Social media has become an integral part of many businesses’ marketing strategies. It provides a platform to connect with customers, build brand awareness, and promote products and services. However, simply having a social media presence is not enough. To get the most out of your social media marketing, it’s important to monitor key metrics that can help you understand what’s working and what’s not. In this post, we’ll explore some social media metrics that you should be monitoring to improve your content strategy.
Engagement Rate
Engagement rate is one of the most important metrics to monitor on social media. It measures how many people are interacting with your content, such as liking, commenting, and sharing. High engagement rates indicate that your content is resonating with your audience and driving conversations.
To calculate engagement rate, divide the number of engagements (likes, comments, shares, etc.) by the number of followers or impressions. A higher engagement rate is better, as it indicates that your content is creating a strong connection with your audience.
Reach
Reach measures the number of people who see your content. It’s important to monitor reach to understand how far your content is spreading and how many people it’s reaching. A high reach means that your content is being shared and seen by a large number of people.
To increase reach, consider using paid advertising, such as promoted posts or ads, to target specific audiences. You can also optimize your content for shareability, such as using eye-catching visuals or incorporating trending topics and hashtags.
Click-Through Rate
Click-through rate (CTR) measures the number of clicks your content receives. It’s an important metric to monitor because it indicates how effective your content is at driving traffic to your website or other desired destination.
To calculate CTR, divide the number of clicks by the number of impressions. A higher CTR is better, as it means that your content is compelling and driving action from your audience.
Conversion Rate
Conversion rate measures the number of people who take a desired action, such as making a purchase or filling out a form. It’s an important metric to monitor because it helps you understand how effective your social media marketing is at driving business results.
To calculate conversion rate, divide the number of conversions by the number of clicks. A higher conversion rate is better, as it means that your social media marketing is effectively driving business outcomes.
Follower Growth
Follower growth measures how many new followers you’re gaining over time. It’s important to monitor follower growth to understand how well your content is resonating with your target audience and how effectively you’re building your social media presence.
To increase follower growth, consider running contests or promotions, optimizing your profile and content for search engines, making your content sharable with tools like share button from ShareThis, and engaging with your audience through comments and messages.
Mentions and Hashtags
Mentions and hashtags are important metrics to monitor because they help you understand how your brand is being talked about on social media. By monitoring mentions and hashtags, you can identify brand advocates, respond to customer feedback, and identify trends and topics that are relevant to your audience.
To monitor mentions and hashtags, use social media listening tools or simply search for your brand name or relevant keywords on social media platforms.
Time of Day
Monitoring the time of day that your content is being shared can help you understand when your audience is most active on social media. This can help you optimize your posting schedule to ensure that your content is being seen by the largest possible audience.
To monitor the best times to post, use social media analytics tools or simply track engagement rates at different times of the day. You can also experiment with posting at different times to see what works best for your audience.
Content Type
Monitoring the type of content that is generating the most engagement can help you identify what your audience is interested in and what types of content are most effective at driving engagement.
To monitor content type, look at the engagement rates for different types of content, such as photos, videos, and text posts. You can also experiment with different types of content to see what works best for your audience.
Audience Demographics
Understanding your audience demographics can help you create more targeted and effective content. By monitoring metrics such as age, gender, and location, you can tailor your content to the preferences and interests of your target audience.
To monitor audience demographics, use social media analytics tools or simply track engagement rates and other metrics by age, gender, and location. You can also survey your audience to gain a deeper understanding of their preferences and interests.
Share of Voice
Share of voice measures the percentage of social media conversations about your brand compared to your competitors. It’s an important metric to monitor because it helps you understand your brand’s position in the market and how well you’re competing with other brands.
To monitor share of voice, use social media listening tools or simply track the number of mentions and conversations about your brand compared to your competitors. You can also analyze the sentiment of these conversations to gain insights into how your brand is perceived compared to your competitors.
In conclusion, monitoring social media metrics is a critical component of any effective social media marketing strategy. By tracking engagement rate, reach, click-through rate, conversion rate, follower growth, mentions and hashtags, time of day, content type, audience demographics, and share of voice, you can gain valuable insights into your audience and improve your content strategy.
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The business value of 3D content for digital storytelling is obvious: it enables you to take your customers through a customized world that demonstrates what you can do. While some still cling to the prejudice that 3D content is ‘gimmicky’, this kind of experience can illustrate your products and solutions in action using realistic settings that your customer will recognize. This makes 3D content a unique asset for your digital storytelling arsenal, provided your digital storytelling software can handle this kind of content.
How 3D Content Tells Your Story in a Unique Way
Using 3D content, your business can draw the invisible connections between physical assets or to show how services are connected, even when they’re physically distant from one another. Some sectors struggle to show the value of their connected products – especially in the software and high-tech sectors, where the ‘action’ can be intangible or invisible. 3D content can visualize these situations.
For example, a technical product manufacturer can show their interconnected solutions in action on a refinery, how these are linked to related solutions in international pipelines, storage facilities, carbon capture, wind power, and power storage. Understanding interlinked concepts like this can be hard without something three-dimensional we can truly grasp.
Another unique quality that 3D content has is the ability to show new possibilities that just don’t exist yet. This means that new technology or products can be shown in a realistic setting, even when there are no existing examples that you can show in action.
The Metaverse: a 3D Internet
The metaverse has gained a lot of attention in recent years, but many feel that it has failed to live up to the promises. It’s important with emerging technologies to take hyperbolic claims with a pinch of salt. Forget the hype and poorly conceived demonstrations and look at ‘the metaverse’ for what it truly is: a 3D internet.
When you strip it down to this basic concept the true potential is laid bare.
Working ‘in the metaverse’ might be a number of years away, but that doesn’t mean we should ignore this incredible technology. Solid applications for 3D content in the metaverse already exist. Digital storytelling provides measurable value to business, and this will certainly be one of the things that makes a successful jump into the metaverse.
Businesses can gain an advantage by getting to grips with 3D content early-on and exploring how they can use it. Before it becomes necessary to have these capabilities it is wise for companies to already understand how to use 3D content to generate business value.
Starting with a demonstrably practical application like digital storytelling, companies can learn to master 3D content without stretching their resources for merely hypothetical gains.
