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yournycdollar-blog · 5 years ago

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How to Prepare for a Layoff, 15 Pieces of Advice Ahead of Your Last Day

How to prepare for a layoff? This is a question that nags me well after it happened in my life. Layoffs happen, that’s life, unfortunately (see my other article, Employer at the Gates… An Essay on Exiting the Workforce). Yes, it sucks! More so during the current coronavirus than in recent history, but one should prepare and remain focused on the next steps. Layoff preparation is key to minimizing the stress and adverse health effects associated with unemployment and maintaining some semblance of normalcy within your life while unemployed. Reflecting on my discharge that occurred around two months ago, I wish I had prepared better, and it had gone somewhat differently. The primary question I think about, how should I prepare for a layoff? Had I spent more time preparing for this event, perhaps inevitable in today’s economy, I would be on better footing when pursuing my next steps. We’ll cover fifteen pieces of advice I wish I had taken into consideration ahead of my cutback as I entered unemployment. We will cover mental and physical health preparedness to a greater degree than others may touch on because I feel it is crucial and often overlooked. First, let’s touch on some terminology.

Picture of a dictionary with the definition of focus Layoff is when the employer discharges the employee. Often this action is the result of restructuring or cost-cutting and is synonymous with headcount reductions. Furlough, like a layoff, is a dismissal of an employee but differs as the individual usually returns at a later time to the position. Fire is when an employer terminates an employee due to poor performance or other causes. Usually, there is a greater negative connotation associated with being fired as opposed to furloughs and layoffs. Don’t fret; you can recover from this too! It is essential to understand the distinctions between the types of employment dismissals as this could impact your insurance benefits, like unemployment payments, as well as future references. With that understood, let’s move on to the fifteen pieces of advice, helping you prepare for a layoff. For brevity and those with limited attention spans, a summary table is provided below. Layoff Preparation Checklist Initial Shock May Overwhelm: Prepare for an emotional rollercoaster and shock associated with layoffs.Seek Help if Necessary: Utilize benefits while still employed to prepare and address both physical and mental health.Everyone is Expendable, Leave Arrogance at the Door: No employee is invaluable, stay humble in your career, or your ego may be crushed. Get Your Office in Order: Literally, clear out excess personal items at work, including updating professional contacts via LinkedIn.It’s Not Personal, Usually: Employee reductions aren’t personal, although it will feel that way. It’s business focusing on the bottom line. Capital Preservation is Not Market Timing: If unemployment is imminent, consider selling riskier assets like stocks and accumulating cash. Understand Unemployment Benefits: Review unemployment benefits to see if you qualify, how much income it might provide, and for how long. Never Stop Learning: Always continue your professional development via certifications or licensing while employed. It helps when looking for your next job.Ask for More Severance: Strategize with a lawyer well ahead of layoffs and get them involved immediately to help negotiate a better severance. Budget, Understand Your Expenses: Organize your finances, understand your income, cash flows, expenses, and debts. This helps you know the minimum cash requirements.Cash is King, Emergency Fund Planning: Prioritize and build a six month or greater cash emergency fund in the event of layoffs.Credit Optionality: Extend lines of credit and add new ones, not to the detriment of your FICO score. This will offer a credit cushion to utilize if you are unemployed longer than expected. Maintain an Updated Resume: Always maintain, update, and revise your professional resume at least once a year and have a cover letter template on hand.Always Interview & Network: While employed, continue interviewing for alternative jobs several times a year for practice. This may open new opportunities, and it won’t seem so foreign. Be Less Committed to Your Employer: Yes, ensure the work you currently do is top-notch and respectable, but establish work-life boundaries. There are more critical things than pleasing a fleeting employer. 1) Initial Shock May Overwhelm Before a layoff, understand how much of your life is genuinely tied to your employer and coworkers. While you cannot immediately change this, it will help better prepare you for the degree of emotional shock. You can also put forth some effort towards rekindling relationships unassociated with your job, reconnect with both new and old friends. Begin the process of decoupling your identity with your employer to mitigate the emotional impact of employment loss. There is no sugarcoating the emotional impact of losing employment. Losing your job envokes feelings of grief and is demoralizing while disorienting, all at the same time. It hit my self-esteem like few other things have in my life. During the first several days of unemployment, I suffered from insomnia. When I did manage to get some rest, I would wake up mourning my loss with a distinct feeling of sickness inside. The ordeal can be wholly immobilizing, and it is fair to say I was generally unproductive the first month. It was vital for me to ask myself why I felt such loss and better understand the dynamic behind the emotions.

