"If you can't measure it, it doesn't exist. If you don't measure it, it might as well not. "
Whether you agree with that statement or not, doesn't matter, the point I want to make is that if you're not 100% focused on your business development activity and not measuring that activity, then why are you expecting to get results?
Week after week, I work with business owners who want more clients, need more sales - I help them put in place a plan to use LinkedIn and other social media to locate, connect and engage with new sales prospects - and then, with a number of them, I spend the next few weeks encouraging and cajoling them to take action, disappointingly, they don't all do so.
I ask myself, what makes the few succeed on LinkedIn, where others fail?
Last week, I had a review call with one of my clients, a professional lady who is using LinkedIn to build relationships with CEO's and other senior leaders in business. During our call, she explained that in the past 2 weeks she had sent out 40 messages to existing LinkedIn connections and received 30 responses (That's a 75% success rate!!). She had also sent out 14 LinkedIn Inmails and received 12 responses. This activity had led to 6 requests for meetings and a number of other warm leads to be nurtured. The fact that she was able to share with me, precisely the activity she had undertaken, tells me she measures her business development activity. As Pareto would have said, my client is one of the 20%
Knowing what to measure keeps you in control.
The wrong thing to measure is often heard on the lips of some people I speak to, who tell me "I've been on LinkedIn for a while but it's not brought me any business". So, that's it, sign up to LinkedIn, make some connections, share a few posts and then determine that LinkedIn works for you or it doesn't - it just doesn't work that way of course.
4 key measurements to let you know if LinkedIn and social media are working for you.
Using LinkedIn and social media for business is a journey, a journey of 4 steps to success. The measurements that matter are:
- First you open the door - when you visit a shop, you don't always buy right away, you're "just looking". In social media terms, these are your new connections on LinkedIn, new Twitter followers and new Facebook page likes.
- The further inspection - once in the shop you will check out certain goods and make a mental note, sometimes for future reference, of those items you like. In social media terms, these are your post likes, comments and shares.
- Can I help you? - having looked around the shop, you now need to ask the assistant for some more information. In social media terms, these are enquiries to your website, videos viewed, your book downloaded.
- The sale - And finally, you make your purchasing decision, you've looked around, checked out the goods, asked for more information and then you buy (or not). Exactly the same applies with LinkedIn and social media.
How do you measure these steps in your business or do you? Are you analysing your new connections and followers, are they the right ones? Are these contacts engaging with your social media posts? How many of them are clicking on links to your website, from your LinkedIn and social media updates or viewing those videos you shared?
How many of your customers were influenced, in any way by your social media activity? How would you know? Ask! From today, ask everyone of your customers..." What part did LinkedIn or social media play in your enquiry to our business?" Don't ask "how did you find out about us?" it's too general a question and likely to get the person responding with the most recent or the most memorable marketing communication you used.
Treat LinkedIn and social media seriously, track your progress, constantly tweak your approach but don't just simply sign up and expect your business world to change!