Tag Archives: KPI

Technology / Office , , , , , , , , Leave a comment

How Do Freelancers Get Ready to Use AI?

by

Artificial Intelligence continues to expand its presence in the business operations of companies large and small as it delivers to users numerous advantages. That said, business owners and leaders are advised to be mindful that integrating AI into their operations is more complex than installing Software as a Service products; both SaaS and AI require prospective users to determine where and why certain capabilities are desired. For example, there should be a clear understanding of which business function(s) could enhance productivity, perhaps, or save significant time, if it/they operated more efficiently. However, ramping up for the introduction of AI requires a deeper dive than what is required for introducing an SaaS application. A good place to begin your AI decision-making is to answer these questions:

  • What problems do you think AI will solve?
  • Which business functions do you think AI will improve?
  • Which key performance indicator metrics will be chosen to evaluate the impact of AI on your organization?

Business functions that often benefit from AI

Artificial Intelligence is a powerful tool that, when used strategically, can significantly improve the operational efficiency of business processes and in particular, can enhance the ability to make data-driven decisions that can guide your response to critical business questions or opportunities. AI also has many other useful capabilities, from automating repetitive tasks such as inventory management, by calculating optimal inventory levels, to enhancing the customer experience by way of a website chat bot that quickly and accurately answers questions posed by prospective customers and also deliver personalized messages to customers that encourage engagement and loyalty.

Begin your company’s assessment of AI by examining the role AI might have in your business operations—where and how do you envision it can potentially benefit your company? Addressing the above questions should be helpful. Furthermore, studying AI use cases across major industries will provide insight into where your organization might focus. Starting with small and easily measured processes will allow you to gauge both the effectiveness of AI in your operations and your (or your team’s) ability to work with the technology. AI has produced good results in these business functions:

• In marketing, AI will support market research, including data analysis, marketing content creation, generating marketing campaign visuals and marketing campaign support, such as personalized content creation and automating lead generation tasks. More than 90% of companies begin their AI journey with marketing.

• In sales, AI supports competitive analysis, predicts trends and may possibly lead you discover a potentially lucrative niche market.

• In technology, AI will assist in software development and system architecture design, speeds-up innovation and improves outcomes.

• Freelancers will find AI tools useful for project management, budgeting, invoicing and automating customer emails.

• In manufacturing, AI monitors machinery conditions, predicts failures and analyzes real-time data, enabling preventive measures that reduce costly downtime.

Advance planning helps AI implementation

Once you decide which business function will benefit from AI and would also be a good place to start, create an AI onboarding plan to support the success of your roll-out. Furthermore, if you have employees, factor in the attitude your staff may have regarding AI, which is an important consideration that can help or hinder your plan to introduce AI. Transparency is a must as you consider, and then decide, which business function(s) you’d like to see become AI-powered.

  1. Ensure that AI will seamlessly integrate into business processes

AI is considered a disruptive technology, but integrating AI should not disrupt how your business operates. Implementing AI is meant to improve your existing business processes. A well-planned AI data integration strategy will ensure that the technology will work efficiently within your business operations. In other words, AI must work with current systems, not against them. Before introducing AI, you are advised to confirm:

  • Does AI work with your current software and tools?
  • How much upskilling will you and your employees need to use AI correctly?
  • How will AI affect your existing business processes?

2. AI-ready data

Once you’ve decided to implement AI, it’s important to understand that this technology requires access to high-quality, structured (accessible) and accurate data in order to function effectively, especially in the B2B sector.  When the intention is to incorporate AI, it will be necessary to first focus on data integration. The AI system “learns” from your data bases and formulates data-driven decisions and predictions accordingly. Data accuracy (or inaccuracy) directly impacts AI performance—so, if the input data is incomplete or incorrect, the system may generate flawed results, leading to errors.

