What Are The Top 3 Metrics To Look At In Measuring Social Media Campaign Success?

Determining the success of a social media campaign comes down to an issue of metrics. The following are the top three metrics you should be looking at when gauging the success of your social media strategy.

The “Like” numbers or active participation: A quick snapshot of any social media campaign is to look at the number of users who are accessing your social media profiles. With Facebook, it would be the number of likes or comments. With Twitter, it would be the number of followers or retweets. Each of those numbers will tell you who has taken the time to join your social media campaign and are participating actively.

However, these numbers aren’t the only ones you should be studying. Go deeper. For instance, Facebook provides its page administrators with a detailed analysis of not only how many new likes occurred but also the percentage of comments generated and views. The other networks have metrics such as page views and mentions that can also indicate the kind of volume your company is attracting.  

Your bounce rate. Are your visitors arriving at your site from your social media profiles but leaving immediately? Take a look at the time spent on your website from your different traffic sources. If you find that visitors are spending less than a minute on your website, then maybe your landing page needs better copy. Or maybe you’re attracting the wrong audience.

Conversions: You want social media campaigns to convert, either into subscriptions, sales or any other items that you’re offering as part of your sales funnel.  If your sales increase after launching a successful social media campaign, then it worked. However, those numbers can also be used to determine the return on investment when it comes to expanding your reach. For instance, if you have a 5% increase in sales with a 10% increase in site traffic then it follows the more traffic, the more sales.

Not all of the metrics are simple to track and may require some advanced tools. It’s very important to take the time to have the right measurement and analytical tools in place before you start a social media campaign. Without the right tools, you won’t be able to determine if your campaigns were successful or an abysmal failure.

How a Shareholders' Agreement Can Protect You and Your Business

Corporate law doesn’t offer a solution for every potential conflict that can occur between partners or shareholders during the course of running your business. Which is why creating a shareholders’ agreement can be a very smart thing to do to protect yourself.  There are many situations in which a shareholders’ agreement can get you of trouble. Here are a few examples:

·         An unfortunate event that occurs such as a conflict with one of the shareholders, an accident, bankruptcy or even death of a shareholder

·         When the shareholders want to maintain equal equity within themselves

·         When shareholders want to participate in company decision-making, such as the introduction of new partners in the company

·         Or changing the shareholder voting rights

Even if you have less than three shareholders, you should write and sign a shareholders agreement. The departure of a partner or even a disagreement between shareholders can often lead to bad blood within your company.  And in situations like these, you want to make sure you’re protected.

If you want to have the best shareholders’ agreement that meets your needs, it is advisable to consult a lawyer. He will determine what clauses should be included in the agreement and suggest solutions tailored to your situation and that of the shareholders. Expect to pay a few hundred dollars for a lawyers’ service.

If there is a dispute or uncertainty on how to proceed in a particular situation, you can refer to the shareholders' agreement for guidance. In the event that the agreement does not cover a particular circumstance or the situation cannot be resolved by the shareholders, an arbitration clause can be inserted in the agreement that requires the dispute to be referred to an independent third party.

Here are some of the clauses that you should be aware of and may wish to put in your agreement:

1.       First refusal: This allows shareholders to have a say over the sale of their shares to someone else who is not a part of the company.

2.       Mandatory offer due to death: Provide what will happen upon the death of a shareholder

3.       Mandatory offer due to withdrawal from business: Provide for situation which could lead to the withdrawal of a shareholder from the company for various reasons

4.       Pre-emptive right: Protects the rights of the shareholders against issuing new shares by the Board of Directors

5.       Shotgun clause: Protection from any disagreements between shareholders

6.       Working conditions: This outlines the working conditions governing the shareholders who work for the company

7.       Voting: Allows shareholders to be elected as board of directors

In starting your business, you should hope for the best, but plan for the worst to occur. By using a shareholders' agreement, you save money, time and frustration in the long run. What you get is greater trust and peace of mind between you and your partners which is fundamental to every successful small business.

