does not mean lying awake at night going through imagined conversations. Three areas of preparation should be in focus:
  • Be clear with your objectives. What outcomes are you looking to achieve? This is the most important point, as it will help to guide the conversation.
  • Do your homework. Make sure you know the history and the facts from your end.
  • Consider your options. Be clear what is acceptable to you and have a Plan A, Plan B, Plan C…….

5. Plan your meeting

Nobody likes nasty surprises. Planning an ambush may work in Westerns but is unlikely to result in a positive outcome for you. Arrange a meeting in advance and with at least an indication of the topic for discussion. Make sure that the time requirement is clear so that attendees don’t have an excuse to rush off.
Prepare for your guest's arrival. Make sure that you have everything to hand that you will need, ensure that your location is welcoming and devoid of distractions and make their attendance as easy as possible with a convenient time, clear access instructions and a friendly welcome.

6. Getting into your meeting

Keep your introduction short. After the formalities, explain clearly and briefly what you are together to discuss. Don’t keep your attendee waiting for the topic to come out, it will only add to the pressures. Explain what you intend to cover and ask if they wish to add any topics or points of their own.

7. Style

Your manner and body language is vital throughout. You should be clear, calm and composed and your body language should be open and neutral. No folding of arms, leaning back in your chair or raising your voice. This may be difficult at times but lose control and you lose the meeting.

8. Don’t make assumptions

Don’t assume that you are right, don’t assume that your option is the only one and don’t assume that you know how they will react. Instead:
  • be prepared to listen...and do listen
  • be prepared to be flexible (within your objectives)
  • be prepared for a range of emotions (and don’t assume the immediate reaction is the true one)

9.Sign off properly

The key to such discussions is always to be clear and unambiguous. That applies just as much when you close the meeting. If a resolution or action plan has been reached, then summarise this and follow it up in writing. If the matter is unresolved, then be clear on what happens next, whether it be further discussion, a cooling-off period or a proposal to be made. Again, follow up in writing.
Thank your attendee….it’s just business!

PJ
☎ 020 89310165
☏ 07900537459
pushkar.joshi@apjaccountancy.com

Monday 20 July 2015

Delegate For Happier Employees & To Reduce Your Stress!

Delegate: To entrust a task or responsibility to another person, typically one who is less senior than oneself.
Sometimes you’ll feel overloaded, and there’s only so much you can do. One hundred things need doing, and unless you’re superhuman, it’s physically impossible to get everything done.

So what do you do? Well, you do something. Anything that makes you stressed can’t be ignored! You weren’t born to place a heavy burden on yourself all the time.


Take action by delegating. The very word ‘delegate’ can send a shiver down your spine. But delegating isn’t a bad thing. It can benefit you and your team.
It benefits you by:
  • Saving you time
  • Relieving stress
  • Employees acknowledging your leadership skills
It benefits your employees by:
  • Developing their skills in new areas
  • Testing their imagination and how they handle more responsibility
  • Retains your hard workers
These are just a few of the advantages. There is, however, a fine line between delegation being beneficial and detrimental to your relationship with employees.

If you don’t delegate properly, you risk employees feeling like you’re overloading them with work. They become stressed, unhappy and feel ill-treated. But doing it correctly actually enhances your employees’ job satisfaction.
There will be a point when you have to delegate with your team because you have new projects, the firm is growing or you need to balance the workload. Change your mindset from thinking ‘I have too much do to and need someone to help’ to ‘How can I challenge my employees so they’re happy and feel fulfilled whilst enabling me to focus on other things?’ 

When To Delegate:

The process should never just be about you. Handing out extra work due to your poor timekeeping will decrease employees' loyalty to you.

But don’t hold a huge weight on your shoulders just because you’re worried about how employees will react (more on how to approach employees later).
Have you considered your team’s workload? Are they in the middle of a huge project right now? If so, it’s not the best time to ask them, or maybe they’re not the right person to ask. Their workload will become too much and the task won’t receive the level of care and perfection it needs.

How To Delegate:

To avoid confusion and unhappiness, tell the person who is completing the work why they are. Explain how you came to this decision, including how they will benefit from it, and why you aren’t taking on the responsibility.
Here are a few points to help:

1. Choose the right people for each task.

In order for it to develop your employees’ skills, dedicate each task to those who will a) Enjoy it, b) Have time to do it, c) Want to develop skills in the area.

2. Be patient.

Your employees will probably have lots of questions and at points will be confused. It could take time before they know exactly what is expected of them.
Not only this, but you shouldn’t approach them one day with a list of things you “need doing by the end of the week”. Allow a reasonable timescale for completion. If that means someone else handling some of the work, then so be it.

3. Communication is key.

Nobody likes to be in the dark. If you think something might change, tell your team. If the deadline needs to be shortened, tell your team.