Garbage in, garbage out. It is imperative that you review your company’s data quality, consistency and accessibility. AI works best with structured data, that is, data stored in a way that AI tools can easily access and utilize it. You can improve your data integration as follows:

  • Check data accuracy to eliminate AI prediction errors
  • Remove duplicate data to prevent AI from repeated mistakes
  • Use cloud storage to give AI optimum access to real-time data
  • Set data rules to ensure that your data is stored in the cloud in an accessible and useful way

3. AI training for employees (and you)

AI adoption is successful when businesses train their teams to use AI correctly. AI does not exist to replace employees, but to support them. Because AI has acquired a degree of controversy, which might cause employees to feel suspicious, if not fearful, regarding their future prospects for employment, investing in AI training, along with transparent communications about how AI will be used in the organization are crucial. By training employees (and yourself), you will improve the results of your AI integration. Training will also ensure that your employees can appropriately manage the technology, which will make them feel confident and help you to win their support and trust.

An ongoing conversation with employees that includes listening and empathy, presented with the spirit of collaboration, will be crucial to AI’s success in your organization. Once you implement AI, invite employee feedback by asking them how AI affects their work. Your goal is to foster acceptance and that entails helping employees understand the the technology and spark enthusiasm for their opportunity to work with it.

  • Teach AI basics so that employees will understand how AI supports decision-making, for example, and encourage them to learn and test other AI features you’ll introduce in a judgment-free setting
  • Ensure that employees have the opportunity to learn to use AI in their daily tasks, as a way to show them that AI is a helpful tool and not a threat

4. AI security and privacy issues

A major challenge in AI integration for is ensuring that AI does not create security risks. Introducing security measures from the start helps businesses avoid the embarrassment (and possible legal trouble) that result from data breaches. AI works with data, including customer information, financial records and internal business information. Establish rules for AI security, including:

  1. Data protection – Store data securely to prevent breaches or hacking.
  2. Access – Limit who can see and use AI-powered systems.
  3. Quality control – Regularly check AI decisions to ensure they are accurate and ethical.
  4. Compliance – Follow data protection laws like GDPR and CCPA.

5. Start small, monitor and measure

Although AI is without question the Next Big Thing, tech experts recommend approaching AI integration cautiously. Adoption can be risky if not done without both clear objectives regarding what you hope to achieve and an understanding of the technology’s capabilities and limitations. It’s possible for businesses to fail with AI because they overreach with implementation, deciding to use it everywhere at once. AI is complex and mistakes can be costly.

Starting small with AI and testing AI tools in limited areas of your operations, so that you might gauge what works and evaluate where and how AI adds value in your organization, is the prudent way to introduce AI. You want to avoid committing too heavily to a new technology that may not be fully aligned with your business needs. A small project will allow you to test AI in a controlled way, identify challenges and measure results before making AI a bigger part of operations.

Finally, be advised that AI tools are not a one-time setup. AI will require updates, maintenance and adjustments over time, to ensure that your AI tools continue to perform as expected. It’s important to remember that AI “learns” over time and must be updated to remain accurate; without appropriate maintenance, AI can become outdated and unreliable— subsequent technological advances will cause older AI tools to be replaced by updated ones, for example. Companies should set a schedule for reviewing and updating AI. Where staffing allows, they should also assign a team to handle AI improvements. Solopreneurs and SMBs are recommended to speak with an AI systems technology professional to monitor their AI tools.

Thanks for reading,

Kim

Image: © 2025 University of Cincinnati Online

Business Strategy , , , , Leave a comment

On Considering a Business Partnership

by

It’s often said that two heads are better than one. If you’d like to achieve an important goal or solve a problem that’s disturbing your life, help may materialize as a friend who suggests a solution that overcomes the obstacle. Now if the advice you need concerns a business venture, your answer could be found in the person of a business partner who’s willing to join you in the venture and bring resources that help jumpstart the success you envision.

Freelance professionals and other business owners may reap significant benefits from a partnership; a wisely chosen business partner will bring resources to your company that, depending on the products and/or services sold, can position the entity to take on big budget, high profile projects, introduce more clients, expand the products or services the company provides and/or improve access to capital that enables the business to scale and expand.

Partnership planning

Forrester, a global market research company with headquarters in London, UK and Cambridge, MA, in 2019 conducted a study that revealed companies worldwide use business partnerships to “drive competitive advantage.” Results indicated that 77% of companies view partnerships as “central to their business strategies and initiatives.” Those encouraging results could apply to your company, too, if you set things up right.