Using 3D Content With Digital Storytelling Software
Digital storytelling is remarkable for its ability to engage audiences and form strong emotional responses that cement memories in our brains. Things are easier to understand when they’re communicated in the format of ‘a story’, and digital media makes it possible to do this prolifically.
Businesses typically use professional digital storytelling software to deploy digital stories across multiple distribution points, organize media into a single library, and create multiple targeted versions of stories that reach specific audience groups.
Engagement
When it comes to video content, even digital stories, our attention span is limited. By adding this kind of engaging content to digital stories, it can create a natural ‘break’ that resets the viewers attention span and keeps it interesting.
Interaction
Many companies struggle to find ways of fostering interaction with their digital storytelling. This is especially crucial for immersive Customer Experience Centers, which are the perfect venue for displaying your 3D content. By exploring a three-dimensional model of your product, or walking through a virtual factory, you can give your customers a special and interactive experience that brings them closer to your brand.
Customizable
3D media can also be customizable, by creating multiple variations of virtual environments that display your customer’s own factory using your robots, or showing their branded store with your products. Common elements can be reused, and different ‘rooms’ can be added when needed. Your digital storytelling software helps you achieve this and deploy these customized experiences with minimal effort.
When you add engaging 3D content to digital stories, it can add a new dimension to the experience. So, it’s worthwhile selecting digital storytelling software that can handle 3D content.
The Right Setting for 3D Content in Business
While the value and capabilities of 3D are already becoming clear, what is not clear is the best way of using it.
Is there a ‘right’ setting for 3D content? There are numerous ways that we can experience 3D environments, and businesses will want to know how to direct their investment. Some prognostication would be useful here, but in reality, it is hard to know which technologies will become the most popular ways to explore 3D content in the future.
There are many ways you can display 3D content today. Let’s look at some of the options on the market right now.
VR Goggles
VR goggles have been around for about 30 years, starting with the SEGA VR. Working examples were uncommon for several years, and the technology has struggled to gain popularity. As it became easier to produce 3D content in the 2000s, VR goggles started to return to the public consciousness. Many find them clunky and distracting, and this can limit their applicability. Interaction also relies on a third technology such as gloves or gesture sensors.
Small Screens
From smartphones to desktop computers, smaller screens are the most common way that people explore 3D content. This may remain the primary way for people to interact with the metaverse for a number of years.
Large Screens and Briefing Centers
Briefing centers have a lot to gain from 3D content. These environments are already well set up for this kind of content, as they typically have large screens and digital signage. By interacting directly with a touch-capable screen, customers can easily explore 3D environments and make them curious to learn more.
Customer Experience Centers and Immersive Experiences
Customer experience centers bring a new level of brand experience to the traditional briefing center, often exceeding customer preconceptions. Experience centers often use immersive technologies such as immersive experience rooms to show digital stories and presentations. These are the ideal environment for 3D content because they’re totally immersive without having the drawbacks of cumbersome goggles.
Games and D2C Content
Gamification has become a real buzzword for marketers wanting to create engaging brand experiences and events for their customers. These are especially valuable as part of a D2C initiative as games can help solidify attachment to a brand by encouraging customers to invest themselves (time spent) on building a relationship via a game. 3D content can bring these to life, make them more interactive and engaging.
YouTube Content or Website Videos
Video content has grown immensely in value, and it accounts for a staggering share of internet traffic. Most people prefer to watch a video than read the equivalent text. In many cases, your video content will be the very first point of contact with your brand. Adding 3D content judiciously can boost engagement and help you demonstrate things that are intangible or otherwise hard to show.
Wherever You Want
It’s good to know that with the right digital storytelling software, it doesn’t matter which screen or device your customers use to experience your 3D content. The process for creating the content itself is largely the same, regardless of how you intend to deploy it. This means that you can reuse your 3D content in any setting, provided your digital storytelling software supports it.
Using 3D Content With Your Digital Storytelling
While still developing rapidly, 3D content has already made a niche for itself. Younger generations will become more adept with this kind of content, for whom it is already part of their digital landscape.
One thing is certain: 3D content isn’t going away and will only become more important in the future.
When businesses recognize that the much-hyped ‘metaverse’ is essentially a 3D internet, it is clearer that ignoring it is a dangerous path to take. Mastering 3D content is the first step toward building a metaverse presence, and companies can immediately start to generate value from this content.
If you’re still feeling hesitant, it’s worth reflecting on those poor retailers and businesses that shunned the internet as a ‘fad’ in the 1990s. Ignoring the immense potential of this technology out of fear of the technical aspects is to be done at your peril.
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Technology is playing an increasingly important role in people’s lives, both personally and professionally. As a female entrepreneur, it is essential to understand the capabilities of technology in order to connect with customers and cultivate meaningful relationships. Here are some strategies for business owners looking to leverage technology to create connections with customers.
Customer Service Solutions
Technology can help streamline customer service processes and create a more efficient experience for customers. Through various innovations, businesses can respond quickly to customer inquiries without the need for additional staff or resources. Here are some specific solutions:
Voice over Internet Protocol (VoIP) Gateway Device
A VoIP gateway device can help bridge the gap between customers and businesses. It offers a cost-effective way to communicate with customers and provides an efficient means of responding quickly to customer inquiries. VoIP technology allows for easy integration with existing communication systems, providing greater flexibility.
AI-powered Chatbots
AI-powered chatbots can provide an automated self-service solution for customers. They can answer customer inquiries quickly, allowing businesses to focus on other areas of the business. This technology is especially useful for businesses that need a high volume of interactions with customers, such as eCommerce stores.
Live Video Streaming
Live video streaming provides an engaging way for businesses to connect with customers, giving them a firsthand look into the operations of the business. It also allows for real-time interaction between customers and employees, creating a more intimate relationship that can be beneficial for building customer loyalty.
Social Media Management Tools
Technology has transformed how companies use social media to engage with customers. Now, businesses can use them to share product updates, industry news, helpful resources, or more personal content such as customer stories or lifestyle photographs. You can also use them to build relationships by responding quickly to customer inquiries and comments on posts.
Marketing Strategies
Technology can also help businesses create effective marketing strategies. Businesses can use it to understand their target audience, giving them the ability to craft more targeted messages for greater success. Here are some campaigns made possible by technology:
Video Marketing
Video marketing is a powerful way of connecting with customers and making an impression of them. By creating video content that appeals directly to your target audience, you can establish yourself as an authority while also helping potential customers get to know your brand better.
