My week 8 in the Startup Program
Key Performance Indicators (KPIs) are the metrics to measure the development of your business (idea). What are yours?
Week 8 of the Startup Program was all about KPIs, the different types of metrics and why it is more important to focus in Customer Lifetime Value (CLV) than Customer Acquisition Cost (CAC): Building a community that constantly spends money is easier than acquiring new customers.
On the one hand, due to the Corona Virus and the quarantine measures, the web traffic has grown.
On the other hand, the majority of big brands has cut their Marketing budget and is posting less on their Social Media accounts. As a result, this is a huge opportunity for small businesses.
Rita recommended us the essentials for using Social Media for your Business and getting customers to know about you through:
- a Facebook Business Page (allow people to message you and post content once a day)
- an Instagram Business Account (update link in bio and do not forget to post stories)
- a LinkedIn Company Profile linked to your personal Profile (post around 2 times a week)
Within the Startup Program we also receive event recommendations. This week's recommendation was about “Starke PR für starke B2B Marken” by SIBB e.V. and Tilo Bonow. They gave very important insights into the power of Communication and Public Relations.
If you understand the German language well I can highly recommend his podcast “Business Class” to dive deeper into this topic.
🌟 If you are interested in more reviews about the startup program, check out the blog posts here.