Because a partnership is a long-term, game-changing strategy, it’s essential that you discuss the idea with your accountant and business attorney before making any moves. There are different types of partnerships you can create, any of which might benefit your company. If the possibility of a partnership comes to mind, consider your vision for the business. Where is it now, in terms of profitability, number of clients and shrewd competitors? What do you want the business to look like in five years and what are you willing to do and spend to make it happen?

The insights and recommendations of your advisers, who are familiar with company finances and other important factors, will help you decide the type of partnership that has the greatest potential to fulfill your business goals. Involve whoever appears to be a strong candidate to join you in meetings with your advisers to talk specifics. It will make sense to ask your business attorney to draft a written partnership agreement for the new entity, whether or not your state requires that such a document must be filed with your Secretary of State or Attorney General.

Below are two standard partnership formats; the specifics of your choice will be included in the agreement, as will the ownership percentage of each partner. Keep in mind that partner contributions to the business may take various forms. Capital contributions can be made as cash, property, equipment, or intellectual property. The value of each partner’s contribution will impact the percentage of his/her ownership stake.

  • General partnership: where two or more individuals own and manage the business. GPs share equal responsibility and decision-making rights for the business, will receive the agreed-upon share of profits generated and will incur the agreed-upon liability for losses and debts. The liabilities, contributions and responsibilities of partners are typically equal unless stated otherwise. Profits and losses are shared equally, unless stated otherwise.
  • Limited partnership: limits the amount of financial liability for partners who join the entity as an investment opportunity. While there must be at least one general partner, there may be several limited partners, whose function is to bring additional operating capital to the entity. LPs receive profits and are also responsible for debts or losses, in accordance with the size of their contribution. They are not involved in the day-to-day management of the business, nor do they have decision-making power. LPs, often called “silent partners,” serve solely as investors in the business, with the funds they contribute being the extent of their liability.

The partner dance: who zigs, who zags

The person(s) you invite into your business is/are determined by the role the partnership will play in the company. Do you want a co-worker to help you operate the business and also add money and/or other resources? Or do you want more money to invest in the entity while you remain at the helm, developing and executing goals and strategies designed to advance business goals? As noted, you’ll begin by discussing your vision with advisers.

Once it’s decided whether a GP or LP arrangement is applicable, you’ll consider appropriate candidates to approach. In their 2015 book Rocket Fuel, authors Gino Wickman and Mark Winters stress the importance of having both a visionary and integrator — two different people — in order to successfully scale companies. The authors say, “When these two people share their natural talents and innate skill sets, they have the power to reach new heights for virtually any company or organization.”

Restaurants, in particular, typically follow an alternative partnership model, known as “front of the house” and “back of the house.” The front of the house partner is the extrovert who takes on customer-facing responsibilities—greeting customers, acting as the public face of the operation and talking to restaurant viewers and media representatives and, based on those functions, oversees marketing and brand management, for example. The back of the house partner oversees kitchen prep and clean-up, inventory management, accounting/finance and operations functions. Note that the format recommended by Wickman and Winters, as well as the restaurant model, are actually operating agreements and are used by GPs and not LPs.

Your partnership operating agreement should be committed to writing, so that the responsibilities of each partner, accompanied by job descriptions that clearly assign the related tasks, are spelled out. Below are questions that will help aspiring partners get to know one another better and perhaps anticipate how the new team will function, for example, when developing goals, implementing strategies and making decisions.

  • What motivates an aspiring partner?
    It’s only natural to begin the conversation by explaining your reasons for seeking a partner. However, you may learn more by listening to the candidate discuss his/her preferences, expectations, perceived strengths and weaknesses and needs—you want to avoid making assumptions about others’ goals and intentions. Furthermore, make sure you’re on the same page about issues like work ethic, business growth or expansion, willingness to take on risk (see below) and spending money.
  • How will you handle risk?
    Risk is present in all business ventures and we all have our way of approaching risk in its various guises. Partnerships will have a greater chance to succeed if those involved share a similar attitude toward risk. It may be possible to limit the possibility of taking on excessive risk in the partnership agreement, but it’s best to know if one partner is primarily risk-averse or a gambler and consider those characteristics when choosing the partner(s).
  • Agree on performance evaluations (KPIs)
    Unfortunately, many entrepreneurs create or join partnerships that don’t deliver. Quantifying expectations that will define success upfront gives partners the ability to objectively assess and track business performance. If the needle isn’t moving, partners can then decide on a course correction. It may be useful to include in the partnership agreement required performance assessments that make renewal of the partnership contingent upon achieving certain KPI milestones.