4. Provide clear instructions.

Right from the get-go, make it clear to your employees exactly what is expected of them.
Could you build a car without instructions? Anyone can do anything if they’re told how.

5. Be aware of their workload.

Do you know what your employees’ workloads are like?
Rather than dropping a bomb on them unexpectedly one day, listen to how much time they have available. You don’t want the project to be rushed, nor your employees to be stressed.
At this stage, you may even choose to reduce their normal activities to prioritise the new work.

6. Give credit.

And when it’s all over, don’t forget to say “thank you” and “well done”. Taking all the credit for something you didn’t do is a sure way of your employees not helping you out again.
If you delegate often, your employees may be thinking towards the end, ‘What am I getting out of this?’ and you need to have an answer.

How Not To Delegate:

There are wrong ways too. When I say ‘wrong ways’, I mean approaching the situation with demands that make your employees unhappy coming into work, which will tarnish their relationship with you.

1. Only delegating when you feel overwhelmed. 
This tells employees that you’re unorganised and unwilling to be a team player.
2. Don’t be a perfectionist.
Perfectionists don’t usually delegate effectively. You’d be right in wanting something to be completed to a certain quality, but not everyone works the way you work. Don’t be too specific in your instructions, or not clear enough. Strike the balance.
3. Don’t keep extending work.
Have you ever done something and then been told it wasn’t needed? If yes, your time and skills were wasted.

Don’t cause confusion by constantly changing what you originally asked for. It’s unfair and stressful.
I could have written pages and pages on how to make this process enjoyable for everyone, but these are the main points. If you don’t make delegation a negative process, it won’t be.

PJ
☎ 020 89310165
☏ 07900537459
pushkar.joshi@apjaccountancy.com

Tuesday 14 July 2015

How To Market Your Business On Facebook And Twitter!



There are so many social media channels available that it’s hard to keep up, but it’s important to be familiar with each platform at your disposal. And as you want to create brand awareness, you can’t afford to ignore what makes each one unique.
If you’ve found an interesting article you want to share with your ‘fanbase’, what platform do you upload it to? Facebook? Twitter? You probably think it doesn’t matter where you upload it: as long as it’s online, people might see it.
But it does matter. Each channel is unique. It has different resources, and there are different types of people there. You want to post your content to a platform where it will be appreciated and users will engage with it. 

92% of business owners indicated that social media is important to their business, according to Forbes. In other words, getting it right can significantly impact your growth.
People use social media to learn new information, discover people and companies, and keep updated with news and share stories.

FACEBOOK

Facebook has a community culture.  People use it to connect with people they know. Many of us don’t accept invitations from people we don’t know. What this means to you is that you don’t want to just post information about your industry.

A recent study by Boston University found that people use Facebook to fulfil their need to belong and the need for self-presentation. People upload family pictures and share personal information on Facebook because they want to let people in on their lives. Private people tend to not update their Facebook profile regularly because they aren’t comfortable letting people in. 
  

1. Share Your Feelings, Values And Thoughts 
Facebook is a space to express your private life. People should get to know you - not your business - by what you post. That means avoid over-promoting your website and contact information. If you’re wondering why your page is receiving few ‘Likes’, it’s probably because you’re doing just that.  Provide insight into who you are by creative posts that have personality.
2. Track Your Audience
Understand who is following you and post content they would find appealing. You can’t be selfish in social media. After all, you are posting content for other people to engage with.
3. Post Pictures More Than Text
 There has been a move to becoming more visual, because people are more likely to read your post if there is an image accompanying it. This     is because when people scroll       their timeline , images are more               eye-catching than text.
4. Add  Links To Relevant  Content 
You have a lot of room to write your status. The huge bonus to this channel is that people can share and ‘like’ posts they find interesting, so you show up on their friends’ news feed.

TWITTER

Twitter is the easiest social media platform to grow because you can connect with other users directly. With every tweet you upload, the ultimate goal is for people to
retweet it, and then their followers to retweet, though that of course takes time and dedication.
The benefit of Twitter is  that you can easily connect with people from all around the world.
1. Make Conversation 
People love sharing their thoughts on Twitter and expect companies to have a social media presence. Don’t just put a tweet out there and expect people to ‘do something with it’. Ask questions to get a conversation rolling. You could even hold a regular Twitter chat where you answer questions.
2. Don’t Put Lengthy Tweets 
It sounds crazy that you only have 140 characters and I’m telling you to not use all of them. But the idea of Twitter is that you can receive information quickly by scrolling through your timeline. If users see a lengthy post, they’re likely to skip it, especially as most people scroll through quickly before work, at dinner and in the evenings.
3. Use Text More Than Images 
Contrary to Facebook, text performs better than images, according to quicksprout.com. In addition, I encourage you to write tweets that contain a link - specifically to your website.  Share interesting articles and news you think your followers will be interested in too, even if it isn’t something from your website.
4. Use Quotes
 You are an expert; you know what people want to know. Post motivational quotes to show that you are passionate about your industry.
5. Add A Call To Action
 The best way to get someone to do something is to tell them. Post a link to your website with text    saying click here for more info’. Put things like RT if you are looking for an Accountant’ to get people to engage with you.
6. Tag Suitable People
 If you decide to tweet a link to an article, why not try to find the writer on Twitter and mention them in your tweet?  The person may see this in their notifications and retweet, so their followers see your account.
It’s essential that you post for the right platform to sustain a strong social media presence.  Always think what your followers would want to read and see, to keep you focussed.