How To Find Your Next Great Business Idea

One of the biggest struggles that potential entrepreneurs face is trying to understand what kind of business that they should start. For many, the process in finding an idea can be long and challenging, even harder than writing a business plan! Deciding on what opportunity to pursue is dependent on variables such as:

·     If there is a “pain” that you can solve and if people are willing to pay for the solution;

·         How much money you have;

·         Whether you want to sell products or be a service-oriented business;

·         Whether you want to build a lifestyle small business or a million-dollar conglomerate.

 Here are some tips for a fast and successful search in identifying different business opportunities.

Find a solution

By keeping your eyes (and ears!) open, you will stumble upon opportunities to solve problems that may lead you to the perfect idea. Ask yourself - what pains or frustrations do people experience in their daily lives? Are there any challenges that people are complaining about? If there are, work on finding the solution as every problem is an opportunity for you to solve.

Carry a small notebook with you and note down anything you hear or see in regards to people’s frustrations. When you have filled out a page or two, try to find a solution to them. Are there companies that are solving those needs well? If not, how can you do it? What would be the ideal situation in solving that problem? And finally, can it be profitable?

Remember, if the “pain” is perceived as big and causes a lot of time and money to be wasted, people are willing to pay more to get it solved quickly.

Use your passion and knowledge

Another area you can draw ideas from is within yourself. What are your strengths, skills, knowledge and experience that you have which can be of benefit to others? What are the things that you naturally share with your friends that they turn to you for? Is there a challenge that you’ve successfully overcome?

Take for example, if you’ve successfully lost weight using natural methods after trying different kinds of therapies and diets, do you think millions of people would benefit from your experience? Of course! We often take what we know for granted and don’t realize how valuable our knowledge can be if shared with others. Don’t forget there are so many people you can help with your knowledge.

Set yourself apart! How can you do things differently?

There has always been a misconception that to be an entrepreneur, you must start a business that is very innovative and not found elsewhere. Business ideas need not to be very different or entirely unique to be successful. Innovation in a new business can be creating a new technique, process or even a brand.  You can target a new market or try a new marketing channel that may give you an edge over your competitors.

Analyze various companies that are in your chosen industry. Do their brands look and feel the same? Take a look at how good they are at delivering value to their customers and see if you can provide it more efficiently or better. 

Take advantage of changing trends

Pay attention to any changes that you notice in your industry or target markets and try to spot trends you can turn into new businesses. The first companies to identify an emerging trend and execute quickly often become the market leader in their industry.    

A great example is Facebook. Although they weren’t the first on the market, they were innovative and took advantage of trends to make it easy for people to communicate with each other. Facebook grew from a small site in Harvard to being the most visited website after Google. Because of Facebook, social media has become a game changer for a lot of companies and startups have sprouted that specifically target the new industry. By keeping your finger on the pulse of your target market, you will be able to foresee trends and take advantage of them long before they appear.

Regardless of what your goals are for your business, keep in mind that even if you have a million-dollar idea, it means nothing without proper execution. Create a business plan and test your idea to see how it stands in the market.  So, go discover lucrative business idea and start working on it – it’s a package and shouldn’t be sold separately.

Drive Traffic To Your Site with Give Aways

Let’s face it; we all love to get free stuff. Whether it’s a T-shirt, a delicious dessert or advice - as long as it’s free, we’re going to be smiling. Now flip that around to the business who is handing out that free stuff and think about what they are getting in return. They are generating a lot of “smiles.” That’s a proactive stance towards building a more robust business and branding. Keep in mind that adopting this approach doesn’t mean you have to give away the store. Instead, you’re looking for ways to drive traffic to your site through enticements which can ultimately lead to other business.

By providing your customer with free advice, product or service, you’re ultimately building customer loyalty. You can create a blog which provides great advice on solving your customers’ pains. This makes you a resource, giving your prospects plenty of reasons to return to your site. This in turn could make them more inclined to follow your advertisers to their websites or purchase what you’re selling. Think of the “freebie” as the bait to hook a new customer.

Here are some more reasons why providing free stuff helps your business:

1)      Providing free stuff is good PR: News travels fast. By offering free stuff, your prospects will start talking about it amongst their friends and colleagues, helping you spread the message organically. People love to receive free stuff, and they’re more willing to take action if their friend recommends it to them.   