Characteristics of the right partner

Partnerships, like all relationships, are primarily built on trust. With that in mind, below are practical considerations to help you recognize a potential partner. Obviously, you want to partner with someone who is honest, committed, works hard and smart and is easy to get along with. Characteristics and conditions that you may want to look for as you consider a potential partner include:

  1. Trustworthy

As noted, trust is the foundation of the partnership. If you can’t trust your partner, nothing else will matter. The challenge lies in trying to assess trustworthiness when you don’t have a pre-existing relationship. Evaluating trustworthiness often comes down to the feeling you get when interviewing a prospective partner and examining his/her business track record. You’ll need to have several conversations with any potential partner — discussing experiences, beliefs, vision, background and other situational factors.

You may as well want to have conversations with people who know the candidate personally and professionally. Be sensitive to the way other people talk about your prospective partner—do they seem to feel positive and enthusiastic, or do they seem guarded or even indifferent?

A candidate’s business track record will also tell a story. Scrutinize candidate resumes and evaluate the financial performance of businesses they’ve owned or worked for in the previously. Were these companies and/or departments better off when the candidate left? Were there any questionable decisions that act as red flags?

2. Compatible

You’ll spend a lot of time with your business partner. You don’t have to be best friends, but you’ll need to forge a good working relationship, enabled to identify and prioritize goals and get things done. There must be a healthy dynamic that allows you to function as a team for the betterment of the business. Evaluating potential compatibility often comes down to a gut feeling.

3. Complementary skills

While compatibility is important, you don’t want to bring on a business partner who has an identical skill set. This won’t move the needle much for your business. Ideally, you find someone who has complementary skills. For example, if you’re good at innovation and product development, you might want a founder who has more experience with sales and marketing. Think back of the house, front of the house and also visionary and integrator.

4. The right network

Networking is a huge part of launching and growing a business. A venture in its early stages especially is highly dependent on a robust network of relationships to get the word out about the new venture. Even as the business grows, a healthy network will open doors for new opportunities.

Many will say that the network should be large, but I recommend quality over quantity. Having relationships with a select number of influential professional and/or personal contacts who will advocate for you and recommend or refer you to potentially good opportunities, as I see it, is much more effective than an extensive network that’s filled with people who cannot or will not make a phone call on your behalf or anything else to further your cause.

Apply this principle to your search for a partner. On your qualifications list should be the quality, or if you prefer the quantity, of his/her network. A partnership should give you/the business instant access to new, beneficial relationships . Between your network and theirs, you should notice an instant increase in revenue potential.

5. Problem-solving skills

As you know, running a business is all about recognizing, solving and, ideally, avoiding problems. That points to the need to find a resourceful and responsible person who has enough business operating experience to have become a skilled problem-solver. As you interview candidates, ask each one to describe a couple of business problems that s/he has faced and how (or if!) the issue was resolved.

It is very instructive to grasp how a partner is likely to respond when there’s a problem to confront. Did your candidate ignore the problem, hoping that over time the issue would resolve on its own, or did s/he quickly jump in to fix things, perhaps before understanding the root cause and whether an effective response could be made by your team, or if it would be wiser to rally the support of fellow business owners?

Depending on the situation, either response could be appropriate. Getting a sense of the Emotional Intelligence, judgment and strategic thinking style of a prospective partner will give you a strong indication of that person’s suitability to become a good partner for you.

Thanks for reading,

Kim

Image: Diane Arbus, ©The Estate of Diane Arbus LLC. Cathleen and Colleen Wade at age seven (Roselle, NJ 1967)

Sales , , , Leave a comment

Stir Up Your Sales Strategy

by

Because you have set up shop as an independent business owner, consistently generating sales of your product or service is central to your existence. Whether your company’s revenue is derived mostly from the sales of long-standing customers or from new arrivals (some of whom are referred by long-standing customers, I hope) and whether your economic landscape is brimming with opportunity or undermined by difficulty, the presence of a sales strategy that consistently produces revenue for your enterprise is a matter of survival. The performance of your sales strategy is not a phenomenon that you can leave to serendipity. It’s a vital sign that deserves your constant attention. Should sales become sluggish, or on the other hand unexpectedly vigorous, you’d better know why it’s happening. If the significant movement in your sales trend is anything other than a seasonal variation, it will be incumbent upon you to diagnose the situation and fix it.

