How to Determine KPIs

There’s no cookie cutter plan or strategy for your business. Every company model relies on a major key element to keep the brand moving forward.

For social influencers, it may be followers and engagement. For someone who makes candles, it may be conversions and sales. As a business owner, it is up to you to determine what KPIs matter for your business.

What are KPIs?

KPIs = key performance indicators.

According to KPI.org, “Key Performance Indicators (KPIs) are the critical (key) indicators of progress toward an intended result. KPIs help provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most.”

Why do KPIs matter?

When you have a clear understanding of your goals, you’re able to create a real strategy to reach them. You’re also able to better articulate your message to potential partners and customers.

How do I determine KPIs?

First, you need to have a clear intended result. If you’re running a sale and your goal is to make X amount of dollars, there should be an expected revenue or sales goal in place as you’re building your campaign.

Secondly, you need to consider what drives the bottom line for your business. If sales and revenue move the needle for your brand, then focusing on followers and engagement is a waste of time and resources.

Lastly, you need to be realistic with your KPIs. If you’re unsure about what your goals should be, consider performing an audit on your business to understand the trends of your business before putting KPIs in place. Check out out audits here!

What are some common KPIs?

Here are some common KPIs to help you get started:

Likes/Reactions – The amount of times people have interacted with your post on social media. On Facebook, people are able to react with your post with a ‘Like’, ‘Love’, ‘Wow’, ‘Sad’, or ‘Angry’.

Followers/Page Likes РThese are the people who  have decided to stay in the know about your brand or business by agreeing to receive updates on their timeline about you.

Reach – The amount of people who have seen your social post or advertisement.

Impressions – The amount of times your post or advertisement has been seen. This is very similar to ‘Reach’. Here’s how it is different: if three people have seen your post, but you have ten impressions, that means between those three people (reach), your post has been seen ten times (impression).

Engagement – This combines the amount of likes/reactions and comments on a social post. Do you know your engagement score? Find out here.

Conversions – Typically this is when someone takes a desired action such as making a purchase or providing you with their email address or contact information.

Need help setting KPIs for your business? Schedule a 15-minute discovery call to walk us through your concerns. We would be happy to help! Click here to schedule today.

Networking Tips for Entrepreneurs

I attended my first networking event when I was 18 (I’m now 27) and I still cringe at the thought of having to talk to strangers. Most people think of networking as a scary/awkward experience, and it’s true that it can be. However, there are a few tips that can help you feel prepared, and make real connections.

Prep your elevator speech

“So, what do you do?” This is a common question I’ve encountered at networking events. What’s more important than answering this question, is your confidence in the answer. Before your next event, practice your elevator speech until you say it with confidence. Your speech should be short, sweet, and authentic.

Dig deeper

Networking can get old real fast when you’re constantly talking about work. Try to dig deeper and ask questions that will spark real conversation. Learn about their family life, their hobbies, and even the “why” behind their business. This information could help you win this person over as a client or customer.

Collect cards with a purpose

There is no prize for collecting the most business cards. The purpose of attending a networking event is to make real connections. If someone offers you their business card, take it. But before you ask for it, think about if connecting with this person outside of this event is truly beneficial for your business.

Don’t forget your cards

Speaking of cards, don’t forget to take your business cards with you! Your business card at minimum should include your company logo, contact information, your name, and title.

Bring a friend

If you’re more of an introvert, have one of your extroverted business friends join you at the event. I personally find it helpful to attend events with friends, even though I’m more of an extrovert in networking environments. Just having a persona to chat with that you already know can help give you some peace of mind. However, it is important not to use this person as a crutch and only talk to them.

Find the wall flower

I always make it a point to go talk to the person who is not talking to anyone. I do this because most likely, they’re more nervous than me and I’m able to help them open up a little bit, too. If you’re unable to bring a friend, you and this person could tag team the event together and provide one another with support.

Check out the guest list

Take a look at the list of attendees and speakers and decide who you want to meet beforehand. Do your research and come to the event with a game plan to connect with them!

Be your own hype man

EVERYONE is nervous! Listen to your favorite hype song in the car, grab a drink from the bar when you get there, and just be yourself.

Are you ready to use these networking tips at #RTHCon19 on September 20 and 21, 2019? Grab your tickets and join us today – click here.