Picture of man stressed, sitting rubbing his eyes. While millennials are often characterized as the job-hopping generation, in my case, I had been with my employer for almost ten years since first moving to New York City. The work was demanding and hours long, but also intellectually challenging in a way that caused one to become deeply devoted and involved with time. During a long tenure, even the most introverted of individuals like myself becomes friends with colleagues. These are the people I would spend the majority of my waking hours with, much more so than my partner, given the demanding hours. Beyond the workdays, it includes drinks afterward, business travel across the country, as well as birthday celebrations and other social activities. In short, I became close to my coworkers sharing much of my life with them.

Neon sign saying work harder. My job had become my identity, and my colleagues represented much of my social circle. This identity and social circle came to an abrupt halt the day my employment ended following my sacking and was the catalyst prompting a waterfall of emotion after the fact. Everyone is different, and individuals who’s careers are less involved with larger social circles outside of work likely will not suffer as much of an emotional impact. 2) Seek Help if Necessary For someone preparing for a layoff, it may be prudent to seek medical assistance. While still employed, review your benefits package and see what mental and physical health programs are covered and fully utilize them to the degree necessary. Develop a financial contingency plan post dismissal so you may continue these services as needed, perhaps on a more limited basis. Given the smorgasbord of emotions likely to flow after being let go as previously touched on, it could be beneficial to meet with a psychologist or psychiatrist ahead of the event and continue to do so after, so long as you’re financially able. Addressing mental health can help you prepare better psychologically while also discussing a plan for your next steps while unemployed. Ultimately, being mentally fit will smooth the transition and speed up the recovery process.

Picture of prewar walkup building with a painted sign saying How Are You Really For residents of New York, check out The Office of Mental Health that includes telephone hotlines and other resources to get you started. At the federal level, you can look into The National Institute of Mental Health and MentalHealth.gov. Your preparation should extend beyond that of mental health and include your physical wellbeing too! Kate W. Strully, Associate Professor Sociology at University at Albany, has written on health implications from socioeconomic shocks of job loss. Within Job Loss and Health in the U.S. Labor Market published in the journal of Demography Strully researches health implications from job loss within the United States.

Photo of a doctor on his phone. Losing a job has been linked to increased risk of high blood pressure, heart disease, heart attacks, diabetes, as well as depression. Based on the research, when there is a job loss related to an employer closing, odds of an individual reporting fair to poor health increase ~54% while raising odds of a new health condition ~83%. Under a scenario when a person is fired or laid off, odds of reported fair or poor health increase ~80% and increases the odds of a new health condition by ~43%. The adverse health implications extend beyond unemployment, often continuing after finding new employment. So what can be done to minimize these physical health risks ahead of a dismissal? I would again suggest leveraging your employee benefits to the greatest degree possible before a layoff. Get an annual physical if you haven’t done so already. First, understand your key physical health metrics like blood pressure, weight, cholesterol, blood sugar, and others. If you’re unable to complete a physical schedule a call or appointment to discuss your most recent test results. Second, talk with your healthcare provider to understand what can be done with your diet, physical activity, sleep, and other things to improve your health. You may soon have plenty of time and no excuses for pursuing a healthier lifestyle when you’re not working! Once you’ve left your employer within the United States, there is usually an option to continue healthcare coverage for some time. Under The Consolidated Omnibus Budget Reconciliation Act (or COBRA), workers are typically offered a choice to continue their previous health insurance after dismissal. The downside is that often this cost is only partially covered by your last employer or perhaps not at all. Healthcare in the United States is ridiculously expensive, so again, utilize your benefits to the greatest degree while you’re still employed. While the first two pieces of advice were mostly focused on the emotional and health aspects to prepare for ahead of a layoff, the remaining ones are focused on professional and financial preparations. 3) Everyone is Expendable, Leave Arrogance at the Door I often see advice written to the effect of, make yourself too valuable to layoff. There was a demotivational poster I recall seeing titled Achievement, picturing the Egyptian pyramids with the subtext of “You can do anything you set your mind to when you have vision, determination, and an endless supply of expendable labor.” This statement rings true today in corporate America wherein companies are structured not to be heavily reliant on any one individual. Everyone is expendable, EVERYONE! I guess I’m an optimist! "...check your arrogance and entitlement at the door. Remain humble in your career..." Several weeks before my departure, I recall a conversation with a coworker. The colleagues’ superior had recently left for greener pastures, and he was mildly overwhelmed with the workload but also relishing the fact his job was untouchable now. My view differed. While now there was limited redundancy in his role, I still felt the company would continue, the world would keep turning, and the sun would rise without him. Would there be frictional issues if he was not there and other peoples days more challenging? Sure. But ultimately some junior person would step in, or management would go externally, as it often does, and somewhere, for some level of compensation, a competitor would be willing to leave and step into the seat. We agreed to disagree. My advice is to check your arrogance and entitlement at the door. Remain humble in your career, but this is not to say let people walk over you or take undue credit for your efforts. You can be a humble yet authoritative individual while still helping others around you rather than becoming an arrogant asshat as your tenure progresses in your career. This mindset is something I tried to convey throughout my career. Yes, I believe you can make yourself a valuable member of the organization, indispensable, however, probably not! For those that don’t grasp this concept, a layoff is going to crush your ego. I have seen many rockstars in the business world that were very well regarded and looked up to be let go. 4) Get Your Office in Order When I advise you to get your office in order, clean up and get organized, I mean it in the most literal sense here. This process should be ongoing throughout your career at any employer and something I almost completely overlooked. Don’t accumulate too many personal things at work.