PJ
020 89310165
☏ 07900537459

Wednesday 17 June 2015

The Amazing Power Of Persuasion

Whether we like it or not, as business owners we are in the business of persuasion.
Persuasion covers many different facets of our business. We need to use persuasion to elevate prospects to customers. Customers need to be persuaded to buy more frequently from us. The team around us need to be persuaded to do the things we want them to do things they like and don’t like doing. 


Even suppliers from time to time need persuasion to deliver the things we want from them, whether that’s in terms of products or services or service (with a capital ‘S’). The point is, if we can get good with ‘ethical’ persuasion, then the effect on our business will be significant.

Subconsciously, many of us use persuasion without even realising it. Our children master persuasion at an early age too! But what’s more interesting is that there is a science to persuasion that can be measured.

Perhaps the leader in the ‘field of persuasion’ is Robert B. Cialdini. His bestselling book ‘Influence—The Psychology Of Persuasion’ is an interesting read and covers the 6 major areas of persuasion…

1. Reciprocity
2. Scarcity
3. Authority
4. Liking
5. Consistency
6. Consensus
 
As a firm, we regularly (and not always consciously!) use reciprocity, authority, liking and consistency but I’d like to just talk about the real impact reciprocity can have on your business. This is the science of giving before receiving. Simply put, people are obliged to give back to others the form of behaviour, gift or service that they have received first.
For example, a recent study carried out at a number of restaurants demonstrated the result of giving each diner a simple mint with their bill at the end of the meal and the effect it had on the size of the tip. The results are quite frankly staggering and revealing (if you run a restaurant, you should implement this immediately!)…

They found that giving one mint with the bill increased the size of the tip by 3%. Not bad. Giving two mints quadrupled (yes, quadrupled) the tip to an increase of 14%. But when the waiter gave one mint per diner, walked away, paused and then turned back saying ‘for you nice people, here’s an extra mint’, tips increase an incredible 23%.
 That’s the power of reciprocity. How can you use it in your business to increase sales and profits? 

PJ
020 89310165
☏ 07900537459

Tuesday 7 April 2015

4 Tips to Get More Out Of Your Networking!

While satisfied customers may be your best sales force, they are not the only sales force. There are lots of other people out there who can send business your way if you make the effort to network with them and make it worth their while.

The concept of networking and word-of-mouth marketing is a very hot topic in business today for one simple reason: lots of people are starting small businesses that need to find other businesses they can work with for mutual benefit.


Your networking time needs to be marketing time. This means putting yourself in front of customers or people who will send customers your way. With that in mind, 4 important tips to help you to get more out of your networking:

Competitors can be a networking opportunity


Just because you go head to head with other businesses does not mean that you can’t work together sometimes (for mutual gain). Airlines have an agreement whereby they book business for each other in return for a fee. You may find it useful to work out such an agreement with some of your competitors. On the other hand, you may have an informal agreement whereby you refer one of your competitors to customers for no fee in the hope that they might reciprocate.

Businesses that complement yours

If you put an accountant, a surveyor and a lawyer in the same room – you may have people who can refer clients to each other. When a customer buys from you, what other products and services is he/she likely to want or need? These businesses are the ones that you should consider networking with in order to build reciprocal referral links.

Prepare in advance


Before going to any networking function, make sure that you are prepared. Have business cards, prepare your elevator pitch and read through the attendee list before you go. Try to identify at least 3 people on the list that you want to network with. After the event, make sure to follow up with your new contacts.

Ask for referrals

That is why you are there. After describing your business to someone, ask, "who do you know who might need my services?" Take the time to describe your typical customer. Follow-up on leads as quickly as you can. Where possible, send business to your referrers. Reciprocity is the basis for all good relationships and it is especially true in business. When someone sends a customer to you, acknowledge it with at least a thank you. Keep in touch with your contacts and where possible, send them a referral.

Friday 20 March 2015

Using Social Media To Grow Your Business!

The stats, for once, don’t lie…
 Digital marketing giant eMarketer estimates that social media platforms boast over 1.73 billion users worldwide. A number that’s expected to climb to 2.55 billion by the year 2017.
What’s more, according to a recent Nielson study, 46% of consumers turn to social media to help with purchasing decisions. This means that your prospects are most certainly out there, and they’re relying on the social aspect of the web more and more to help them decide who to do business with. So how can you tap into this incredible opportunity to gain more leads for your own business? Let’s take a look.