You can create videos that provide helpful information about your product or service, tell stories that highlight the benefits of working with you, share customer reviews, or even host virtual events for Q&A sessions about topics related to your business niche. The possibilities are endless.
Search Engine Optimization (SEO)
SEO is a technique used to increase the visibility of your website in search results. It involves optimizing content and making sure your website follows best practice guidelines to get it ranked high on major search engines. By leveraging SEO, you can reach more potential customers and help them find you more easily.
Email Marketing
Email marketing is a great way to keep in touch with customers. You can use it to send out informative content, such as newsletters or product updates, as well as special offers and discounts. By customizing emails for your target audience, you can create more personalized communications that will help foster customer loyalty.
Analytics Tools
Using analytics tools effectively is key to understanding what works best for connecting with customers online. Whether tracking engagement rates on social media posts or analyzing website traffic patterns, accessing data from multiple sources will help you make informed decisions about how best to reach out and engage with potential customers online.
For instance, you can use analytics to determine the most effective content and create more of it. Alternatively, you can understand the type of messaging customers are responding best to and tailor your advertising campaigns accordingly.
Furthermore, modern analytics tools provide the ability to gain insights from customer interactions, allowing you to better understand their preferences and behaviors. With this information, businesses can create more personalized experiences that help build relationships with customers.
Technology provides endless opportunities for female entrepreneurs looking to create meaningful connections with their customers through digital channels like social media platforms and video marketing tools. By leveraging analytics tools effectively and utilizing strategies that work best for their target audience, they can establish themselves as authorities while also cultivating relationships that will stand the test of time.
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Have you ever wondered what career opportunities a Master of Business Administration (MBA) degree could open up for you? Well, the answer is simple – a lot! After completing an MBA degree, you can embark on many exciting and lucrative careers.
The corporate world offers many positions that require an MBA degree. An MBA holder can become a Financial Analyst, Business Consultant, Leadership Trainer, or Corporate Strategist. However, MBAs are not just limited to working in corporations. They can also take up roles in the public sector, as well as in small businesses and start-ups.
According to Forbes, the job market for MBA graduates is strong, with more employers looking to hire those with an MBA. Graduates of MBA programs move into upper management roles and executive positions in nearly any industry. Graduates can also succeed in specialized positions like venture capital, investment banking, or entrepreneurship.
In addition to traditional corporate roles, MBA students may pursue teaching opportunities at universities or business schools. They can also become business consultants, offering advice and strategies to help companies grow.
Read on to learn more about the career opportunities available for MBA graduates:
1. Corporate Roles
One of the most popular and lucrative career paths for MBA graduates is within corporate roles. It can include positions such as Chief Financial Officer, Chief Executive Officer, or Operations Manager. These professionals can use their business knowledge and experience to help organizations reach their goals. An MBA general program can prepare you for roles in various industries, but if you specialize in a particular area, such as finance or marketing, you can make yourself more marketable for such positions. However, corporate roles can often require long hours and lots of travel, so consider your lifestyle before pursuing this as a career. For instance, an executive position in a multinational company may require frequent trips to other countries. Perhaps, you would like to consider a role in the luxury goods industry, which can offer more flexibility. The possibilities are endless!
2. Entrepreneurship
Every entrepreneur needs a firm business foundation to succeed, and a business degree can be the perfect way to get it. With an MBA, graduates can develop the skills and knowledge they need to create a successful business. An MBA program gives you the skills to start your own business or enter consulting services. With a thorough understanding of the business landscape, MBA graduates have what it takes to become successful entrepreneurs and start their own ventures. Whether you’re looking to start a tech start-up or a small business, an MBA can provide the foundation to launch your venture.
3. Financial Services
MBA graduates have the skills to succeed in a traditional corporate role and can also make successful careers in the financial services sector. It can include venture capital, commercial banking, and investment banking positions. Suppose you specialize in finance or economics within your MBA program. In that case, the financial services sector can offer you more opportunities to use your skills. With an MBA, graduates can position themselves for a successful career in this lucrative sector. According to the Fortune 500, many of the top companies in the financial sector are currently hiring MBA graduates. They even provide scholarships for those looking to pursue an MBA.
4. Consulting
Another career that MBA graduates can pursue is consulting. This can include roles as a business consultant, strategic advisor, or I.T. consultant. As an MBA graduate, you can use your business expertise to advise companies on managing their finances and operations. With an MBA, you also gain soft skills such as critical thinking, problem-solving, and communication skills. Business consultants are in high demand, as they bring an outside perspective to organizations that can help them improve their processes and operations. Also, consultants often have the flexibility to set their own hours and work from home or a remote location.
5. Government and Non-Profit Organizations
Government and non-profit organizations also hire MBA graduates for various roles. These can include policy analyst, operations manager, and finance director positions. With an MBA, graduates can leverage their business knowledge to help these organizations achieve their goals. MBAs can have a lasting impact on government and non-profit organizations, providing expertise in financial management, operations, strategy, and more. Plus, many government and non-profit organizations offer stimulating work environments, competitive salaries, and benefits packages.
6. Education
Education is another field that MBA graduates can pursue. As an MBA graduate, you can find positions as college and university professors, business school lecturers, and curriculum developers. A business background can be a valuable asset to those pursuing a career in higher education. With an MBA, you can use your knowledge to teach and mentor the next generation of business leaders. Plus, teaching in the college and university setting often offer generous salaries and benefits. According to the U.S. Bureau of Labor Statistics, the annual salary for post-secondary business school professors is around $76,840. And with an MBA, you can reach the top of the teaching profession and achieve a six-figure salary.
7. Technology
As technology continues to evolve and permeate all aspects of business, MBA graduates are in high demand in the tech sector. With an MBA, graduates can leverage their business acumen to help tech companies create products and services that meet customer needs. MBAs can find positions as consultants, project managers, and analysts in the technology space. Plus, tech companies often offer competitive salaries and benefits, making them an attractive option for MBA graduates.
8. Real Estate
Although often overlooked, real estate is another field that MBA graduates can pursue. With an MBA, you can find positions in areas such as real estate development, investment, and financing. MBA graduates can use their business acumen to help developers identify potential investments and manage the development process. The real estate sector is lucrative, with the potential to make large profits. Plus, real estate professionals often have the flexibility to work remotely, making it an attractive option for MBA graduates.
