Social media marketing has become the number one way to market a business.
Especially for small businesses, because social media is low-cost, often small business owners want to measure the success of their business on social media follows and likes.
Brand growth can include social media numbers. But, it should never be your full picture. Not sure if you’ve noticed, but banks don’t deposit “likes.”
So, how else can you measure business success?
Revenue
First things first, are you profitable? Notice the question wasn’t, “are you making money?”. But, instead, are you profitable? Even if you’re making lots of sales, that doesn’t mean that you’re turning a profit.
So, don’t hurry past this measurement. If you barely see a profit, it’s time to consider a different pricing strategy or cut cost. Pricing as a marketing strategy as well, making revenue, is a great way to measure success.
Finding that your social media presence is generating revenue is a wonderful feeling. But, not every brand is solely after revenue.
Engagement
It’s wonderful to have many likes and follows. However, proof that you’ve married the right audience with the right content is shown in engagement.
Don’t be disappointed by low audience numbers. If you have high engagement, you are doing well.
As social media platforms have evolved, we have learned that social media engagement is the epicenter of success.
Having high engagement means you have created community, likely through consistency and purposeful content.
Consider these two measurements as greater than likes and follows. They both prove that you are in the right place with the right audience providing the right content.