· 93% of businesses are using at least one social media platform (Forbes)
· 86% of SMEs state that social media is vital to their business (Social Media Today)
· 43% of businesses state that their social media is ineffective due to poor knowledge of each platform (Harvard Business Review)
· 46% of SMEs state that social media is their key marketing strategy (HBR)
· 13% of businesses don’t use social media because they can’t find the right staff (HBR)
· 54% of businesses acquired a client through social media in 2013 (Social Media Today)
· 92% of companies that blogged and updated content every day acquired at least one customer per month (hubspot)
· 53% of social media marketers don’t track their performance on social media
· 72% of social media users are aged 25-49
· Fastest growing demographic on social media is the 45-54 age range
· Worldwide there are over 189 million Facebook users
· Every second, 2 people join LinkedIn
· Over 1 billion people now use some form of social media
Like all stats, you can take them two ways but what’s undeniable is that YOUR clients and potential clients use social media. This means you can REACH them there.
The challenge, though, for the business owner is obvious…

Wikipedia reports that there are 343 social networking sites but there are likely to be at least double or treble this amount. So how do you know which ones to focus on?
This was our challenge over a year ago when we started testing social media. With so many sites to choose from, which ones work best? Not surprisingly, we’ve found the ‘BIG’ players to be the most successful in terms of engaging with and acquiring subscribers and members.
You should only focus your time and energy on the following sites…
· Facebook
· Twitter
· LinkedIn
· Google+
· YouTube
windows)  and ultimately the your efforts. But it’s in respect to the ‘effort’ where social media has its big drawback. 
You see, the whole point of social media is being ‘current’ and ‘timely’. Posting once a month or once a week just isn’t enough. You have to do it daily (5 days a week), otherwise your social media won’t build.
But that’s the challenge. Posting 5 times a week just isn’t easy.
However, with careful planning you can do it.
As I said earlier, for the last 12 months we’ve been testing what works with social media and what doesn’t. All this testing has enabled us to create a 5-stage plan we call ‘SWARM’. These are the 5 things you need to do to build a highly targeted fan base (clients and potential clients) which in turn will help you acquire more fees. You’ll see none of this is rocket science, but as with everything—you have to put the effort in to get the rewards…

Strategy:
The first thing you need to do is think about your objectives. This will help you develop your social media strategy. Like everything I talk about in GMC, your objective needs to be hinged around retaining clients, increasing fees  from clients and acquiring new clients. Your social media objective is no different.

Winning Design & Set-Up:
The next stage is to get your relevant pages in Twitter, Facebook, YouTube, LinkedIn and Google+ designed professionally. This is very important.
It is key that you have a consistent ‘look and feel’ across your social media sites. DON’T DO THIS YOURSELF. Get a designer to come up with the designs—it should only cost you a few hundred pounds/dollars.
Accumulate:
Now you know the objective of your social media and you’ve got your pages all looking great, you can start to build your fan base. This needs to be centred around existing clients AND prospective clients.
Set yourself a goal to increase your fan base by X per week/month. For example, with Twitter you might set your target to follow 10 people each week—which in turn will get you between 7 and 9 followers yourself (most people will follow you back).
This simple approach will result in a perpetual and ongoing increase in followers, likes and shares, etc.
Relationship:
By posting on each of your social media sites 5 times a week, you’ll be encouraging your fan base to interact with you, which is the key to social media success.
This constant activity will help your growing fan base…
· To share your information
· Refer you to friends
· Write positive reviews
· Provide recommendations
· Increase engagement and interaction
Of course, this interaction means you’ll also need to reply and respond back, so factor in time each day to do that.
As an important aside, we’ve noticed that adding images, diagrams and pictures to your content does make a big positive difference to your results, so search www.istockphoto.com for interesting images.
You’ll also want to search and share relevant industry-specific news articles periodically and create questions and polls relevant to your business.
Measurement & Optimisation:
As a subscriber of GMC, you know that it’s vital you measure everything you’re doing.
It’s no different when it comes to your social media. You need to measure, analyse and manage every social media post and activity across the breadth of your social media sites.
This is arguably the most time-intensive part of your social media plan, but it will give you the insights you need to keep building your ‘SWARM’ (fan base).
For example, you need to analyse which posts get the most engagement, who are your main demographics, when your customers/potential buyers are logging on to their social media and how many times they have clicked onto your website, etc.
Detailed analysis allows you to continually optimise your social media sites so they are performing to their maximum.
Like I said earlier, none of this is difficult. It’s just time-consuming. But having a social media platform is now just too important to neglect.
However, if you need any help getting your social media to really work for you, contact us.