9. Media and Entertainment
You might be surprised to learn that MBA graduates can also find positions in the media and entertainment industries. MBAs can help media and entertainment companies develop innovative strategies to engage their audiences. With an MBA, you can bring your business knowledge to various roles, such as production manager, business analyst, and marketing strategist. Plus, these industries can often offer attractive salaries and benefits packages. And with the continued growth of the media and entertainment sector, there are plenty of opportunities for MBA graduates to explore.
10. International Business
Lastly, MBA graduates can pursue a career in international business. With this degree, you can find positions in areas such as marketing, sales, and finance. Plus, you can use your business skills to help companies expand into global markets and build relationships with customers worldwide. There are plenty of exciting opportunities in the international business sector, and MBA graduates can leverage their experience to help these companies succeed. And depending on the company, you may be able to enjoy benefits such as a flexible work schedule and travel opportunities.
Conclusion
No matter what field you choose, an MBA degree can open the door to various career paths. With this degree, you can find positions in areas such as technology, real estate, media and entertainment, and international business. Plus, you can use your business knowledge to help organizations function more efficiently and develop innovative strategies for success. So if you’re looking to explore new career options, an MBA can provide you with the skills and knowledge needed to thrive.
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Starting a small business can be exciting and rewarding, but managing finances can be challenging. If you run a small business with its finances out of control, don’t worry, you’re not alone. Many small business owners struggle to manage their financials, from keeping up with taxes to understanding the basics of investing. It can all seem difficult—but it doesn’t have to be. Proper management of your business’ finances can help ensure its long-term success. With a little guidance and a smart strategy, managing your finances for success is achievable.
In this blog, we provide various tips and tricks on effectively keeping track of your funds and saving more money so that you can maximize your company’s growth. So let’s help you create a plan for taking control of your financial future.
1. Utilize Financial Management Software
The first step for small businesses is finding a useful tool to manage lease agreements and expenses. Financial management software can be a useful option. It can help you automate your financial processes, manage cash flow, and keep accurate records.
When choosing financial management software, look for invoicing, expense tracking, and financial reporting features. Cloud-based software is an excellent option because it allows you to access your financial information anywhere, anytime.
While many financial management software options are available, some small business owners may be interested in finding a free lease accounting software option. Lease accounting software includes features like lease tracking, reporting, and document management. Some companies also offer payment plans with more advanced features, so small businesses can choose the plan that best fits their needs and budget.
2. Set Financial Goals for Your Small Business
Financial goals can help you stay focused and motivated and guide your decisions. To set effective financial goals, you must ensure they are specific, measurable, achievable, relevant, and time-bound.
For instance, you can set a goal to increase revenue by a certain percentage, reduce expenses by a certain amount, or save a particular amount for an emergency fund. Setting financial goals can help you identify what to do to achieve your objectives and measure your progress.
3. Create a Budget for Your Small Business
A budget helps you plan and prioritize your spending, track your expenses, and ensure you have enough funds for your business needs. You can create a budget by estimating your income and expenses. Be realistic and include all your business expenses, including rent, utilities, inventory, salaries, and taxes.
After that, subtract your expenses from your income to determine your net income. If your net income is negative, you need to adjust your spending to reduce your expenses or increase your revenue. Stick to your budget and review it regularly to ensure you are on track.
4. Monitor Your Cash Flow Regularly
Cash flow is the lifeblood of your business, and monitoring it regularly is crucial for effective financial management. Cash flow refers to the amount of money coming in and going out of your business. You need a positive cash flow to pay your bills, invest in your business, and grow.
So, create a statement showing your cash inflows and outflows for a specific period. Analyze your cash flow statement regularly to identify any areas of concern, such as a decline in sales, increased expenses, or late customer payments.
You can also use accounting software or other tools to automate your cash flow monitoring and make the process more efficient.
5. Separate Business and Personal Finances
Mixing personal and business finances is a common mistake for small business owners. It can lead to confusion, inaccurate financial reporting, and tax issues. Separate your business and personal finances to avoid these problems.
Create a business bank account exclusively for your business transactions. This way, you can easily track your business expenses and revenue and prepare accurate financial statements. Separating your finances will also make it easier to file your taxes and avoid any issues with the IRS.
6. Implement an Accounting System
An accounting system helps you to organize your financial information, prepare accurate financial statements, and make informed decisions. Choose a user-friendly, affordable accounting system that meets your business needs. Make sure you or your staff are trained to use the system effectively.
7. Manage Your Taxes
Small businesses must pay various taxes, such as income tax, payroll tax, sales tax, and property tax. You can manage your business’ taxes effectively by understanding your tax obligations, keeping accurate records, and filing your tax returns on time. You may also need to work with a tax professional to ensure compliance and maximize your tax deductions.
8. Keep Accurate Records
Without accurate records, you won’t know how much money you’re making or spending, and you won’t be able to make informed financial decisions for your small business.
Collect records of all financial transactions, including invoices, receipts, and bank statements. Use accounting software or other record-keeping tools to help you stay organized and ensure that your records are accurate and up-to-date.
9. Monitor and Control Your Expenses
You should regularly review your expenses to identify areas where you can cut costs and reduce overall spending. Consider using accounting software or other financial management tools to monitor your expenses. Review your expenses regularly and look for opportunities to reduce costs, such as switching to a less expensive vendor or negotiating lower rates with suppliers.
10. Plan for the Future
Planning for the future allows you to set financial goals, create a budget, and make informed decisions about investments and expenses.
Consider the current state of your business and where you want it to be when planning for the future. Develop a long-term financial plan that outlines your goals and the steps you’ll need to take to achieve them. Review and update this plan regularly to reflect changes in your business and the market.
Conclusion
Managing small business finances can be challenging, but incorporating these tips into your business finance management strategy can improve your financial health, help you make informed decisions, and allow you to achieve long-term success. Remember to regularly review and update your financial plan and seek professional help when necessary. You can focus on sustaining and growing your business with a solid financial management strategy.
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Social Media Metrics to Monitor to Improve Your Content Strategy
/in Online Marketing and Website Development/by StrategyDrivenSocial media has become an integral part of many businesses’ marketing strategies. It provides a platform to connect with customers, build brand awareness, and promote products and services. However, simply having a social media presence is not enough. To get the most out of your social media marketing, it’s important to monitor key metrics that can help you understand what’s working and what’s not. In this post, we’ll explore some social media metrics that you should be monitoring to improve your content strategy.