As we’ve explored in this column over the past several months, B2B selling encompasses several factors. It’s a lot to keep your eye on, but that’s the nature of the beast:

  • A robust inbound marketing funnel that invites prospects to explore and consider your products and services
  • Communicating the perceived value of your products or services
  • Asking smart questions that invite prospects to share information that confirms what s/he hopes to achieve when using your category of product or service.

Building a robust sales engine that helps your entity survive the inevitable economic downturns is required of every business owner. Understanding your ideal customer, recognizing which Key Performance Index metrics are relevant, meaning you follow the numbers that reflect an accurate picture of business operations and diversifying the sales channels you use, all with the goal of increasing sales volume, are the primary components of a resilient sales strategy.

Even the invincible iPhone has a sales strategy because there is no product that “sells itself.” Develop and implement a successful sales strategy and you enable your business to not only survive economic challenges but also be positioned for growth and long-term success.

Define your ideal customer

To successfully navigate through business adversity, a deep understanding of your ideal customer will be your guide. You need to know who they are and why they buy from you, instead of a competitor. Along with basic demographic info, you should also comprehend customer pain points, i.e., buying motivations, plus the usual challenges they face and what they hope to achieve once their preferred solution is enacted.

As you discuss the needs of your prospects and the particulars of the project you’ve been hired to do, as well as other conversations you may have with the customer, you’ll be able to conduct in-depth research, gather feedback and eventually get a picture of your ideal customer and what matters most when your category of product or service is used. You research will enable you to create a buyer persona, a sophisticated reference document that identifies and describes your ideal customer, his/her motivations and behaviors.

By understanding your customers well, you can tailor your sales approach to address their specific needs. This not only enhances your value proposition but also establishes trust and credibility. When customers feel heard and understood, they are more likely to choose your products or services, even during challenging economic conditions.

Define and recognize success

A robust sales process relies on clear and measurable metrics. Key Performance Indicators (KPIs) are the metrics that become your compass, a roadmap of the numeric indicators of company performance. If business softens, following a data-driven approach to bring about a recovery is the best defense.

Identify and define KPIs that align with your sales objectives. These may include the sales conversion rate, number of new customers, number of returning customers, average invoice amount and sales cycle length. Regularly monitor and analyze these metrics to identify trends and areas for improvement. By having a data-driven sales process, you can quickly adjust strategies and tactics to respond to changing market conditions.

Identify new sales channels

Relying too heavily on a single sales channel can leave your business vulnerable during economic downturns. To build resilience, diversify your sales efforts by locating additional channels. Investigate both online and offline avenues that align with your target audience and industry.

So if you primarily sell products at pop-up venues, consider expanding into e-commerce and/or strategic partnerships with local stores. Diversification not only expands your reach but also spreads the risk. When one channel faces challenges, others can continue to generate revenue, helping your business weather downturns more effectively.

Utilize technology and automation

In an unpredictable business environment, leveraging digital tools becomes essential for sales resilience. Integrate customer relationship management (CRM) systems to gain insights into customer behaviors and preferences. These platforms enable your sales team to fine-tune your customer outreach activities, prioritize leads and enhance customer interactions. Additionally, consider automating routine tasks such as email follow-ups. Marketing automation not only ensures that every customer request receives a response in a timely and appropriate fashion, but also allows you to concentrate on building relationships that lead to generating revenue.

Finally, because your B2B prospects are not always available for either video or telephone meetings, it’s also wise to invest in virtual communication tools. Platforms for videoconferencing and virtual demos ensure continuous engagement with clients, bridging any physical gaps. By embracing digital transformation, your business is better positioned to navigate economic uncertainties efficiently.

Thanks for reading,

Kim

Image: © Wang Huazhong / China Daily. Shoppers browse for bowls at the Barkhor Shopping Mall in the Kham region of Lhasa in eastern Tibet.

Survival Strategies , , , , , Leave a comment

Pulling Out of A Slump

by

It can be argued that periodic downturns are endemic to the business cycle. Companies large and small will eventually suffer through a downturn, a slump, in sales revenues and profit. A slump is always worrisome but some are seasonable and therefore predictable. That means you can prepare.

