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Lies, damn lies and statistics is a well known expression and whilst we don’t strictly adhere to the hostility of this line levelled at what is just an inert mathematical measure, it’s instructive that figures can get a bad rep if used in the wrong way.
We’d like to outline why you need to sweep away the negative thoughts and embrace measurements and assessment criteria as they are the lifeblood of any ambitious or growing company.
Picture this: your financial manager comes into see you one day saying we need to invest more money into a new marketing channel and when you ask:
‘how much?’
They reply ‘I don’t know’
I don’t think it would be likely you’d grant their wishes. Marketing no longer needs to be conducted in a ‘hit it and hope’ fashion.
So why, fundamentally, does the bottom line matter so much? To understand this, lets take a look at SMART objectives, KPIs and measuring performance.
SMART-en up your thinking
Any growing business needs to be closely and carefully monitored and managed.
As your business grows you need to understand where you are today and just as importantly, it allows you to set the scene for target setting to influence your strategy for future growth.
As most marketing managers will be able to tell you, the best types of objectives are the ones which are SMART (Specific, Measurable, Achievable, Realistic and Timely).
A non-SMART objective is no objective as the saying goes.
KPIs are the business
Key Performance Indicators or KPIs, are the specific performance measures for your business that you choose as your benchmark. They are your key business drivers and by definition, the parts of the business you should choose to focus on. You should be able to determine what your KPIs are. Put simply, the performance of these has the greatest impact on your business success.
Which leads neatly onto the digital world and the need to be able to measure the commercial benefit for any strategic or tactical digital activity.
There’s an apocryphal story of an advertising man saying:
‘I know that 50% of my advertising is working (and by extension, 50% isn’t!), the only problem is, I don’t know which 50%!’
That is no longer the case, with digital we have an opportunity to determine with both accuracy and confidence exactly what works and what doesn’t. And in the digital world, you really should be aiming to cut out the stuff that’s proven not to work, and maximise the stuff that is.
It sounds desperately simple, doesn’t it? Which makes it all the more surprising that many digital agencies seem to be focus more on the visible symptoms rather than the underlying disease, metaphorically speaking. By this we mean being more concerned with marketing activity metrics rather than what these metrics mean to the commercial interests of the company. Which seems very odd to us.
Measures that allow you to perform
When it comes to results and metrics and smart objectives, it pays to consider a company which first and foremost measures the bottom line for our clients (and is judged accordingly). Which is also why one of our challenges, to you, is to ‘do more’ because by doing more, and measuring more, you are more likely to achieve a successful result.
Which is precisely why most of our illustrations and case studies measure the commercial difference our digital actions made to our clients, rather than anything else.
Do you find that paying for software licences is akin to being levied a tax on your success? Then, when you add more persons on your licence, as a result of your business growing, it increases your costs substantially. You’re not the only ones fed up with this approach.
There is a better way to engage SaaS these days, and that’s by finding a good open source solution. Open source software, as it sounds, is open and free to use, without any licensing costs – all one needs, is to adapt for your own particular circumstances and you are good to go!
You may be familiar with Open Source through well known applications like WordPress or Magento. For the software producer it’s a great way of getting the product out to the wider world quickly and allowing the market to improve, develop and add value to the product. That’s not to say that open source products are half finished – quite the opposite as most developers of open source are very fastidious about their quality control before exposing their baby to the scrutiny of their peers.
So, it’s no wonder that a lot of companies and business leaders are getting used to the advantages of Open Source and all that it offers.
Getting ‘match ready’ for the future
There’s another really important reason why Open Source software makes more sense for growing companies, and that’s to do with its transportability. Acquiring something via this route enables you to have a degree of flexibility that you wouldn’t nominally have with a licenced piece of software – because you have full ownership over your digital services and are not at the mercy of your software vendor.
Often, customers of licensed software, having invested so much money in developing and adapting the system to their needs over the years are really loathed to walk away, even when the advantages the system gave them initially, have dissipated.
Organisations will often justify continuing to pay money out hand over fist, even when the software is not providing an ideal solution. We call this scenario ‘The Golden Shackles’ and is akin to holding on to a large helium balloon which is taking your further and further away from the earth. At what point do you decide to let go and fall back down to earth with a bump? When do you decide that the spiraling costs and limitations aren’t worth the candle, and you are much better off going to an open source supplier?
That’s a difficult one and one that only you could possibly answer, but let us outline some of the benefits you will find from open source software which might benefit a growing and ambitious business:
The quality of software produced by the Open Source community sometimes exceeds that produced by purely commercial organisations
It is suggested by some authors that open source is more robust, more reliable, less complicated and more error free than their equivalent commercial counterparts, as they are subject to much more collaboration throughout their lifespans and are developed by developers with strong technical skills and extensive peer connections
With the more popular softwares, there exists an extensive community of developers creating plugins and extensions which adds automatically to the range and scope of the software
So, we’d recommend you took a closer look at Open Source for your business growth plans. We have!
Ergo Digital’s own open source software Omny Link, has already been used by a wide range of businesses to improve their marketing and performance. And, unlike a commercially funded product, it doesn’t hobble your ambitions nor tax you on your success: the price you see is what you pay from the start to the end of your licence.
We can setup a free trial for you so you can give it a go for yourselves – just call the team on 01962 605 000 to discuss in more detail.
We’re the rocket fuel that propels your business to new heights.
