Monday, January 27, 2014

Social Media – What Is & Is Not Beneficial in Small Business

The busy, overpopulated world of social media can give small business owners and small marketing teams anxiety and raises the question – which platforms are right for me & my business?

First, let us look at a small snapshot of some of the most popular social platforms:

Facebook:

Facebook is the biggest social media channel with approximately 1.11 billion monthly users (Bendror, 2013). Facebook has proven its popularity is here to stay and is becoming a relevant part of business models. People can leave messages, look at photos, share photos, leave business reviews, and chat with each other on the site.

There are business benefits to using Facebook. There are many targeted potential customers you can look at and track and watch to see their relevance to your business. You can advertise within the platform to users that you are able to select via demographics and psychographic targeting. The platform is also very personal, you can truly get to know your customers and interact on a social and intimate level.

Twitter:

Twitter has an estimated 215 million active users (Bendror, 2013). The platform is a micro-blogging site that allows users to share their feelings and thoughts in 140 characters or less. Twitter is a platform where users gain breaking news, and a place to communicate not only with friends and family but with industry peers, professionals, and mentors. According to Gary Vaynerchuk, “Twitter is the cocktail party of social media.” It is acceptable to speak to anyone, anytime, without being labeled as creepy.

To be successful in business with Twitter you must first listen. Search for terms and listen to the conversations surrounding them, follow leaders in your industry and see what they are talking about, follow your customers and listen to what they are saying. The key here is listen, listen, listen before ever speaking. At that point, you can join in on the conversation to connect with your customers over your brand, product, or service. Twitter is also a platform to respond to customer support inquiries and customer service issues.

Google +:

Google + has approximately 359 million active monthly users (Bendror, 2013). Google+ has become a marketer’s paradise in the aspect of social media. The basis is somewhat of a combination of Twitter and Facebook but the new features like Hangouts, +1s, and hashtags can result in page, and business popularity.

A specific, but huge benefit to Google+ is the fact it is a Google product, meaning an active Google+ page can bring positive search engine results to your business. Google search is bringing the social, Google+ aspect in play. Searchers can see your Google+ page, reviews, recent posts, and images in their SERP.

Here is a list of other important, social media platforms:

  • Instagram
  • Pinterest
  • LinkedIn
  • YouTube
  • Foursquare
  • SnapChat

Much like the answer to most digital marketing questions, what platforms are right for your business depends on multiple factors. Should you adopt only one platform and use it as your main channel, or should you dabble some in every channel just to have a presence?

As a small business, you should not sign your business up for every social media channel available. You will benefit more from being relevant and excellent with one or two platforms rather than OK at four or five.

Having to decide which one or two platforms can be done – strategically.

Look into each social media channel and determine where your business will benefit the most. When determining this factor in the product or service you are offering, and the time and financial resources you have available. Social media is cost effective, but being a leader in using it for business is not free. Each platform has business benefits, weigh each of those and create a pro con list specific to your business.

Things to remember when determining where your business will benefit the most:

  • Your business goals – each social media channel has a different business model and different attractions that make it unique. Keep your business goals top of mind when comparing and determining where to spend your time.
  • Your audience & customers – research, listen, and watch to see where your customers are. You know them best, look for them on each of these channels while deciding where to invest.
It is more effective to have quality over quantity when it comes to social media for businesses. Your success is not measured by the size of your fan base but by how many fans, followers, and engagements you can keep active.

The content you create is important, do not get me wrong, but what is more important is making connections and creating relationships with subscribers. You must provide helpful content, the key to any marketing is to provide your customers and listeners with content they find useful to their life. After creating the content and sharing it, you must have the follow-up conversations to lead to real engagement. This is where you will form relationships with you customers and begin continual engagement.

Social media for business is not a set-up and done process. To be successful you must have the time, and resources to actively speak with your audience and keep them engaged. This starts with content but is capitalized with consistent conversation and engagement with fans and followers. Remember here quality over quantity. 

All-in-all, small, and large, businesses need to focus on three main factors as to what social platforms to adapt to its marketing plan.

  • How do each platform’s business benefits align with my business benefits and goals?
  • Where do my customers live online? Listen, watch, and research this thoroughly to make an informed decision.
  • Do I have the time and financial resources to actively create content, update the sites, & converse with my audience on one, two, three, or more social media platforms?
From those answers, decide where your company is going to live, grow, and nurture customers.




References:


Bendror, Yasmin. (2013). Which social media channels should I use for my business? Retrieved from http://smallbusiness.yahoo.com/advisor/social-media-channels-business-223554094.html

Saturday, January 18, 2014

Bounce Rate – The Short & Sweet On How To Handle It In Business

Bounce Rate is the percentage of people who arrive on a site and leave without vising a second page.

It is a ratio calculated from single page visits divided by entry pages.

Bounce Rate = Single Page Visits/Entry Pages


What Is The Difference In The Bounce Rate & Exit Rate?