Picture of organized office desk. If you feel layoffs are imminent at your employer, start reducing the amount of personal items in your cubical or office. Do this discreetly, taking a few extra items home in your backpack each evening, or coming in over the weekend to manage logistics on larger things. Take account of your professional contacts as well, business cards and contact information possibly stored in Outlook or another email client. When it comes to professional contacts, it may behoove you to implement some redundancy. LinkedIn, even the free version, is an excellent resource independent from your employer to catalog your network. In fact, it should probably be your primary way of keeping contacts. Make it part of your daily routine, when you meet someone during your career, set aside the business card or other contact details, then frequently allocate time to seek that individual out and connect with them on Linkedin. Now you have a network of professional contacts independent from your employer that you can leverage upon leaving. Something to consider, if you are rushing to build out your LinkedIn network at the last minute, this may become something of a red flag for coworkers. Several times I have received invites to connect via LinkedIn from a longtime colleague, and within a few days or a week, they left. So be mildly cautious about sending a volley of connection invites to your current coworkers in a short period. "...do not take any company property, intellectual or other..." When it comes to other digital data on your employer’s computer network, tread carefully. Go ahead and delete personal items such as passwords you have saved in a file, salary information saved on a drive, and personal tax documents. Do not attempt to remove data, client information, and prior work you have done while receiving compensation that is your employer’s intellectual property! While you may be emotionally attached to some work you have produced and proud of it, you should not remove it without the expressed permission of the employer. Most employers have sophisticated software monitoring your daily activity to varying degrees as well as regularly backing up the computer network. A previous manager I worked under noted when another colleague on our team gave his exit notice, the company asked him what aspects of his daily activity he would like monitored more closely. Despite never officially providing my personal email to my employer, upon my layoff before the subway ride was over, I received an email from human resources providing some detail on the explanation of benefits. The point is, do not take any company property, intellectual or other, with you upon your departure! 5) It’s Not Personal, Usually Unless you were fired from your position for cause, a layoff or furlough usually is not personal. This does little to soothe your emotional reaction immediately but offers a more pragmatic view of the situation. Some people can relate to that more easily. "Roles of managers and executives are multifaceted, and while most genuinely care about employees, part of their mandate relates to the corporation’s financial performance too." Much of my prior job was spent analyzing other companies, understanding their fundamental drivers of earnings, or losses. Speaking with executives managing those companies, I have some sense of how they view the situation. It is true that layoffs are often about the bottom line of profitability; generally, restructurings aim to improve earnings. They were lowering business operating costs to generate more income for shareholders. These actions were often undertaking during times of cyclical economic headwinds, but not always. As a manager, one of the most manageable least frictional costs to reduce is headcount. Yes, I was sitting on the other end of that narrative and considered “headcount” and let go.

