Have you noticed that – with certain types of marketing – there is an emphasis on having a flashy number or a volume of validation, but it doesn’t always translate to a similar increase in volume of sales? The idea of vanity metrics is a polarizing one, so let’s discuss it here.
The point of vanity metrics is that they are intended to be impressive. When someone can say, “I have X number of subscribers / followers / likes / attendees,” it initially sounds like they have influence and a waiting audience. If they don’t have to say it and can just let you see it for yourself, it often creates an even more compelling impact.
The point of vanity metrics is that they are intended to be impressive. #marketing #business #biztips #smallbusiness #smallbiz #smb Share on XYet, those who are working hard to boost their vanity metrics may not always see a comparable quantitative increase in sales. In fact, they often don’t. This is not to say that they are paying for likes or engagement. They could be spending time to build relationships with the goal of boosting the vanity metric. Even in that case, they are typically communicating with people who are looking for mutual exchange of engagement, which has little to do with whether either party is adding a new qualified lead to the list.
Small business owners tend to become disillusioned at the idea that you can spend time building a volume in this way without seeing an equivalent return in sales. The conclusion many make is that this strategy is altogether useless. If your goal is strictly to increase sales in the most efficient way, then gathering vanity metrics may not be a worthwhile tactic to include in your plan.
So, is there any value in vanity metrics? There could be.
Reputation often has an unquantifiable impact on sales, too. Seeing that a business has a sizeable community will lead to the consumer’s perception that there must be a reason for so many people to pay attention to what that particular business is doing. What could that reason be? Is it because the business has a great product or service? The business has something important to say? Is the business doing something valuable for the community? The pique of interest and the suggestion of a strong reputation can be a powerful pull for consumers, and it can give businesses enough time of having their attention to try to convert them. In a competitive world with many distractions, getting the audience’s attention at all is usually a challenge for small businesses.
Reputation often has an unquantifiable impact on sales, too. #marketing #business #smallbusiness #smallbiz #smb #biztips Share on XFor some types of businesses more than others, perception of reputation has direct bearing on whether consumers think that they can even do the job well. Take marketing, for example. If a marketing agency is on social media and has a low number of followers, would that be proof to you that that agency knows how to market? I would suggest that this agency would be better served by either not having a social media account visible at all or working to show enough of a following that it looks like they are competent at the skill set they are trying to sell.
As a marketer for your business, you may now know that the flashy vanity metric isn’t always an indicator of massive sales. Does your audience know that? If not, does it make sense for you to use this approach to start distinguishing yourself in the marketplace?
Small business owners don’t typically have resources to spare. When it comes to marketing, you want to execute marketing strategies that will lead to more customers or clients. Vanity metrics can be frustrating or disappointing for those who go into the endeavor with a false understanding of what role a vanity metric actually plays in the marketing strategy.
If you recalibrate to the idea that the vanity metric speaks to reputation, you can decide how big a factor reputation is in your audience’s ultimate decision to buy.