Landscaping services expect the demand for lawn and garden maintenance to drop during the winter months. To supplement cash-flow and position the company for year-round customer value, owners of landscaping concerns are known to retool for snow removal when gardens are dormant.

But for most businesses, unfortunately, a slump will occur unexpectedly and for no immediately obvious reason, such as the appearance of a competitor or a difficult economy. If the struggling business is to survive, corrective action must be taken soon. Reversing a sales trend that’s negative or flat is a formidable challenge, a high-stakes test of the resoucefulness and strategic vision of the company leadership. A turnaound, rather a bigger deal than a pivot, may be needed to turn the tide. Or not.

Freelancers typically do not have the financial wherewithal to bring in a management consultant to diagnose the problem and recommend solutions. Freelance consultants need a Do It Yourself remedy and that’s what we’ll talk about today. As usual, the solution you seek will probably be found in data and knowledge you already own and have access to. Your company’s Key Performance Indicators (determine which ones tell the story) and revelations shared by your customers will most likely steer you to both the correct diagnosis plus cost-effective strategies to halt the slump and stimulate revenue.

When to respond

A slump may be a sudden or gradual phenomenon and caused by any number of factors, including a national or regional economic downturn, the introduction of a compelling new technology, a large-scale health crisis, even a vote in your state legislature. If your top line gross revenues show a decline of 10 % or more (or flatline) for three consecutive months and you are unable to understand why revenue is dropping, recognize that your business is in a slump and you cannot ignore the problem.

The cause

If you’re in a slump, it’s important to identify the cause (single or plural). Did something happen in the industry, or in the local or national economy (like a widespread or a war)? Has business been adversely impacted by the shift to Work From Home, because your customers are no longer in the office five days a week and connecting with them has become difficult? Whatever the cause may be, it’s important to know what went wrong and decide if a work-around would make sense, or if a fundamental change should be made. In some cases, it will be necessary to assess your entire operation. It will be wise to consider the following possibilities:

  • Evolving customer tastes or priorities
  • Business model weakness
  • Powerful competitor
  • Economic factors

The cure

You will likely find that customer feedback is essential to the discovery process. Seeking out the wisdom that your customers can provide will guarantee that you’ll develop a more nuanced and sophisticated understanding of the marketplace and that understanding will lead to an effective solution. A more nuanced understanding of the marketplace can also help you to develop products and services that customers actually want and need.

When preparing to reach out to your customers, make contact through various channels—emails, call-outs in your blog or newsletter, calls-to-action posted to your website and social media platforms. Customer surveys and invitations to join (30-60 minute) conference or video calls can yield a wealth of boots-on-the-ground insights and you’ll be almost certain to obtain actionable information. Reddit, Twitter, Facebook and LinkedIn are ideal venues for this type of research. For example, Twitter Spaces is a feature that allows users to create a chatroom-like environment with a group of people.

Keep in mind, however, that while customer feedback can be very helpful as you search for the cause of your business slump and can as well be very useful as you engineer a pivot or a turnaround for the business, blindly following customer suggestions is not recommended. The customers’ money is not on the line and neither do they see the big picture of the business and its challenges-—you do. Have the confidence to use your own judgment and expertise to make what you interpret as the best decisions for your entity.

In sum, good KPI data and customer feedback should be essential components of any business’s intention to understand and resolve a significant business challenge. An assessment of business conditions, industry trends and customer feedback re: their priorities, goals and preferences can inform any tweaking of products or services you might undertake, the pivot or turnaround you may follow to pull the business back from the brink and position your venture for the greatest success its ever experienced.

Thanks for reading,

Kim

Image: © AF Archive/Alamy. John Dimech (as Daud) struggles to escape quicksand in Lawrence of Arabia (1962).

Marketing , , , Leave a comment

Back to Basics: Content Marketing 2023

by

The inbound marketing strategy known as content marketing has the power to bring paying customers into your business. The results you see might happen quickly or over a somewhat longer period of time but if you put a content marketing strategy in motion, it’s close to a guarantee that customers will arrive, checkbooks in hand.

What will it do for you?

