Setting the value capacity on a business has become a hot topic following Snap Inc.’s recent IPO announcement. Questions ranging from determining the best time to scale and calculating market potential to finding the top and the best way to get there have begun bubbling up. Fortunately, if you’re looking to scale your business, social media can be a big help. Today’s most innovative creators, founders and tinkerers use social to get their products, apps and services into the hands of people who will benefit from them the most and so can you.
A New Perspective
Companies use a variety of objectives and key performance indicators (KPIs) to fuel their growth. However, before defining your KPI, it’s important to gain clarity on the bigger picture and determine the internal and external influences that affect your business growth.
The 10 questions below will help you develop a snapshot of your business and establish efficient goals and metrics:
- What vertical or sector is your company a part of?
- What is the size of your existing customer base?
- What is your current market penetration and awareness?
- What revenue model does the business use?
- What is the overall financial health of the business?
- Who are your competitors and what are they up to?
- Who are your customers, where are they and what do they need?
- Is there a seasonal element to your business?
- What data does your business have access to?
- What is your market positioning compared to competition and what makes you special or different?
Drive More Growth
The power of social media in driving growth may surprise you. It allows your brand to have an owned space across multiple platforms to cultivate relationships with customers and prospects in many ways, including:
Learning Who Your Customers Are: Social media behavioral data can give you many clues to help you understand who your customers are and market to others like them. It can help you learn how they feel about your brand, what they are passionate about and what other brands they like or engage with. It can also tell you where they live, work, play and what motivates them. Leverage this information to create different customer segments or profiles to target.
Knowing Your Value Proposition for Each Customer Type: Investigate how your brand uniquely satisfies the wants or needs of each segment. Marrying this insight to each customer segment will enable you to develop compelling messaging that will resonate with each group. Consider how you might tweak the way you showcase your solution to each segment in words, images or video.
Telling a Meaningful Story: Use the knowledge of your brand and customers to tell a meaningful story in the place, time and format most relevant to your audience. This tailored approach will help you create a brand experience that is meaningful to your existing and potential customers and increase engagement rates.
Discovering Your Winners: Use your free, owned content as a test that feeds into your paid marketing strategy. Continually measure your performance and identify the platforms and content that drive the highest engagement rates. Apply the same approach again, but pay to promote the content so you can expand your reach and frequency.