Have more questions about your company’s KPIs? We’ve got you covered on two really big KPIs including the cost of customer acquisition (COCA) and social media. In this blog, we delve deeper into information that can help you improve. For all you startup newbies, this is the article for you.
Cost of Customer Acquisition (COCA):
The Cost of Customer Acquisition is always higher than first expected. The most successful and revenue-driving businesses have discovered a way for their particular brand to achieve low-cost customer acquisition. Through plenty of company KPI research, getting to that sweet spot of low COCA is possible. However, if you have the funds to obtain tons of customers, you’ll be the top dog of your competitors. That’s why bigger brands with more money usually dominate the competition. It’s because they can afford to. A smaller company can get there, but these startups should still remember that it’s going to cost some dough. The low-cost acquisition takes some time to achieve, so don’t be afraid to spend what’s necessary when you’re starting out.
The COCA KPI is imperative for any business, especially startups. As any business owner knows, if your COCA is higher than the amount of money you earn (monetization), your business model is out of balance. To get it in balance, monetization must outweigh your cost of customer acquisition. So why wouldn’t you keep up on tracking it?
Do you know how much it currently costs you to obtain a customer? Now is the time to find out and track it.
Social Media KPIs:
There’s more to the metrics than simply “likes” and “follows”. It’s time to delve into more important metrics. Your social media needs to be utilized through KPIs.
Here are the top social media KPIs you should track.
-Clicks: Clicks are great indicators of how your content resonated with the audience. It takes a lot for new people to visit your profile and click your content. The higher your click count, the more successful your content was in engaging your audience. Making it a great indicator.
-Shares: It takes more for your audience to share (or retweet) your post rather than only like it. When they share, they want their friends and family to see it. They inherently become a brand ambassador for you. Shares are a metric that will really determine how popular your content was.
-Comments and Mentions: What’s the purpose of social media? To get social! Many companies underutilize the interactions they can have with their audience. If a follower feels the need to say something about your content, your company should strike up a conversation. No matter if the comment is negative or positive, adding your own comment to it will be beneficial. Being silent won’t improve anything. Mentions also show that your company is striking up a conversation. Check these mentions to respond and see how your brand is being perceived by those who mentioned you.
-Is your social media generating leads? When charting social media KPIs, tracking leads will help a business discover how many of these followers are interested in purchasing your product? Depending on the social media channel, followers might react in a different way. Some social networks might get more likes and fewer leads, while another could have fewer likes but more leads. But how will you know if you don’t track it? Help yourself with COCA by generating leads with social media.