Engagement Rate
Engagement rate is one of the most important metrics to monitor on social media. It measures how many people are interacting with your content, such as liking, commenting, and sharing. High engagement rates indicate that your content is resonating with your audience and driving conversations.
To calculate engagement rate, divide the number of engagements (likes, comments, shares, etc.) by the number of followers or impressions. A higher engagement rate is better, as it indicates that your content is creating a strong connection with your audience.
Reach
Reach measures the number of people who see your content. It’s important to monitor reach to understand how far your content is spreading and how many people it’s reaching. A high reach means that your content is being shared and seen by a large number of people.
To increase reach, consider using paid advertising, such as promoted posts or ads, to target specific audiences. You can also optimize your content for shareability, such as using eye-catching visuals or incorporating trending topics and hashtags.
Click-Through Rate
Click-through rate (CTR) measures the number of clicks your content receives. It’s an important metric to monitor because it indicates how effective your content is at driving traffic to your website or other desired destination.
To calculate CTR, divide the number of clicks by the number of impressions. A higher CTR is better, as it means that your content is compelling and driving action from your audience.
Conversion Rate
Conversion rate measures the number of people who take a desired action, such as making a purchase or filling out a form. It’s an important metric to monitor because it helps you understand how effective your social media marketing is at driving business results.
To calculate conversion rate, divide the number of conversions by the number of clicks. A higher conversion rate is better, as it means that your social media marketing is effectively driving business outcomes.
Follower Growth
Follower growth measures how many new followers you’re gaining over time. It’s important to monitor follower growth to understand how well your content is resonating with your target audience and how effectively you’re building your social media presence.
To increase follower growth, consider running contests or promotions, optimizing your profile and content for search engines, making your content sharable with tools like share button from ShareThis, and engaging with your audience through comments and messages.
Mentions and Hashtags
Mentions and hashtags are important metrics to monitor because they help you understand how your brand is being talked about on social media. By monitoring mentions and hashtags, you can identify brand advocates, respond to customer feedback, and identify trends and topics that are relevant to your audience.
To monitor mentions and hashtags, use social media listening tools or simply search for your brand name or relevant keywords on social media platforms.
Monitoring the time of day that your content is being shared can help you understand when your audience is most active on social media. This can help you optimize your posting schedule to ensure that your content is being seen by the largest possible audience.
To monitor the best times to post, use social media analytics tools or simply track engagement rates at different times of the day. You can also experiment with posting at different times to see what works best for your audience.
Content Type
Monitoring the type of content that is generating the most engagement can help you identify what your audience is interested in and what types of content are most effective at driving engagement.
To monitor content type, look at the engagement rates for different types of content, such as photos, videos, and text posts. You can also experiment with different types of content to see what works best for your audience.
Audience Demographics
Understanding your audience demographics can help you create more targeted and effective content. By monitoring metrics such as age, gender, and location, you can tailor your content to the preferences and interests of your target audience.
To monitor audience demographics, use social media analytics tools or simply track engagement rates and other metrics by age, gender, and location. You can also survey your audience to gain a deeper understanding of their preferences and interests.
Share of Voice
Share of voice measures the percentage of social media conversations about your brand compared to your competitors. It’s an important metric to monitor because it helps you understand your brand’s position in the market and how well you’re competing with other brands.
To monitor share of voice, use social media listening tools or simply track the number of mentions and conversations about your brand compared to your competitors. You can also analyze the sentiment of these conversations to gain insights into how your brand is perceived compared to your competitors.
In conclusion, monitoring social media metrics is a critical component of any effective social media marketing strategy. By tracking engagement rate, reach, click-through rate, conversion rate, follower growth, mentions and hashtags, time of day, content type, audience demographics, and share of voice, you can gain valuable insights into your audience and improve your content strategy.
The Rise of 3D Content in Digital Storytelling
/in Online Marketing and Website Development/by StrategyDrivenThe business value of 3D content for digital storytelling is obvious: it enables you to take your customers through a customized world that demonstrates what you can do. While some still cling to the prejudice that 3D content is ‘gimmicky’, this kind of experience can illustrate your products and solutions in action using realistic settings that your customer will recognize. This makes 3D content a unique asset for your digital storytelling arsenal, provided your digital storytelling software can handle this kind of content.
How 3D Content Tells Your Story in a Unique Way
Using 3D content, your business can draw the invisible connections between physical assets or to show how services are connected, even when they’re physically distant from one another. Some sectors struggle to show the value of their connected products – especially in the software and high-tech sectors, where the ‘action’ can be intangible or invisible. 3D content can visualize these situations.
For example, a technical product manufacturer can show their interconnected solutions in action on a refinery, how these are linked to related solutions in international pipelines, storage facilities, carbon capture, wind power, and power storage. Understanding interlinked concepts like this can be hard without something three-dimensional we can truly grasp.
Another unique quality that 3D content has is the ability to show new possibilities that just don’t exist yet. This means that new technology or products can be shown in a realistic setting, even when there are no existing examples that you can show in action.
The Metaverse: a 3D Internet
The metaverse has gained a lot of attention in recent years, but many feel that it has failed to live up to the promises. It’s important with emerging technologies to take hyperbolic claims with a pinch of salt. Forget the hype and poorly conceived demonstrations and look at ‘the metaverse’ for what it truly is: a 3D internet.
When you strip it down to this basic concept the true potential is laid bare.
Working ‘in the metaverse’ might be a number of years away, but that doesn’t mean we should ignore this incredible technology. Solid applications for 3D content in the metaverse already exist. Digital storytelling provides measurable value to business, and this will certainly be one of the things that makes a successful jump into the metaverse.
Businesses can gain an advantage by getting to grips with 3D content early-on and exploring how they can use it. Before it becomes necessary to have these capabilities it is wise for companies to already understand how to use 3D content to generate business value.
Starting with a demonstrably practical application like digital storytelling, companies can learn to master 3D content without stretching their resources for merely hypothetical gains.
Using 3D Content With Digital Storytelling Software
Digital storytelling is remarkable for its ability to engage audiences and form strong emotional responses that cement memories in our brains. Things are easier to understand when they’re communicated in the format of ‘a story’, and digital media makes it possible to do this prolifically.