2)      You minimize risk for your prospects: When you offer a free trial period, a free e-book filled with great information, or even a free item, you are reducing the perceived risk in purchasing your product or service. By taking away the risk, you are providing your prospects with the opportunity to have a positive experience with your brand and make it easier to purchase later. 

3)      Build customer loyalty: Everyone loves to get something for free, especially when there are no strings attached.  Customers remember how they got something special and will associate it with your brand. This builds loyalty and positions your brand as someone that is always looking out for the customer. 

Free stuff doesn’t just have to be products or services. There are examples of donations, contests, free food and even a dream job!  Giving away free items or trial offers is a win-win strategy for both you and your customers. If done right, offering a free incentive will pay your company back in spades.

Can LinkedIn Really Help You Get More Business?

If you’re in sales, one of the major challenges that you’ll come across on a regular basis is finding qualified leads. You can buy as many lists as you can from lead brokers, or create time-consuming marketing campaigns, but nothing can beat the effectiveness of LinkedIn’s platform for finding a captive business audience in one spot. Other than being able to use LinkedIn as a tool to find targeted prospects, you can also use it to keep track of your competitors. By creating a profile for both yourself and your company, you can also take advantage of the network to connect with your target audience and drive traffic back to your website.

Making LinkedIn Work For Your Company

As with other type of social media marketing strategies, using LinkedIn to promote your business means you have to keep your profile current and active. Don’t just think that because you set up a LinkedIn profile that your work is done. It would be like going to a business expo and standing in a corner hoping people will come to you. How would they even know you’re in attendance? You’ve got to be proactive by directly reaching out to other businesses and professionals and give them an opportunity to experience what your company has to offer.

Here are some techniques that can help:

1)      Join LinkedIn Groups: A great way to build relationships with your prospects is to join in on the various discussions going on at LinkedIn groups. For instance, if you are involved in import/export, then you can certainly find a group of professionals who are discussing matters that would pertain to your industry. Join groups and get into the game.

2)      Be a subject matter expert: Get involved in LinkedIn Answer forums, especially those related to your industry and your prospects. The LinkedIn Answers forum allows all members to post questions on any business challenges that they are facing. This allows them to take advantage of the platform’s peer-to-peer network, having any member to answer and to respond to questions posted by any other LinkedIn member. There are several advantages to this feature:

i)        It is an excellent way to gather information and to be on the cutting edge of a particular industry or niche.

ii)      It is also a great way to communicate with prospects and potential partners in a particular niche. If you answer questions, you are positioning yourself as a subject matter expert in your industry and people will turn to you for answers.

3)      Connecting your network with each other: Build your social influence by connecting your contacts or members with each other. Working to connect your network with other members on LinkedIn not only helps you become known as an influencer, there also is an ancillary benefit – your network will reciprocate the favour. 

Although LinkedIn isn't the largest social network, it is one that has the most business-oriented membership.  You not only have all your prospects at one spot, but can tap into a peer-to-peer resource that can help you build your business. However, just like offline networking, you have to work at building relationships with your network using the right techniques.

Can You Hire Unpaid Interns to Help Your Startup?

It certainly takes a lot of staff to get a business up and running. Along with the full salaried employees, many business owners have turned towards the idea of bringing on unpaid interns as a way of supplementing the staff needs. The Ministry of Labour has very specific guidelines when it comes to bringing these types of workers into your business. The first thing you have to determine is if your intern fits the official definition of an intern.

As classified by the ESA (Employment Standards Act) an intern is “an individual who performs work under a program approved by a college of applied arts and technology or a university.”

A person who falls under that classification is excluded from being designated as an employee and therefore doesn’t have to conform to the ESA requirements for that type of worker. However, there are some possible complications. The ESA defines an employee as one or more of the following:

a)      a person…who performs work for an employer for wages,

b)      a person who supplies services to an employer for wages,

c)      a person who receives training from a person who is an employer, as set out in subsection (2) For the purposes of clause (c) of the definition of “employee” in subsection (1), an individual receiving training from a person who is an employer is an employee of that person if the skill in which the individual is being trained is a skill used by the person’s employees, unless all of the following conditions are met:

a.       The training is similar to that which is given in a vocational school.

b.      The training is for the benefit of the individual.

c.       The person providing the training derives little, if any, benefit from the activity of the individual while he or she is being trained.

d.      The individual does not displace employees of the person providing the training.

e.       The individual is not accorded a right to become an employee of the person providing the training.

f.       The individual is advised that he or she will receive no remuneration for the time that he or she spends in training.”