Dow Jones Index graph pictured within a magazine. It is not to say these managers or executives did not exhibit empathy. It feels cruel and callous to let a longtime employee go that has served the company well. Narrowly escaping a cutback earlier in my career, I had commented regarding the stress of the situation while meeting with the manager conducting the layoffs. His response was, “well, think about how all those people are feeling now that were laid off earlier today.” The point was undoubtedly valid and my comment tone-deaf and self-centered, but honestly how I felt. Later I would learn the manager had let go of a longtime mentee who had worked under him throughout several employers. The manager had taken this particularly hard emotionally. Throughout the course of my daily job when speaking with executives managing other companies, they always tended to exhibit some sort of empathy and remorse while reducing headcount. They were fully aware that their employees’ livelihood were disproportionately tied to employment if not wholly. Roles of managers and executives are multifaceted, and while most genuinely care about employees, part of their mandate relates to the corporation’s financial performance too. These aspects are not mutually exclusive and often conflict. An argument can be made these aspects do not conflict, there is more than the bottom line financially, but that is beyond the scope of this discussion. Anecdotally, in my years of researching corporations, I had only come across one company that maintained a no-layoff policy throughout economic cycles. Coincidentally, it is also viewed as best in class amongst its peers generating superior through-cycle shareholder returns. Food for thought I suppose. So look, you may be laid off soon or currently, but more often than not, this was not a personal issue. 6) Capital Preservation is Not Market Timing The secular trend continues to move towards passive index investments versus actively managed funds. Index funds do not attempt to time the markets, although some individual investors may. I generally do not try to time markets. I’m more of the set it and forget it type, periodically rebalancing my portfolio. In the event you’re anticipating a layoff, you may want to rebalance and increase your bonds and cash holdings. "Remember, it helps to reallocate your capital towards cash sooner than later during economic downturns to preserve capital." When you enter the realm of the unemployed, you suddenly become more risk-averse. Now that you don’t have regular cash flows from income, you will naturally become more defensive about the capital you do have, aiming to maintain it holding less risky assets. Unemployment figures are higher during periods of economic headwinds or outright recessions, not to mention the current global situation that more closely mirrors the depression lasting throughout the 1930’s. During these periods, stock holdings tend to exhibit the greatest downside and volatility. Over periods of deep economic recessions, the duration of unemployment is often longer as well. I am not advocating a complete selldown of your equity holdings to less risky assets. On the flipside, downturns also offer some of the greatest upside potential for stocks when the recovery ensues. What I am suggesting, is that if you are anticipating a layoff, consider allocating any excess funds outside of your retirement portfolio away from stocks towards cash. How much should you allocate towards cash?

Photo of many US dollar bills. That depends on several factors. First, do you have another immediate employment opportunity lined up to replace the job you’ve lost? If so, you probably don’t need to worry about increasing your cash holdings. Second, how much do you already have saved in an emergency fund? Maybe if you have twelve months of cash to cover expenses, there is no need to sell stocks. If you only have a few months, then you may want to consider reallocating to cash. Third, if you have several sources of income, like a dual-income relationship or other sources from side-hustles, then there may not be a need to increase your cash holdings immediately. My advice is to assess your current situation as best you can and determine your resources. Continue this assessment during the period you are unemployed and modify it accordingly. Remember, it helps to reallocate your capital towards cash sooner than later during economic downturns to preserve capital. 7) Understand Unemployment Benefits Heading into my layoff, I knew nothing about potential unemployment benefits offered by my new home state of New York. The last time I was unemployed was in my late teens, furloughed for a few months, while the company I worked at underwent renovations. From what I recall, the payments provided from my Midwestern state were minimal, given my modest wages at the time. The fact is, potential income from unemployment benefits was not factored into my emergency fund-scenario planning, so it was a modest positive surprise. Positive yes, but shame on me for not educating myself and planning better.

