5 metric mistakes - and how to avoid them.

Are you wasting time analysing the wrong metrics?

People often ask "How many likes is enough on Facebook?" Of course, there is no definitive answer, however once we really start talking about what their objective is and what they should be measuring, it's not the answer they really want - it's a different question. 

To save yourself some time and energy, I thought I would share the 5 most common metric errors I've seen and of course some advice on how you can avoid these and get on with running your business.

1. Measuring Facebook likes. Likes certainly play their part in your Facebook activity, however they are only one part of the picture. Try focusing on the overall picture, not just page likes. Take a look at shares, comments, post likes, page likes, organic reach, paid reach - the whole picture. This will give you a better idea of how you are performing.
2. Measuring Linked In comments.  Similar to point 1, this is only one slice of the pie. Have a look at the whole picture to get a better idea of the success of your Linked In activity. Not just how many comments you might have, but are they the right people? And how many have shared your article? Or clicked through to your website?
3. Measuring numbers. This is the most crucial error. If you choose to ignore the rest of the article, remember this point! The same as when you analyse your balance sheet, the trend is more important than the numbers themselves. Is 2695 good? Who knows? If the week prior it was 2130, and the week before that 2105, then yes - you're on the right track. Keep up the great work! But if the two previous weeks were 4932 and 6783, then you're trending downwards, you need to adjust your activity.
4. Measuring Instagram followers. By focusing on one channel and not considering all of your channels, you can get tunnel visioned and not see movement. If you are measuring Instagram followers in isolation, you may be watching a downward trend in followers. However, if you compare this to your Snapchat audience, you may be growing this. Could it be that your audience is leaving Instagram and moving to Snapchat? If you are looking at one channel in isolation, you may start changing your tactics, and end up wasting time and money. By comparing the trends of multiple channels side by side (I recommend a one page dashboard report), you can see trends within channels and across channels.
5. Not measuring revenue, profit and equity. The ultimate metrics are on your profit and loss statement and your balance sheet. Whilst the finance manager and the marketing manager might not be having lunch together each day, they need to be talking. And they need to be hanging out with the sales manager! Now if your business is smaller, you might be wearing all 3 hats. Which is completely ok, the same principles apply. That is, we're in business to make money and grow wealth. Even if you are a charitable organisation, you need money in the bank to keep doing good! So don't shy away from it. Understand that Facebook likes have their role, Instagram followers can become paying customers and You Tube watchers can refer you new customers, however at the end of the day, this all means nothing if actual sales aren't occurring and money ins't going into the bank. 

The long and the short of it is that you need to watch trends, not numbers, and apply the same return on investment analysis to your digital marketing as you do with your tangible assets. If I'm investing x, what is y as a return? Look at the whole picture, and understand where your clients are coming from. Clients may be interacting with your brand long before they are ready to buy, so whilst you have your eye on this month's sales target, make sure you keep your other eye on next year's goals.