Businesses typically use professional digital storytelling software to deploy digital stories across multiple distribution points, organize media into a single library, and create multiple targeted versions of stories that reach specific audience groups.
Engagement
When it comes to video content, even digital stories, our attention span is limited. By adding this kind of engaging content to digital stories, it can create a natural ‘break’ that resets the viewers attention span and keeps it interesting.
Interaction
Many companies struggle to find ways of fostering interaction with their digital storytelling. This is especially crucial for immersive Customer Experience Centers, which are the perfect venue for displaying your 3D content. By exploring a three-dimensional model of your product, or walking through a virtual factory, you can give your customers a special and interactive experience that brings them closer to your brand.
Customizable
3D media can also be customizable, by creating multiple variations of virtual environments that display your customer’s own factory using your robots, or showing their branded store with your products. Common elements can be reused, and different ‘rooms’ can be added when needed. Your digital storytelling software helps you achieve this and deploy these customized experiences with minimal effort.
When you add engaging 3D content to digital stories, it can add a new dimension to the experience. So, it’s worthwhile selecting digital storytelling software that can handle 3D content.
The Right Setting for 3D Content in Business
While the value and capabilities of 3D are already becoming clear, what is not clear is the best way of using it.
Is there a ‘right’ setting for 3D content? There are numerous ways that we can experience 3D environments, and businesses will want to know how to direct their investment. Some prognostication would be useful here, but in reality, it is hard to know which technologies will become the most popular ways to explore 3D content in the future.
There are many ways you can display 3D content today. Let’s look at some of the options on the market right now.
VR Goggles
VR goggles have been around for about 30 years, starting with the SEGA VR. Working examples were uncommon for several years, and the technology has struggled to gain popularity. As it became easier to produce 3D content in the 2000s, VR goggles started to return to the public consciousness. Many find them clunky and distracting, and this can limit their applicability. Interaction also relies on a third technology such as gloves or gesture sensors.
Small Screens
From smartphones to desktop computers, smaller screens are the most common way that people explore 3D content. This may remain the primary way for people to interact with the metaverse for a number of years.
Large Screens and Briefing Centers
Briefing centers have a lot to gain from 3D content. These environments are already well set up for this kind of content, as they typically have large screens and digital signage. By interacting directly with a touch-capable screen, customers can easily explore 3D environments and make them curious to learn more.
Customer Experience Centers and Immersive Experiences
Customer experience centers bring a new level of brand experience to the traditional briefing center, often exceeding customer preconceptions. Experience centers often use immersive technologies such as immersive experience rooms to show digital stories and presentations. These are the ideal environment for 3D content because they’re totally immersive without having the drawbacks of cumbersome goggles.
Games and D2C Content
Gamification has become a real buzzword for marketers wanting to create engaging brand experiences and events for their customers. These are especially valuable as part of a D2C initiative as games can help solidify attachment to a brand by encouraging customers to invest themselves (time spent) on building a relationship via a game. 3D content can bring these to life, make them more interactive and engaging.
YouTube Content or Website Videos
Video content has grown immensely in value, and it accounts for a staggering share of internet traffic. Most people prefer to watch a video than read the equivalent text. In many cases, your video content will be the very first point of contact with your brand. Adding 3D content judiciously can boost engagement and help you demonstrate things that are intangible or otherwise hard to show.
Wherever You Want
It’s good to know that with the right digital storytelling software, it doesn’t matter which screen or device your customers use to experience your 3D content. The process for creating the content itself is largely the same, regardless of how you intend to deploy it. This means that you can reuse your 3D content in any setting, provided your digital storytelling software supports it.
Using 3D Content With Your Digital Storytelling
While still developing rapidly, 3D content has already made a niche for itself. Younger generations will become more adept with this kind of content, for whom it is already part of their digital landscape.
One thing is certain: 3D content isn’t going away and will only become more important in the future.
When businesses recognize that the much-hyped ‘metaverse’ is essentially a 3D internet, it is clearer that ignoring it is a dangerous path to take. Mastering 3D content is the first step toward building a metaverse presence, and companies can immediately start to generate value from this content.
If you’re still feeling hesitant, it’s worth reflecting on those poor retailers and businesses that shunned the internet as a ‘fad’ in the 1990s. Ignoring the immense potential of this technology out of fear of the technical aspects is to be done at your peril.
More information about this available on https://www.purplestorytelling.com/.
How To Leverage Technology As A Female Entrepreneur
/in Managing Your Business/by StrategyDrivenTechnology is playing an increasingly important role in people’s lives, both personally and professionally. As a female entrepreneur, it is essential to understand the capabilities of technology in order to connect with customers and cultivate meaningful relationships. Here are some strategies for business owners looking to leverage technology to create connections with customers.
Customer Service Solutions
Technology can help streamline customer service processes and create a more efficient experience for customers. Through various innovations, businesses can respond quickly to customer inquiries without the need for additional staff or resources. Here are some specific solutions:
Voice over Internet Protocol (VoIP) Gateway Device
A VoIP gateway device can help bridge the gap between customers and businesses. It offers a cost-effective way to communicate with customers and provides an efficient means of responding quickly to customer inquiries. VoIP technology allows for easy integration with existing communication systems, providing greater flexibility.
AI-powered Chatbots
AI-powered chatbots can provide an automated self-service solution for customers. They can answer customer inquiries quickly, allowing businesses to focus on other areas of the business. This technology is especially useful for businesses that need a high volume of interactions with customers, such as eCommerce stores.
Live Video Streaming
Live video streaming provides an engaging way for businesses to connect with customers, giving them a firsthand look into the operations of the business. It also allows for real-time interaction between customers and employees, creating a more intimate relationship that can be beneficial for building customer loyalty.
Technology has transformed how companies use social media to engage with customers. Now, businesses can use them to share product updates, industry news, helpful resources, or more personal content such as customer stories or lifestyle photographs. You can also use them to build relationships by responding quickly to customer inquiries and comments on posts.
Marketing Strategies
Technology can also help businesses create effective marketing strategies. Businesses can use it to understand their target audience, giving them the ability to craft more targeted messages for greater success. Here are some campaigns made possible by technology:
Video Marketing
Video marketing is a powerful way of connecting with customers and making an impression of them. By creating video content that appeals directly to your target audience, you can establish yourself as an authority while also helping potential customers get to know your brand better.