Two men at a table reviewing documents. Each state within the United States offers varying degrees of unemployment benefits for most workers and layoff scenarios. Here is when being fired differs, in that you may be ineligible for benefits. Nevertheless, a quick Google search for unemployment benefits and your state’s name should yield fruitful results to get you started on filing a claim. For my fellow New Yorkers, check out The Department of Labor’s website for details on proceeding with a claim. There are also helpful facts and responses to frequently asked questions. First, determine if you are eligible for unemployment benefits within your state under a layoff scenario. Note, severance payments in either lump sum or over a period can impact when you can claim benefits. Second, there is a useful calculator available here for estimating your weekly benefit rate in New York. Remember, this weekly estimate is excluding taxes that you will have to either deduct from these payments based on your bracket or pay at a later date. "Do not overlook unemployment insurance income benefits nor the potential out of pocket health care costs..." Note this weekly unemployment benefit excludes any supplemental payment associated with the coronavirus CARES Act congress passed. Under this, it provides an additional $600 weekly, alongside the state benefits previously calculated, over April 5, 2020, through July 31, 2020 period. It also extends the number of weeks a person may claim unemployment benefits. The maximum period for claims under CARES is 39 weeks, up from 26 previously offered by states, until the end of 2020. Again, on the healthcare side, COBRA typically offers an extension of your previous employer-offered benefits. Often a portion or all of this is at your own cost, however. Alternatively, you may be able to seek lower-cost benefits via the Affordable Care Act within the United States. Another possible option is signing on to your partner’s health insurance if they remain employed. Do not overlook unemployment insurance income benefits nor the potential out of pocket health care costs when planning for a potential layoff. 8) Never Stop Learning My advice of, never stop learning, while working in your current job, is not something I heeded myself. Frankly, I felt overworked with twelve-hour days and weekends the routine. While there were professional certifications I could have pursued, I never found, or perhaps made time, and became consumed with the day-to-day. "...you are faced with a layoff, if you have worked on your professional development, you have something more to take with you." In the early years of my career, I had started working on a professional certification for my industry. Started, then work would consume life, then stop. Rinse and repeat. Finally, after several misfires, I did complete the first module! Honestly, there was a deep sense of satisfaction when I did this, and I was quick to meet a colleague for a celebratory drink afterward. My suggestion, make time for yourself to continue your professional development during your career. Assuming this is important to you. If your current employer offers to pay for professional certifications or education, take advantage of it! People that I had worked alongside spent an enormous amount of time and effort to complete grueling certifications while working well beyond full time. It required commitment and diligence to be there long after coworkers had gone home as well as weekends. Kudos!

Students pictured in a classroom. Is there a program that catches your eye, and you feel it is relevant to your career? Speak up and ask your manager if the company would cover the expense. Often if the employer is paying out of pocket, it is contingent on your successful completion of the program. So make sure you’re committed before moving forward. When the day comes, and you are faced with a layoff, if you have worked on your professional development, you have something more to take with you. It can be a resume builder and place you a step ahead of the pack when sitting down for your new interview. 9) Ask for More Severance Always ask for more severance than what your employer is offering in the event of a layoff. I am still kicking myself for not fighting harder. Had I prepared a bit more, my chances of success would have increased. "Not getting a lawyer involved is my greatest mistake on this front. In fact, I should have had a strategy call with a lawyer years ago to discuss options in the event of a layoff." When I left, I was offered close to three months of base salary, including some ongoing healthcare coverage. With a smile, the human resources person said, “We’re going to pay all of your accumulated paid time off within your severance.” My initial and current thought around this is go F-yourself! I had consumed any accumulated paid time earlier in the year. Not for vacation purposes per se, but rather exhaustion and depression. Understand that your severance agreement is designed to be mutually beneficial. The company is not paying you solely because they feel bad. Your agreement will often include non-compete details you should familiarize yourself with, clauses around defamation, and other stipulations you must adhere to that are beneficial for the company. What more should you ask for in a severance agreement?

Someone at a table negotiating or providing their view. Ask for more money, base it on some rational, such as your years of experience will limit finding comparable alternative employment. Therefore, a new job will take longer to find. Request an extension on your employer covered insurance benefits. If it has been a while since you have sought employment, request outplacement, and resume writing services. If there are essential reports you had completed and proud of or other work, inquire if you may take some samples to aid in seeking new employment. Did your reviews go well during your tenure, then ask for the formal copies you could furnish to a future employer. How are you going to get any of this? Get a lawyer involved immediately, as in the same day you are laid off! Not getting a lawyer involved is my greatest mistake on this front. In fact, I should have had a strategy call with a lawyer years ago to discuss options in the event of a layoff. This can help you understand your legal options and recourse, if any, well ahead of time. Most importantly, it provides you some serious leverage in the days after your layoff before you sign the agreement. In my situation, I had additional requests for more compensation in my severance agreement. In my exit meeting, if you could call it that, the request was immediately passed on to the legal department. I was informed on my subway ride home via email. By the time I was home that first day, I was overwhelmed with emotions related to losing my job and anxious.

Woman in bed. I waited… And waited… Then a few days had passed, and I emailed human resources to inquire about the additional severance. They did not respond that day, but the following, informing me they would inquire with the legal team regarding the request. They were stonewalling me. I believe they were waiting to see how I would respond. Did I seek advice and get a lawyer involved? Better, did my lawyer contact them directly? Nope. My former employer knew they could play a waiting game and see how I would react, or not. The clock was ticking, and they knew I had around a week to respond, so no need to rush their response, right? They were not incentivized to pay any additional severance because my request did not have teeth. Had they felt there was the risk of legal recourse and related expenses I believe they would have been more amenable. In the end, they denied the request, and my time to respond was limited by that point. I signed the boilerplate agreement and moved on. 10) Budget, Understand Your Expenses As part of your personal finances, you should be budgeting. Budgeting is a topic unto itself, but you should have a cursory understanding of it, yesterday. For reals, get your ass moving! At a minimum, start tracking your expenses, cash flows, plus assets, and liabilities today!