As you must do for all business initiatives, you need goals, tangible or intangible—your wish list!—and a recipe to make them happen. If you’re like many Freelancers and small business owners, however, you may be a little flummoxed by how to get content marketing going, of deciding what it makes sense to do. so FYI, the focus of a content marketing strategy is simple and straight forward:

  • Encouraging brand awareness, trust and loyalty
  • Generating leads within your target market
  • Converting leads into customers (sales)
  • Inspiring good word of mouth, repeat business (customer retention) and referrals

A content marketing plan is a journey. You’ll want to keep your destination in mind (goals) as you map the easiest and most effective path (strategies and actions) to get you there. Think of a 12-18 month campaign time frame. Develop the content narrative , perhaps quickly summarized by bullet points, to persuade the target audience. Moreover, choose relevant Key Performance Indicators (KPIs) that will document your progress—or give a red flag to let you know that a course correction is needed. B2B marketers primarily use website traffic to measure success (60%).

Demand Metric, a content marketing firm headquartered in Ontario, Canada, recently reported that 91% of B2B companies engage in content marketing, spending 25+ % of marketing budget on the format. Demand Metric research also found that 68% of people read about brands that interest them and 60% will follow-up on a product or service after reading content marketing info. 70% of potential buyers prefer to read an article about your product or service than see an advertisement. 82% feel more positive about a company after reading content and 90% feel that such content is useful. High quality, interesting content inspires potential buyers to follow your content on social media and makes them more likely to do business–become a customer.

So what do potential buyers consider appealing content? Demand Metric research points to blogs, finding that 59% of B2B marketers produce more leads with blog posts. FYI, I don’t want to ruin your day, but Demand Metric research also found that 91% of email marketing recipients opt-out (hint—develop a good list and keep in mind that a small yet robust list still has value).

Remember your audience

Your content is for your target buyers. Therefore, you have to know who your target buyers are so you can decide the best way to sell your content to them. tailor your content marketing strategy to accommodate your ideal buyer’s content preferences and behavior. Your content is meant to push your brand as a trustworthy expert in your industry. This means you have to set yourself apart from competitors in the industry. To do this, you have to let your audience know what makes you unique through your content while showing them you are trustworthy by solving their problems. Most users look at the content to find solutions. Therefore, your content should indicate that you understand their pain point and you are able to solve it because you have the solution. Content that portrays such confidence is instrumental to generating conversions for your products.

Depending on your target audience, your content format can come as infographics, videos, podcasts or more. This also goes for the platforms you choose to deliver your content. For example, TikTok is predominantly used by young people, which means it could be the ideal delivery channel for your content if your audience falls within that demographic of users. In addition, it means your content has to be predominantly videos.

Monitor and fine-tune

Finally, you’ll want to make decisions about what success or missing the mark looks like. You can choose to follow whatever metrics are available to you but I suggest you keep in mind the most common goals of content marketing campaigns and choose metrics that reveal their performance. Depending on what you learn each month about your campaign’s ability to deliver, or not, gives you the flexibility to make adjustments along the way.

You can track the progress of your content marketing campaign by using your website and social media platform traffic data, as well as making note of the leads you’ve received and deals closed by way of leads generated.

If budget allows, do yourself a favor and invest in marketing services company such as HubSpot or Buzz Sumo. Among the metrics you’ll follow will be:

  • Social media shares
  • Website traffic
  • Click-through rate
  • Content engagement—- comments , shares, likes of your content
  • Backlinks— which high- traffic sites link to yours and increase the activity and credibility of your website and social platforms? Google E.A.T. (expertise, authority, trust) remains an influential
  • Time spent on time, another demonstration of engagement with your content. Pay attention to the topics that readers prefer, based on the time spent reading certain posts.
  • Bounce rate (tidy up your email list)

Thanks for reading,

Kim

Image: Jane Wyman (L) 1917 – 2007 won the 1948 Academy Award for Best Actress in the title role of Johnny Belinda. Wyman was married to Ronald Reagan 1940-1949, they are the parents of Maureen and Michael. Superstar Hollywood costume designer Edith Head and Wyman review designs for Lucy Gallant (1955). Head (1897-1981) was the recipient of eight Academy Awards for Best Costume Design, including All About Eve (1950) and The Sting (1973).