23 October 2008

How To Gauge Your Progress & The Art of Reciprocity

It's this time of the year that I do my biannual progress
report. What's that?

In order to know if I'm on track, there must be something to
measure. For me, it means looking at where my business was six
months ago, what goals did I hit (or miss) and overall evaluate
various processes in relation to how effective they were.

Here's what I mean. Let's say the goal for the past six months
was to add another 200 subscribers to my blog list. The method
would be social networking and posting on 2 niche forums. Ok,
six months go by and the result - 50 new subscribers, 5 from
social networking and 45 from forum postings.

Was this a failure? To many of you, it would seem so since the
goal was 200 subscribers. In my opinion it isn't a failure
because I learned something.

  • First, social marketing has a low ROI for the time I put in,
    so it will move down on my list of effective methods for getting
    subscribers.

  • Second, niche forum marketing pulled in more targeted
    subscribers. So move this to the top of my marketing methods for
    getting subscribers.

    Finally, it tells me where to focus my efforts to reach my goal,
    and gives me numbers to better estimate what the return should be
    for the next six months. This isn't an exact science.

    It's only meant to make me more effective as a solo business
    owner. In this way I can gauge my progress and eliminate that
    'deer in the headlights' tunnel vision that can set in when you
    work on your own.

    The Art of Reciprocity. While reading what others had to say on
    the subject of social marketing, it occurred to me that social
    marketing is no more than an old technique with a newy name -
    reciprocity.

    In simple terms - You wash my back and I'll wash yours. A
    technique someone posted in a forum about using this online
    was...interesting, to say the least. Here's the internet
    equivalent (I guess) of reciprocity:

    Go to my Blog which is in my signature.
    1) Subscribe to my RSS feed
    2) Leave a comment
    3) Rate my blog at Blog Catalog
    4) Add to favorites at Blog Catalog
    5) Post a comment at Blog Catalog
    6) Post a free add daily on my new forum.
    Then let me know and I'll do the same for you.

    Does it work? Don't get me lying, I have no idea.
    It does appear if only 3 people were doing this, it would
    seriously eat into the time you spend operating your business

    But it does bring up an interesting question: How does this build
    a business relationship?

    Maybe I am missing the point here and being a bit 'old
    fashioned'. Isn't all the talk of JV partners and networking
    for your business about mutually cooperative interaction, even if
    cyber enhanced?

    Or is the whole Squidoo, Technorati, Chamber of Commerce thing
    about ganking off other peoples time and efforts...who knows,
    it's beyond my tiny universe.

    My definition of reciprocity - I know or like what you
    do/say/offer as a business owner and would recommend you to my
    circle based on my having this knowledge of your business.

    You, when the opportunity presents itself after having learned
    over time what I offer/say/do in my business will also recommend
    me to your circle.

    Look, there's nothing wrong with what other people choose to do
    in their business. You, me, and everyone else hopefully are
    trying to get to the same place...earn enough to live decently
    with our values intact.

    You have to decide which methods you choose will get you there.
    For those of you with no values...there's hope.

    That's it for today and I leave you with this -
    "What our country deserves from everyone who enjoys
    its fruits and freedoms is a little more gratitude -- and a lot less greed"
    ~ Michelle Malkin





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