Bounce Rate applies only to a visit entry/landing page, or the first page a person visits. Exit rate applies to the page a visit exit or leaves on. Exit rate applies to identifying where people exit mid-stream from the conversion funnel.


Why Is Bounce Rate Important?

Bounce Rate can show you, as a business owner and marketer where you are failing to meet the consumer’s expectations at the initial entry into a site. Or, where you are excelling to meet a visitor’s expectations at the entry into a site.  This analytics metric can show a site designer where there is room for improvement, where there is room for better business, or where site design is excelling and meeting expectation of the visitor for future design decisions.


There Are Four Common Bounce Rate Scenarios:
  1. Clicking the Back Button
  2. Closing the browser window or tab
  3. Typing a new URL
  4. Session timing out after 30 min

By asking the correct questions about web analytics, better business decisions can be made.

For example, why is my bounce rate so high?

Simple answer, because visitors are coming and leaving your website before completing any actions or goals. But, that simple answer, leads to an in-depth investigation and discussion.

Why are these people leaving? What is my landing page not giving users that they want? What exactly are they looking for? If you can answer these questions through investigation and testing, you can raise your conversion rate and in turn generate new or repeat business.


What Is A Good Bounce Rate, Though?

This is a loaded, but frequently asked question. According to Google, the average bounce rate is 40%. But, this is essentially a meaningful metric. A good bounce rate varies by industry, brand, type of site, page type, user intent, and many other factors.


Google Analytics Benchmark Average Bounce Rates:
  • 40-60% Content Websites
  • 30-50% Lead Generation Sites
  • 70-98% Blogs
  • 20-40% Retail Sites
  • 10-30% Service Sites
  • 70-90% Landing Pages 
Why Are Some Bounce Rates High and Some Low?

Like mentioned above, there are many different factors that affect a bounce rate. Notice the average Bounce Rate for a blog is 70-98%, this is because most blogs have their most recent content on their home page, or where the visitor is entering the site. Therefore, there is no reason for the user to navigate to different pages, the answers they are looking for are right there. If your business is operating a retail site and a high Bounce Rate is being generated from a product landing page or checkout page, a red flag should be raised to investigate why the visitor’s expectations are not being met.


Where Should Businesses Analyze Their Bounce Rate In Web Analytics?

Initially, the Bounce Rate can be seen in the “Pages” report, but is this always the best place to check? No, be aware this report causes the Bounce Rate to lose context because the entrance metric is lacking. In this scenario, utilize the “Landing Pages” report because it is relative to the number of entrances. Or, to be perfectly precise, build a custom report.



In short, the Bounce Rate was designed to determine if the right audience is coming to pages, and if the pages are meeting visitor expectations.

Click-Through Rate - How Measuring CTRs Can Help Your Business

Click-through rate (CTR) is a metric to measure the percentage of clicks advertisers receive out of total ad impressions. “Impressions” refers to the number of times an ad is viewed.


How is the CTR calculated?

Click-through rate is calculated by dividing the clicks on a specific ad by the total impressions. The answer is the percentage of people who viewed your ad.

Click-Through Rate = (Total Clicks on Ad)/(Total Impressions)

Click-through rates can be calculated on paid search advertisements, SEO links, email links, display ads, and social ads, the list is endless.


What Is A Good Click-Through Rate for Your Business?

There isn’t exactly a “correct” answer for this question other than, “it depends.” Determining a good click-through rate is based on your business goals, what medium you are measuring, and specific campaign and ad goals. You don’t always want a high CTR, you want a high CTR on ads, keywords, emails, and links that are relevant to the end campaign and business goals. A good CTR can be determined when you are getting as many people as you can to click on the relevant ads and efforts.

But, the click-through rate is only measuring getting a visitor to your website or landing page, not how relevant your content is to what they are looking for, or what they were led to believe they will be seeing. The click-through rate is a measurement on how effective an ad is in getting visitors and users to your site, nothing past that point.


How Can Measuring & Analyzing CTRs Help Your Business?

First & foremost, the business and campaign goals must lead the measurement and analyzing piece of web analytics. Click-through rate comes into the measurement and analyzing spectrum when business goals align with driving customers to a website or specific content of a website. The click-through rate helps measure what is working to get customers there, and what ads are effective.

If the click-through rate measurement does align with business goals, analyzing the metric over a specified period of time across multiple ads is where business decisions come into play. What ads are working, what ads are not working, and the ads that are working what is making them work and differentiating them from the ads that are not as successful?

This doesn’t only pertain to ads, though. For example, in an ad campaign run across multiple social media sites the CTR can be used to measure which sites bring more success than others. Twitter vs. Facebook, where are your true customers and potential customers “hanging out” and spending their time? The click-through rate can help determine these answers.

But, the click-through rate is directly related to enhancing business because it helps test new ad formats, new placements, and new ideas. As well as, rid ads, placements, and ideas that are not driving traffic as expected.
Measuring and analyzing the click-through rate is useful, when used to measure goals that are directly related to click-through rate properties.