Man viewing a tablet with various graphs. There are plenty of automated to semi-automated platforms out there, with many free to use. Sit down, collect all your credit cards, bank accounts, mortgage, brokerages, and other financial assets and liabilities. Then input all this data linking accounts into one or more of these platforms. A few platforms to track your finances are listed below, and those more ambitious can pursue a manual process within spreadsheets. Mint.com PersonalCapital.com YouNeedaBudget.com Quicken In preparation for a layoff, this financial information will be crucial to your planning and budgeting. The more history you have here, the better. You can see your baseline expenses, and this will help determine your emergency fund. You will also be able to review the trends and understand what expenses are nonessential and can be reduced or outright cut during a period of unemployment. Gain a realistic understanding of your bare-bones monthly expenses you may incur in the event you're laid off. 11) Cash is King, Emergency Fund Planning Conventional personal finance wisdom suggests holding six to twelve months of cash to cover expenses in an emergency fund. From my personal experience, holding around six months in cash reserves, I wish I had doubled it. That’s not to say I don’t have other resources. I can liquidate a personal brokerage account. But honestly, who wants to do that when stocks are down -30% from peak? This is sort of the point of emergency cash reserves. During periods of financial constraints, there is a good chance your portfolio is down considerably, and you are less inclined to liquidate those assets. Your first line of defense is that emergency fund during unemployment. The larger the holdings, the greater your optionality and potential runway to cover expenses while out of work.

Emergency ambulance pictured driving. On the other hand, and the argument against significant emergency fund holdings, there is limited appreciation of cash balances held. More so, over recent history within the low-interest-rate environment. So you forego greater return potential than if you had allocated most of those cash emergency funds towards asset classes like stocks or bonds in the first place. You will need to determine your appetite for risk and consider other financial resources available when setting a target balance for your emergency fund. More than likely, as you accumulate more wealth with time, you can likely reduce your emergency fund because you have more alternative resources available to you. If you feel a layoff is imminent, the best plan is likely maximizing your emergency fund contributions near term while curtailing contributions elsewhere to retirement or excess mortgage payments. 12) Credit Optionality Besides a mortgage, I tend not to hold debt balances past one month. I worked too hard for over a decade to largely become debt-free. That said, I believe credit cards and other lines of credit have their place. In short, credit can provide optionality during times of uncertainty and while unemployed. Determine if you feel a layoff is imminent. If you don’t feel there is a high dismissal risk over the near to medium term, then you can continue to pay down debts, assuming you have first amassed some cash emergency fund. However, during uncertain economic times, if there is a higher probability of discharges, then immediately pivot to paying minimum balances for your credit obligations, including mortgages. Conserving and growing cash under this scenario is your top priority.

Credit cards pictured in a wallet. Even before this occurs, understand and expand credit available to you. Explore increasing credit lines with banks if possible, where you have longstanding relationships. If you own your home and a home equity line of credit is available (HELOC), then consider putting that in place. Check if your retirement savings, 401K or other, has options wherein you can borrow against it and repay yourself over time. The idea here is you create the greatest possible optionality and access to credit while being mindful not to harm your FICO credit score meaningfully. Increased lines of credit during unemployment can provide an extra financial cushion in the event you need it, but you should utilize other resources first. Another point, if you find yourself facing financial hardship and anticipate falling behind on bills, discuss this with creditors. Call them and keep lines of communications open. Many times they have departments that are willing to help and discuss other options during hardships. Along the same lines, if recently let go during a recession, check online or call your credit issuers and ensure your credit availability has not changed. There has been some recent news that creditors were reducing availability without prior notice. 13) Maintain an Updated Resume When you have been at a single employer for some extended period of time, an updated resume may fall by the wayside. Avoid this! At least once per year, if not more often, make sure you are updating and revising your resume as if you had to use it tomorrow. "While I was reasonably diligent in keeping my resume up to date while employed, it has been years since I had to write a cover letter—almost fifteen." Review it and incorporate new accomplishments during your career. Drop off items that become less relevant with time. Ten years into your career, it is unlikely anyone will care that you were president of the chess society during college. LinkedIn can provide a good framework for your resume, but it should extend well beyond this, providing more granular details of your activities and accomplishments. While you’re still gainfully employed, perhaps consider paying a professional resume writing service next time you refresh it. It may be worth exploring as you advance through your career and the expense more palatable when you’re generating income. Conversely, it is unlikely you would be willing to spend money on a resume writing service while unemployed. Coincidently, this being the precise time you could leverage a new resume most! If you do pursue a professional resume writing service, I would suggest you have them work with you on a cover letter template. Or perhaps several based on various positions targeted. While I was reasonably diligent in keeping my resume up to date while employed, it has been years since I had to write a cover letter—almost fifteen. I wasn’t even sure if employers still asked for cover letters today, but it turns out several of them still do! I was at a loss, no template, no nothing, and quickly engaged Google for guidance. 14) Always Interview & Network As previously alluded to, it has been almost fifteen years since I had to formally interview for a new job. While I have engaged with several headhunters during my career and crossed paths with competitors recruiting, I have not interviewed in years. It. Is. Frightening! Several years ago, I read an article that suggested professionals should interview for potential jobs at least once every six months. I unquestionably did not heed this advice! In retrospect, I fully understand this guidance, but being the introvert I am, I never pursued it to my detriment. Candidly, it wasn’t all about being introverted, but rather, since day one of my career it has been like drinking from a firehose. Completely overwhelmed and underwater, barely enough time to breathe. While I failed at the always be interviewing mandate, I mildly succeeded at the networking aspect.