You can create videos that provide helpful information about your product or service, tell stories that highlight the benefits of working with you, share customer reviews, or even host virtual events for Q&A sessions about topics related to your business niche. The possibilities are endless.
Search Engine Optimization (SEO)
SEO is a technique used to increase the visibility of your website in search results. It involves optimizing content and making sure your website follows best practice guidelines to get it ranked high on major search engines. By leveraging SEO, you can reach more potential customers and help them find you more easily.
Email marketing is a great way to keep in touch with customers. You can use it to send out informative content, such as newsletters or product updates, as well as special offers and discounts. By customizing emails for your target audience, you can create more personalized communications that will help foster customer loyalty.
Analytics Tools
Using analytics tools effectively is key to understanding what works best for connecting with customers online. Whether tracking engagement rates on social media posts or analyzing website traffic patterns, accessing data from multiple sources will help you make informed decisions about how best to reach out and engage with potential customers online.
For instance, you can use analytics to determine the most effective content and create more of it. Alternatively, you can understand the type of messaging customers are responding best to and tailor your advertising campaigns accordingly.
Furthermore, modern analytics tools provide the ability to gain insights from customer interactions, allowing you to better understand their preferences and behaviors. With this information, businesses can create more personalized experiences that help build relationships with customers.
Technology provides endless opportunities for female entrepreneurs looking to create meaningful connections with their customers through digital channels like social media platforms and video marketing tools. By leveraging analytics tools effectively and utilizing strategies that work best for their target audience, they can establish themselves as authorities while also cultivating relationships that will stand the test of time.
Career Opportunities After Pursuing an MBA
/in Professional Development/by StrategyDrivenHave you ever wondered what career opportunities a Master of Business Administration (MBA) degree could open up for you? Well, the answer is simple – a lot! After completing an MBA degree, you can embark on many exciting and lucrative careers.
The corporate world offers many positions that require an MBA degree. An MBA holder can become a Financial Analyst, Business Consultant, Leadership Trainer, or Corporate Strategist. However, MBAs are not just limited to working in corporations. They can also take up roles in the public sector, as well as in small businesses and start-ups.
According to Forbes, the job market for MBA graduates is strong, with more employers looking to hire those with an MBA. Graduates of MBA programs move into upper management roles and executive positions in nearly any industry. Graduates can also succeed in specialized positions like venture capital, investment banking, or entrepreneurship.
In addition to traditional corporate roles, MBA students may pursue teaching opportunities at universities or business schools. They can also become business consultants, offering advice and strategies to help companies grow.
Read on to learn more about the career opportunities available for MBA graduates:
1. Corporate Roles
One of the most popular and lucrative career paths for MBA graduates is within corporate roles. It can include positions such as Chief Financial Officer, Chief Executive Officer, or Operations Manager. These professionals can use their business knowledge and experience to help organizations reach their goals. An MBA general program can prepare you for roles in various industries, but if you specialize in a particular area, such as finance or marketing, you can make yourself more marketable for such positions. However, corporate roles can often require long hours and lots of travel, so consider your lifestyle before pursuing this as a career. For instance, an executive position in a multinational company may require frequent trips to other countries. Perhaps, you would like to consider a role in the luxury goods industry, which can offer more flexibility. The possibilities are endless!
2. Entrepreneurship
Every entrepreneur needs a firm business foundation to succeed, and a business degree can be the perfect way to get it. With an MBA, graduates can develop the skills and knowledge they need to create a successful business. An MBA program gives you the skills to start your own business or enter consulting services. With a thorough understanding of the business landscape, MBA graduates have what it takes to become successful entrepreneurs and start their own ventures. Whether you’re looking to start a tech start-up or a small business, an MBA can provide the foundation to launch your venture.
3. Financial Services
MBA graduates have the skills to succeed in a traditional corporate role and can also make successful careers in the financial services sector. It can include venture capital, commercial banking, and investment banking positions. Suppose you specialize in finance or economics within your MBA program. In that case, the financial services sector can offer you more opportunities to use your skills. With an MBA, graduates can position themselves for a successful career in this lucrative sector. According to the Fortune 500, many of the top companies in the financial sector are currently hiring MBA graduates. They even provide scholarships for those looking to pursue an MBA.
4. Consulting
Another career that MBA graduates can pursue is consulting. This can include roles as a business consultant, strategic advisor, or I.T. consultant. As an MBA graduate, you can use your business expertise to advise companies on managing their finances and operations. With an MBA, you also gain soft skills such as critical thinking, problem-solving, and communication skills. Business consultants are in high demand, as they bring an outside perspective to organizations that can help them improve their processes and operations. Also, consultants often have the flexibility to set their own hours and work from home or a remote location.
5. Government and Non-Profit Organizations
Government and non-profit organizations also hire MBA graduates for various roles. These can include policy analyst, operations manager, and finance director positions. With an MBA, graduates can leverage their business knowledge to help these organizations achieve their goals. MBAs can have a lasting impact on government and non-profit organizations, providing expertise in financial management, operations, strategy, and more. Plus, many government and non-profit organizations offer stimulating work environments, competitive salaries, and benefits packages.
6. Education
Education is another field that MBA graduates can pursue. As an MBA graduate, you can find positions as college and university professors, business school lecturers, and curriculum developers. A business background can be a valuable asset to those pursuing a career in higher education. With an MBA, you can use your knowledge to teach and mentor the next generation of business leaders. Plus, teaching in the college and university setting often offer generous salaries and benefits. According to the U.S. Bureau of Labor Statistics, the annual salary for post-secondary business school professors is around $76,840. And with an MBA, you can reach the top of the teaching profession and achieve a six-figure salary.
7. Technology
As technology continues to evolve and permeate all aspects of business, MBA graduates are in high demand in the tech sector. With an MBA, graduates can leverage their business acumen to help tech companies create products and services that meet customer needs. MBAs can find positions as consultants, project managers, and analysts in the technology space. Plus, tech companies often offer competitive salaries and benefits, making them an attractive option for MBA graduates.