Obviously, that is a lot to sort through. The best course of action is to contact the Ministry of Labour before hiring an intern to make sure you’ll be in compliance. You might also look into programs where the government will provide funds to your business if you hire a post-secondary student for a 12 week internship.

Strictly speaking, you’ll need to pay for 25% of this person’s salary but the government will step in and fund the rest. This applies only to companies with fewer than 500 employees who have been in business for a year or longer and it is only for improving a company’s e-commerce website.

It could be the perfect way to get a fresh approach for your business!

Why Should You Incorporate Your Company?

There are many reasons for incorporating but the most important to consider are the benefits of incorporating and the implications that it may have for your business. A quick examination of all the benefits to be derived from incorporating will reveal that the best time is when you are actually taking your startup business from inception to reality. Consider all of these corporate advantages:

1.      Limited Liability

Incorporating your business is really about protecting your personal assets. Anyone who starts up a business will find it taking up a major portion of their time but that doesn’t mean you have to assume a total risk with everything you own. By incorporating your business you are drawing a clear line between your personal asset and the assets of the company. That way if anything should go wrong with the company, you’ll still have your personal property. It’s important to keep those two aspects of your life separate.

2.      Attracting Investors

When you incorporate your business you’re also telling potential investors that you’re serious about your company’s future. That is going to make getting money from investors a lot easier. Any investor will be taking a risk by giving you capital. You can make them feel more confident with a professional approach to your business plan through incorporation.

3.      Tax Issues

Just as incorporating your business will protect your personal assets it can also help improve your tax filing status. With a corporation, you have the ability to defer paying taxes to a time during the fiscal year which will be more beneficial. This also applies when you accept an income. The goal should be to work with your accountant to find a proactive way to reduce your tax burden which can ultimately allow you to reinvest in the business. There are also a wide range of small business tax deductions which can help you make improvements but they would only apply to a business that has been incorporated.

4.      Better Client Prospects

If an investor feels better investing in a corporation then a potential client will also share those feelings of confidence in your business. Incorporating your business projects a level of stability to customers. They know they’re not dealing with some “fly-by-night” organization but someone who is in for the long haul of providing service.

5.      Corporate Legacy

For all practical purposes, a corporation is a legal entity that can far outlive the lives of its founders. When you can move your company into the realm of Fortune 500 type of businesses then the hope is that they’ll be around long after the original board has gone onto greener pastures. A corporation is about longevity which is exactly what you should be focused on for your new business.

What's Your Exit Strategy? How to Plan for a Graceful Exit From Your Business

Have you just started up a new business? Congratulations! Now you should start planning your exit strategy.  That might seem like you’re rushing things a bit but operating a successful business means you’re looking into the future for the day when you can either retire or sell off that business.

What’s your exit strategy? If you don’t have one you might think about these helpful tips to keep in mind for a graceful exit from your business.

Pick the Right Time

As you set out in your business, you should have goals. Your business benchmarks could be a certain amount of profit you get to put into your pocket or building some type of legacy that you want to pass onto your children. What’s important is that you sell your business at the right time not when you are forced to sell because of an illness. In other words, selling a business should be a major part of your business planning. It should be included as a component of your retirement plans and you don’t want to wait too long to enjoy your retirement.

Decide Exactly What You’re Selling

There are many moving parts to a business. These would be all the various assets that you own and control. Do you want to sell your business outright? This would mean transferring everything to a new owner.

If you can’t find an owner who wants to take over the entire business, you might be able to sell of the various pieces such as equipment, mailing lists or even a storefront. If you’ve built up a valuable brand or product that could be sold to a larger company.

Figure Out Your Business Value

This might seem like a no brainer but it could also be a bit of a reality check for you. You might think after all the hard work you’ve poured into your business that its value is enormously high. In truth, it might be valued at far less than you anticipated. This is why you can’t depend solely on selling your business when it comes to planning ahead for your financial security.