LinkedIn glass office door pictured with company logo. Somehow, I fumbled my way through networking with colleagues, people at industry events as well as several competitors. I was better about connecting with these people via LinkedIn. In fact, several years ago, I set a reminder on my work calendar to network via LinkedIn. My goal was each Friday to spend ten to fifteen minutes browsing suggested contacts and adding those I worked alongside and others within the industry or close clients. One piece of advice here, if you plan to stay in your career, try to connect with managers or executives at competitors. These individuals are generally receptive and open to connecting. A simple note, introducing yourself and perhaps a coffee at a later time, is enough to kindle a relationship. I have seen many future jobs sprout from old connections like these years later. When I was unemployed, some of these people, as well as former coworkers, were the most receptive. It provided a mild sense of comfort in an otherwise chaotic time. 15) Be Less Committed to Your Employer My most important lesson and piece of advice from my layoff ordeal? I wish I had been less committed to my employer. That isn’t to say I shouldn't have done good work I was proud of nor endure long hours. Rather, I should have established clearer boundaries between my personal life and that of my career. Constantly, projects felt like it should have been done yesterday, was of the utmost importance in my life, and prodded, pushed, and pulled forward by managers and clients; it does not matter today. The top priorities of yesterday are nowhere to be found today, unemployed.

Neon sign pictured above a woman stating slow down. That part of my career is over, and while I can carry the knowledge and experience with me, all that stuff I produced is left to die on a server in the cloud. I regret not spending more time with my partner, focusing on my health, nurturing activities, and interests outside of my career. The good news is, I’m unemployed, and presumably, I have some life ahead of me! Grammarly's artificial intelligence aided in the editing of my article. Perhaps it can help you! Consider clicking this link to support my work wherein I will receive a commission for your purchase.

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simplemlmsponsoring · 7 years ago

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Tips for social media competitor analysis: Let's stop talking about follower count

This year, Hootsuite announced that 3.196 billion people are now active social media users. That is 42% of all the people on earth. In the UK, that percentage climbs to 66% and it’s 71% in the US. Even with recent data protection scandals, platforms like Facebook, Twitter, Instagram, LinkedIn, Wechat, and Pinterest are a huge part of daily life.

This kind of impressive cut through makes it more likely that we can use social media to find our audience, but that doesn’t mean that everyone on the platform is desperate to hear from us. In reality, when we use social media as businesses we’re competing for what might be a very small, very niche, but very valuable cross-section of a network. This means that whenever we do social media marketing, we need a strategy, and to have a successful social media marketing strategy it’s vital to know how we compare to our competitors, what we’re doing well and what threats we should be worrying about.

Without effective social media competitor analysis we’re working in the dark. Unfortunately, a lot of the time when we compare social media communities we keep coming back to the same metrics which aren’t always as informative as we might like. Fear not! Here’s a guide to find the social media stats which really tell us which competitors to watch out for and why.

What are we trying to achieve with social media?

One of the biggest problems with creating a social media strategy is the subjectivity of social can make it incredibly hard to get solid, reliable performance data that can tell us what to do next. If we want to get actionable information about how we compare to competitors, it’s important for us to start with why we’re on the platforms to begin with (we’ll use these agreed facts in later sections). If we agree that;

The value of a social media competitor analysis is to help us perform better on social The value of social is to help us achieve the business objectives that we set out in the first place.