8. Real Estate
Although often overlooked, real estate is another field that MBA graduates can pursue. With an MBA, you can find positions in areas such as real estate development, investment, and financing. MBA graduates can use their business acumen to help developers identify potential investments and manage the development process. The real estate sector is lucrative, with the potential to make large profits. Plus, real estate professionals often have the flexibility to work remotely, making it an attractive option for MBA graduates.
9. Media and Entertainment
You might be surprised to learn that MBA graduates can also find positions in the media and entertainment industries. MBAs can help media and entertainment companies develop innovative strategies to engage their audiences. With an MBA, you can bring your business knowledge to various roles, such as production manager, business analyst, and marketing strategist. Plus, these industries can often offer attractive salaries and benefits packages. And with the continued growth of the media and entertainment sector, there are plenty of opportunities for MBA graduates to explore.
10. International Business
Lastly, MBA graduates can pursue a career in international business. With this degree, you can find positions in areas such as marketing, sales, and finance. Plus, you can use your business skills to help companies expand into global markets and build relationships with customers worldwide. There are plenty of exciting opportunities in the international business sector, and MBA graduates can leverage their experience to help these companies succeed. And depending on the company, you may be able to enjoy benefits such as a flexible work schedule and travel opportunities.
Conclusion
No matter what field you choose, an MBA degree can open the door to various career paths. With this degree, you can find positions in areas such as technology, real estate, media and entertainment, and international business. Plus, you can use your business knowledge to help organizations function more efficiently and develop innovative strategies for success. So if you’re looking to explore new career options, an MBA can provide you with the skills and knowledge needed to thrive.
10 Ways to Manage Your Small Business’ Finances
/in Managing Your Finances/by StrategyDrivenStarting a small business can be exciting and rewarding, but managing finances can be challenging. If you run a small business with its finances out of control, don’t worry, you’re not alone. Many small business owners struggle to manage their financials, from keeping up with taxes to understanding the basics of investing. It can all seem difficult—but it doesn’t have to be. Proper management of your business’ finances can help ensure its long-term success. With a little guidance and a smart strategy, managing your finances for success is achievable.
In this blog, we provide various tips and tricks on effectively keeping track of your funds and saving more money so that you can maximize your company’s growth. So let’s help you create a plan for taking control of your financial future.
1. Utilize Financial Management Software
The first step for small businesses is finding a useful tool to manage lease agreements and expenses. Financial management software can be a useful option. It can help you automate your financial processes, manage cash flow, and keep accurate records.
When choosing financial management software, look for invoicing, expense tracking, and financial reporting features. Cloud-based software is an excellent option because it allows you to access your financial information anywhere, anytime.
While many financial management software options are available, some small business owners may be interested in finding a free lease accounting software option. Lease accounting software includes features like lease tracking, reporting, and document management. Some companies also offer payment plans with more advanced features, so small businesses can choose the plan that best fits their needs and budget.
2. Set Financial Goals for Your Small Business
Financial goals can help you stay focused and motivated and guide your decisions. To set effective financial goals, you must ensure they are specific, measurable, achievable, relevant, and time-bound.
For instance, you can set a goal to increase revenue by a certain percentage, reduce expenses by a certain amount, or save a particular amount for an emergency fund. Setting financial goals can help you identify what to do to achieve your objectives and measure your progress.
3. Create a Budget for Your Small Business
A budget helps you plan and prioritize your spending, track your expenses, and ensure you have enough funds for your business needs. You can create a budget by estimating your income and expenses. Be realistic and include all your business expenses, including rent, utilities, inventory, salaries, and taxes.
After that, subtract your expenses from your income to determine your net income. If your net income is negative, you need to adjust your spending to reduce your expenses or increase your revenue. Stick to your budget and review it regularly to ensure you are on track.
4. Monitor Your Cash Flow Regularly
Cash flow is the lifeblood of your business, and monitoring it regularly is crucial for effective financial management. Cash flow refers to the amount of money coming in and going out of your business. You need a positive cash flow to pay your bills, invest in your business, and grow.
So, create a statement showing your cash inflows and outflows for a specific period. Analyze your cash flow statement regularly to identify any areas of concern, such as a decline in sales, increased expenses, or late customer payments.
You can also use accounting software or other tools to automate your cash flow monitoring and make the process more efficient.
5. Separate Business and Personal Finances
Mixing personal and business finances is a common mistake for small business owners. It can lead to confusion, inaccurate financial reporting, and tax issues. Separate your business and personal finances to avoid these problems.
Create a business bank account exclusively for your business transactions. This way, you can easily track your business expenses and revenue and prepare accurate financial statements. Separating your finances will also make it easier to file your taxes and avoid any issues with the IRS.
6. Implement an Accounting System
An accounting system helps you to organize your financial information, prepare accurate financial statements, and make informed decisions. Choose a user-friendly, affordable accounting system that meets your business needs. Make sure you or your staff are trained to use the system effectively.
7. Manage Your Taxes
Small businesses must pay various taxes, such as income tax, payroll tax, sales tax, and property tax. You can manage your business’ taxes effectively by understanding your tax obligations, keeping accurate records, and filing your tax returns on time. You may also need to work with a tax professional to ensure compliance and maximize your tax deductions.
8. Keep Accurate Records
Without accurate records, you won’t know how much money you’re making or spending, and you won’t be able to make informed financial decisions for your small business.
Collect records of all financial transactions, including invoices, receipts, and bank statements. Use accounting software or other record-keeping tools to help you stay organized and ensure that your records are accurate and up-to-date.
9. Monitor and Control Your Expenses
You should regularly review your expenses to identify areas where you can cut costs and reduce overall spending. Consider using accounting software or other financial management tools to monitor your expenses. Review your expenses regularly and look for opportunities to reduce costs, such as switching to a less expensive vendor or negotiating lower rates with suppliers.
10. Plan for the Future
Planning for the future allows you to set financial goals, create a budget, and make informed decisions about investments and expenses.
Consider the current state of your business and where you want it to be when planning for the future. Develop a long-term financial plan that outlines your goals and the steps you’ll need to take to achieve them. Review and update this plan regularly to reflect changes in your business and the market.
Conclusion
Managing small business finances can be challenging, but incorporating these tips into your business finance management strategy can improve your financial health, help you make informed decisions, and allow you to achieve long-term success. Remember to regularly review and update your financial plan and seek professional help when necessary. You can focus on sustaining and growing your business with a solid financial management strategy.