Business success depends 100% on knowing your numbers to profit. Because when you started out in business you set out to change the world, to help people to make a difference, and run your own show along the way…no more bosses EVER!
Entering the big, fun world of entrepreneurship and going it alone has been fun, the thing is, there are many people who go this path without a second thought on what numbers are needed to get the success they are looking for.
There are many people who like me are detail averse, and great at the big picture, and can get something off the ground super quick. What you may not have realised is the importance of knowing all the numbers in your business, more importantly, know the RIGHT numbers.
From the very first month, there were things to measure. Sales, leads, calls, clicks, and conversions. You name it, there was something to measure. Not to mention social media, analytics, Google analytics, Facebook ad analytics, and the list goes on. So how do you know what numbers are the important ones to keep your dream alive?
Now, as a recovering detail-averse entrepreneur, I struggled with this for a year or so in my business. I knew the money that I was making, I knew generally what the expenses were, I nailed how to monitor my leads, I knew to the cent what it would cost me to bring a customer through my marketing system to then convert to a customer.
As a small business social media marketing educator and entrepreneur, I want to take you through two sets of numbers I believe are essential to doubling net profits in your business.
The Accounting Numbers
What numbers should you be looking at?
Cash in the bank, making clear you know how much money you are generating versus how much you’re spending…at least 30 days out.
Be on top of your expenses, regular review of the bank, PayPal or credit card statements will keep it real.
Obviously, you need an expert in this space, please source your own accounting and bookkeeping requirements. A fantastic bookkeeper I know is Amanda Larkin from Your Mini CFO, she is awesome in making the accounting work for you. Tell her I said Hi!
When it comes to social media and marketing results, it depends on if the work you do is organic or paid. As I am passionate about people utilising organic growth to its fullest, I will focus on that.
Social Media Numbers To Know
I am often asked about the return on investment for time and energy that go into unpaid social media marketing, and it’s quite exciting if you look at the numbers, but it’s also very challenging because Facebook constantly changing and releasing new features, as do other platforms, which changes the algorithm, which of course change the tactics that you’re taking to get the most out of it.
With any significant growth, it’s more important than ever for brands to understand how to effectively use social media metrics. It’s a top priority when executing out what campaigns or what you’d like to post about or what offers you’re planning to determine your return on investment.
In social media and marketing online, your database is something that you should be monitoring. How many contacts are you adding into your database on a weekly basis?
If you are not collecting name and email from all who you come into contact with, please start today, and use a tool that meets privacy requirements.
Social Media Organic Metrics
Impressions and Reach
This can be a little confusing for most business owner’s let alone those in marketing.
Impressions are the number of times your post has been seen, which means that every time your post is displayed online it counts as an impression.
Reach is the number of people your content could potentially be seen by. For example, if your post was shown to the same person three times, you’d have three impressions, but only one reach.
Post engagement is the number of users who have interacted with your content, either by liking, sharing, retweeting, comments, clicks, etc. This does not result in a direct return on investment. However, it does validate the content that you are sharing that’s interesting and valuable to your audience, it means they are enjoying what you post!
And while I’m on definitions for