GROWTH Metrics for Social Media : Getting in on the Ground Floor of the Next Big Thing
Starting a new business is tough, but growing that business can be even harder. Many businesses fail during the all-important growth phase, brought down by a number of common mistakes. Some businesses try to grow too fast, promising too much to too many. Others fail to see the opportunities all around them and are quickly overtaken by smarter and leaner competitors.
Making sure your own business does not fall victim to these all too common scenarios is difficult, but social media may be able to help. Social media is a major growth area for businesses, and the ones who get it right can experience excellent growth and added profitability.
The problem is that it is just as easy to get social media wrong – and a single misstep can have a profound and long-lasting impact on the business. That is why it is so important for every business to have a social media strategy that is not only smart but also integrated into the overall growth paradigm of the firm. Like Startup Metrics for Pirates: AARRR!, the social media metrics concept uses a GROWTH strategy to build customer loyalty, establish a strong brand and bring in new buyers every day.
The beauty of the social media GROWTH metrics concept is that it is easy to understand and simple to implement, even for brand new startups. All business owners have to remember is GROWTH – a term that should already be a key part of their future strategy.
In a nutshell, the GROWTH strategy is comprised of six steps, all designed to bring in new customers and make them loyal members of the community.
In many ways the first step is the most important. This step happens when a new member joins the community. What happens next is all a result of that initial contact.
In this step the new member confirms their email address and completes their account detail. This step allows the business to gather more complete information on the new member, including phone numbers, mailing addresses and the like.
During this phase the new member interacts with the business by reading their communications. Consistent communication and providing valuable information are the keys to success in this phase.
The beauty of social media is its interactivity. Customers are not passive – they can and do engage with the companies they do business with. During this phase the member begins to share ideas with the community.
|(T)ease – Social media allows members to interact with one another. Direct engagement between members is a key part of the GROWTH metrics strategy.|
|(H)ire – Social media sites are all about community, and that can be good for business. Great things can happen when members invite their networks to join the community and learn about what the business has to offer.|
These steps are designed to help small businesses and start-up companies succeed, both in social media circles and in the wider world. The world of business has changed rapidly in just the past few years. The companies who are able to adapt to this changing marketplace are the ones who will ultimately succeed.
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