Facebook: Does “Promoting” Your Posts Give You ROI?

It seems like everyone and their mother (literally) is on Facebook these days.  This social media platform has become a channel for everything from “selfies” to customer service, as well as a powerful tool for small businesses.  “Word of mouth” has taken on a whole new level with the ability to share favorite products, services and businesses with just a few clicks.

Facebook recognized this viral novelty long ago, but only recently changed the way it manages business pages on the back end.  No longer does everyone who likes your page see all of your posts unless they are new or interact regularly with your page.

How does that impact your marketing efforts and business decisions?  What are your options for moving your page and your posts to the top of your targeted markets newsfeed?

The short answer?  Pay for it using a sliding scale based on how many people you are after.  Seems simple enough:  pay to sponsor a post, get more traction, accomplish a better reach and gain new followers, right?  It’s simply, “yes,” and it’s effective. But is it worth it?  Not necessarily

The newsfeed currently uses an algorithm to rank content based on user behavior and perceived interests.  Essentially, if an individual interacts with (likes or comments) on posts regularly, that content is more likely to show up in their newsfeed.  On their advertising page, Facebook promotes two tactics.  The first is delivering engaging content – ask questions, request feedback, ask for a like or a share.  These actions will ensure that your posts show up in the Newsfeed as a result of the algorithm.

The second option is to pay for promotion.  Facebook does not make any guarantees around reach on promoted posts but rather gives you a “budget” based on desired reach for the post.  The post can be promoted for 3 days and only new posts are eligible.  It will then provide analytics around who saw it organically, virally or paid so you can track how you are reaching your demographic.

In doing research, we have seen mixed reviews around using the promotion feature.  While the cost of promoting your posts is low in comparison to some other online advertising costs, there is no guarantee of, as well as no clear definition of, the effectiveness.   You could instead focus on providing engaging content to ramp up your views on Facebook instead of paying for promotion.

If you are looking to reach a broader market, Natimark offers services that can help you target individuals on a demographic basis as well as reporting options that will allow you to make calculated marketing decisions to grow your business.

Interested? Contact us today to find out how we can help you!

Data Quality Best Practices

Corporate decisions and streamlined operations rely greatly on data quality, as well as proper data management. In fact, to some, high-level data may be one of their most valuable assets. A vital step in maintaining accurate data is ongoing data “cleansing.” By providing “clean” data your company and/or your clients will be better informed and will be able to gather more accurate analytics, allowing for a more seamless decision-making process. The following are a few best practice tips to ensure data accuracy:

  1. Implement a successful management system in which you can easily manage, find and disperse data.
  2. Check for duplicates.
  3. Separate your data into multiple fields so it can be found easily, with practically any relevant criteria (name, company, phone number, email, location, project name, etc.).
  4. Check content fields to ensure that all information is needed and accurate.
  5. Always use full, proper names of companies, people, etc. Data should be easily accessed by anyone within your company, even a new employee or someone new to an account.

High-level data adds priceless value to any business. Contact us today to learn more about data quality best practices. We are here to help!

How To Determine Your Market Penetration

Are you wondering how many customers you have in comparison to other companies? The information you’re seeking is called market penetration. Market penetration is the extent of a product’s or service’s sales volume, relative to the total sales volume of all competing products/services. This number is expressed as a percentage:

Your Sales Volume X 100 ÷ Total Sales Volume of All Competing Products or Services

You can determine this percentage for any single ZIP code, an entire state, or even the entire country depending on what you’re looking to accomplish.

Market penetration can also measure how effectively you are penetrating your market, and how many opportunities are being “left on the table.” You may want to compare your customers in any given area (for example, a ZIP code) to your non-customers to determine which areas are well (or poorly) penetrated.

Here’s an example: There are 400 households within a 2-mile radius of your grocery store. Data reveals that only 71 have shopped at your location.

71 X 100 ÷ 400 = 17.75 %

You’ve successfully penetrated close to 18% of your 2-mile geographic market, but that means nearly 80% of the households have not been reached. You may want to increase your marketing efforts in this particular area, seeing as your store is a quick and easy commute for these people.

Whether you’re looking to see how much business you have in comparison to others (which customers you can attempt luring away) or you’re looking for customers that don’t currently utilize your type of product or service, your market penetration percentage provides important information so that you don’t waste time trying to penetrate markets that are already heavily populated with your existing customers.

You want to focus your efforts on areas where the most rewarding opportunities are. But how do you gain access to the “big data,” such as the total number of consumers in your zip code, or total sales volume of all competing products? Simple: with the help of Natimark!

For over 20 years we’ve been providing businesses, both small and large, with better results through better data. Contact our team to learn more about your company’s current market penetration and where the best opportunities for attracting new customers are.