Follow Up on Social Media Metrics

PrintA few weeks ago I posted an entry titled “Do Social Media KPI’s belong on the Management Dashboard?”  As a follow up, I refer to a recent post on the Gooddata blog that highlights six key marketing metrics to track and report.

They list them in the infographic to the left.  A few of the key KPI’s they list include:

  • Engagement: Not just the number of followers or friends, but how much engagement are you getting in terms of the number of shares, likes and comments.
  • Conversion Rate: Not just the number of visitors to your website, but the rate at which the visits are converted to sales.
  • Click Through: Not the number of emails you sent out, but the number that responded to the emails by clicking through to the website.
  • Cost per Customer: Not cost per click or cost per lead but cost per customer, or better yet, cost per dollar of sales.

In addition to picking the correct social media KPI’s, as with all KPI’s, it is important to report them on a consistent basis and track the results over time compared to targets.

Win a free registration in Excel University Vol 1 online training – a $399 value

excel_university_logo_100A few weeks ago I blogged about the Microsoft Excel tips I had learned at a meeting of the Los Angeles chapter of the Institute of Management Accountants.  The presenter at that meeting, Jeff Lenning of Click Consulting, just notified me they have converted the content of Excel University Volume 1 into an interactive, self-paced training format, and it is now available through their online learning management system (LMS).  Click here for details.

The original blog entry was quite popular and generated many comments on the blog and in various LinkedIn discussion groups as well as many clicks through to the Click Consulting website.  As a thank you, Click Consulting has offered me the opportunity to give away one free enrollment in the new Excel University Vol 1 online training, a $399 value (currently on sale for $299).  To enter, simply join the LinkedIn Discussion Group “Middle Market CFO” on or before 7/31/13.  One member of that group will be chosen at random on 8/1/13 and the winner will be announced right there, in the Middle Market CFO discussion group on LinkedIn.  Good luck!

Communicating Financial Info to Non-Financial Folks

Clear communicationMany highly intelligent employees who are skilled and passionate in their area of expertise will glaze over like Jessica Simpson listening to Robert Plant when you try to talk to them about financial information.  The following tips will help you talk about finances so non-financial management and staff will listen and understand.

  • If there’s a bustle in your hedgerow, don’t be alarmed now.  It’s just a spring clean for the May queen.  No idea what I’m talking about?  That’s what we sometimes sound like when we are talking financials to non-financial people.  CFO’s are so accustomed to abbreviations like EBITDA and ROI; or to phrases like Working Capital and Discounted Cash Flows; or even to words like Accruals and Amortization, we forget these words sound like gobbledygook to some of our non-financial peers.  Do not assume they will ask for the definition of terms they don’t understand as they may be too embarrassed.  By keeping your jargon in check and stopping to explain the meaning of confusing terms, you will keep them engaged and win their trust.
  • Speaking of trust, build it, ’cause you know sometimes words have two meanings.  Non-financial people are often intimidated by financial discussions and they may feel you are trying to fool them.  Once you have built their trust, they become far more interested and responsive in financial discussions.  Getting to know your audience will help you build their trust.  Go to lunch with them or activities outside of work.  Give them credit for their accomplishments in front of others.  Admit something self-deprecating like your love of Led Zeppelin.  Most importantly, don’t do anything to erode their trust.
  • Numbers are intimidating, but with a word she can get what she came for. Most CFO’s can look at a page of numbers in a detailed financial statement and quickly extract all the important information.  Non-financial people do better with words and, better yet, graphics.  The ability to create easy-to-understand graphics is a skill CFO’s need to master.
  • Yes there are two paths you can go by, but in the long run, your message will be better received when you use consistent metrics.  If you are constantly changing the metrics or not reviewing them on a consistent and frequent basis, they may not spend the time to figure out the message.  When they see the same metrics over and over on a routine basis, they become comfortable with them, they learn how to quickly absorb the key information and they will review them as part of their regular routine.

Following these tips may not help you climb the stairway to heaven, but they will make you a more popular CFO.  More importantly, it will help you keep your company’s non-financial employees better informed so they can do their jobs more effectively.  If you want an idea of how nonsensical financial jargon can sound, check out this hilarious random financial phrase generator.  If you like this blog post, please share it with your connections and discussion groups on LinkedIn, or on Twitter or Facebook using the icons below.

Getting more out of LinkedIn

I recently attended a workshop on advanced LinkedIn skills.  The course was conducted by Sven Johnston, Partner & Sr. VP Business Development at GigaSavvy.

Sven has over 5300 LinkedIn connections.  That is a lofty goal, but 500 is more realistic.  Once you get there, your profile shows that you have “500+” connections and people will see you as a super connector.  At the time of this writing, I have 259 so I have a way to go.

The first step is completing or improving your profile.  Think of your entire profile as a key part of your personal brand.  It is more than a resume, but done properly, it can essentially replace your resume.

  • You should have a picture of your face that will help people remember you.
  • Your headline can be more than just your title and the name of the company.  You have 140 characters to summarize your personal brand so make it memorable.
  • Use your summary to tell your story.  It can be a little more narrative and interesting than the one paragraph summary you may have on top of your resume, mainly because you have more space.
  • Experience – Does not necessarily need to be limited to paid jobs.  If you gained good experience from volunteer work or contract positions, you can include them as experience.  That will allow people you worked with in that capacity to endorse your skillset and write you a recommendation.
  • Skills & Expertise – List the top skills you want people to know you for.  Ask for endorsements from your former co-workers.  You can have up to ten skills with up to ten endorsements in each.  The goal is to have 100 little faces in the box, meaning you have ten endorsements in each of your ten skills.
  • Recommendations – You need to have at least 3 in order for LinkedIn to recognize your profile as an All-Star.  It can be uncomfortable to ask people to write you a recommendation, so make it easy for them by suggesting what to write.  You can hide recommendations if you have more than you need, but having 4 to 7 great ones on display is a good target.
  • Groups – Join groups that interest you in a mixture of local, industry specific and mass groups.  Participate by adding to the discussions.  Groups extend your network as you are able to send group members messages even if they are 2 degrees or further away from you.  I just created a group called MiddleMarketCFO.  You can be one of the first to join!

The next step is searching for new connections.  Using the Advanced Search options, you can find potential connections from your groups, schools, fields, companies, geographic areas or any combination of those options or more. When sending invitations to connect, you should personalize each message rather than using the default message LinkedIn provides.  While strong connections are best, a weak connection is better than no connection so if you find yourself wondering whether you know someone well enough to send them a invitation to connect, the answer is probably yes you do.

Lastly, review your connections regularly and stay in touch.  You can use tags to remind you who you need to schedule a lunch with or who you need to reach out to with a business opportunity.

You can see my LinkedIn profile using the button below (which you can create in LinkedIn).  If we are not already connected, send me an invitation to connect.  If you are moved to endorse my skills or write me a recommendation, even better!  If you have any additional tips to get more out of LinkedIn, leave a comment below.  I look forward to connecting with you!

View Greg Eyink's profile on LinkedIn