The moment you open your doors you should start saving in a retirement account. A professional valuator will be a big assistance in this matter.

Avoid Surprises

Getting your business ready to sell means you’ll be opening yourself up for inspection. As part of your normal business practices you should have been maintaining flawless accounting books so that won’t be a problem, right?

But if you have other assets like an office or equipment you’ll want to make sure they are all up to the code and functioning properly before asking someone to buy them.

Get Professional Help

You shouldn’t enter into the process of selling a business on your own, you should create a team to help you. Look for the assistance of corporate lawyers, accountant and bankers. In some cases, real estate agents can also be helpful. This is especially true if real estate is involved.

As important is it is to plan a startup, it is equally important to plan an exit.

Are you Ready to Quit Your Job and Start a Company?

So, you’ve got a great idea for a business that you’re eager to pull the trigger on. One potential obstacle: you’re working in a job now and unless you quit you can’t get your start-up going. What do you need to do before you quit your job and start a company? Think about these issues before taking the plunge:

1.      Money Coming in Versus Money Going Out

Only you know what you need to survive on in terms of income. Many new business owners often forgo a salary until their new venture is on stable footing. Can you survive without a steady paycheck? Don’t imagine what you’ll be making; be realistic about what you’re making now and what you can anticipate making two weeks after you’ve quit. The harsh reality is you’re probably going to take a salary hit in terms of reduced weekly take home pay. Can you survive with that?

2.      Business Plan Projections

What does your business plan say about generating income? If you don’t have a business plan, then you’re really not ready to quit your job! A properly prepared business plan will become your road map for success. If you have used realistic projections then you should be able to gauge when revenue will start rolling in. More importantly you should have a contingency plan ready to activate if those projections don’t hold up.

3.      Emergency Capital

Your contingency plan should include a kind of “rainy day fund.” This should be additional operating expenses you might require to keep your business running should you experience a downturn in the first couple of weeks or months. Quick example: You’re starting a business selling beach umbrellas but on opening day it begins to rain for two weeks straight. Will you have the money to pay your bills while you wait for the sun to shine?

4.      Family Support

You can never underestimate the need for family support when you open up a new business. You’re going to be asking for a lot of sacrifices from your family as you devote long hours to make sure your business is running properly. If they’re not as committed as you are to this start up then you’re going to have added stress which isn’t going to do anybody any good. This kind of support is critical when you are making the transition from one job to another. They last thing you want to ever say is, “Surprise: I quit my job!” Major decisions like that should be made in partnership with your family.

Measuring Your Social Media Campaign Success

Determining the success of a social media campaign comes down to an issue of metrics. The following are the top three metrics you should be looking at when gauging the success of your social media strategy.

Active participation: A quick snapshot of any social media campaign is to look at the number of users who are accessing your social media profiles. With Facebook, it would be the number of “likes.” With Twitter, it would be the number of retweets. However, these numbers aren’t the only ones you should be studying. Go deeper. The key to social media is engagement. For instance, Facebook provides its page administrators with a detailed analysis of  the percentage of comments generated and views. The other networks have metrics such as page views and mentions that can also indicate the kind of volume your company is attracting.  

Your bounce rate. Are your visitors arriving at your site from your social media profiles but leaving immediately? Take a look at the time spent on your website from your different traffic sources. If you find that visitors are spending less than a minute on your website, then maybe your landing page needs better copy. Or maybe you’re attracting the wrong audience.

Conversions: You want social media campaigns to convert, either into subscriptions, sales or any other items that you’re offering as part of your sales funnel.  If your sales increase after launching a successful social media campaign, then it worked. However, those numbers can also be used to determine the return on investment when it comes to expanding your reach. For instance, if you have a 5% increase in sales with a 10% increase in site traffic then it follows the more traffic, the more sales.

Not all of the metrics are simple to track and may require some advanced tools. It’s very important to take the time to have the right measurement and analytical tools in place before you start a social media campaign. Without the right tools, you won’t be able to determine if your campaigns were successful or an abysmal failure.

How do you measure your business' social media success?