Then we can agree that the numbers we look at in a social media competitor analysis must be defined by what we actually need the networks to achieve (even if it takes a while for engagement to become page views).

With that in mind, here are the most common aims I think we try to achieve through social media, ordered roughly from high commitment on the part of our audience, to low. When we are comparing social networks we need to make sure we have an idea of how the numbers we look at can contribute to at least one of the items below (and how efficiently).

Sales (this can include donations or affiliate marketing as well as traditional sales) Support (event attendance etc. paid event attendance being included in sales) Site visits (essentially ad sales, visits to websites that don’t run on ads can be considered a step towards a sale) Impressions/staying front of mind (this is also a prerequisite for each of the above).

Why we should stop talking about raw follower counts

We often hear social media accounts evaluated and compared based on raw follower counts. If we agree we should look at numbers that are defined by our key goals I have some reasons why I don’t think we should talk about follower counts as much as we do.

“Followers” is a static number trying to represent a dynamic situation

When we compare social communities we don’t care how effective they were in 2012. The only reason we care about how effective they were over the last six months is because it’s a better predictor of how much of the available audience attention, and conversions they’ll take up over the next six months. What’s more, as social networks grow, and implement or update sharing algorithms, the goal posts are moving, so what happened a few years ago becomes even less relevant to the present.

Unfortunately, raw follower count includes none of that context, it’s just a pile of people who have expressed an interest at some point. Trying to judge how successful a community will be based on follower count is like trying to guess the weather at the top of a large hill based solely on its height – if it gets really big you can probably guess it’ll be colder or windier, but you’re having to ignore a whole bunch of far more relevant factors.

Follower buying can also really throw off these numbers. If you want to check competitors for follower buying you may be able to find some signs by checking for sudden, unusual changes in follower numbers (see “What we should look at instead”) or try exporting all their followers with a service like Export Tweet and check for a large number of accounts with short lifespans, low follower numbers or matching follower numbers.

An “impression” is required for every other social goal

I’m going to move on to what other numbers we should look at in the next section, but we have to agree that in order for anyone to do anything you want with your content, they have to have come into contact with it in some way.

Because of the nature of social networks we can also agree the number of impressions is unlikely to exactly match the follower number, even in a perfect system – some people who aren’t following will see your content, some people who are following won’t. So we’ve started to decouple “follows” from “impressions” – the most basic unit of social media interaction.

Next we can agree – if an account stops producing effective content, or stops producing content altogether, follower count will make no difference. A page that posts nothing will not have people viewing its nonexistent posts. So follower count isn’t sufficient for impressions and impressions are necessary for any other kind of success.

Depending on the kind of social network, the way in which content spreads though it will change. Which means follower count can be less decisive than other systems in different ways. We’ll look at each format below in isolation, where a network relies on more than one means (for instance hashtags and shares) the effect is compounded rather than cancelled out.

Discovery driven by hashtags

Ignoring other amplification mechanisms (which we’ll discuss below), follower count can be much less relevant in comparison to the ability to cut through hashtags. The end result of either a large, active following or content effectively cutting through a hashtag (or both) will be shown in the engagement metrics on the content itself, we have those numbers, so why rely on follows?

Discovery driven by shares and interaction

The combined followings or networks of everyone who follows you (even at relatively small numbers) can easily outweigh your audience or the audience of your competitors. Engagement or shares (whatever mechanism the platform uses to spread data via users) becomes a better predictor of how far content will reach, and we have those numbers, so why rely on follows?

If you’re interested in analysing your followers or competitor followers to find out how many followers those followers have and compare those numbers, services like Export Tweet will let you export a CSV of all the followers of an account, complete with their account creation date and follower number. Also, if you have to look into raw follower numbers this can be a way of checking for fake followers.

Discovery guided by algorithms

In this case, content won’t be shown to the entire following, the platform will start by showing it to a small subsection to gather data about how successful the post is. A successful post is likely to be seen by most of the following and probably users that don’t follow that account too, a less successful post will not be shown to much more than the testing group. Key feedback the platforms will use to gauge post success is engagement and, as we’ve said, we have those numbers, why rely on follows?

This particular scenario is interesting because having a very large audience of mostly disengaged followers can actually harm reach – when the platform tests your content with your audience, it’s less lightly to be seen by the engaged subset, early post success metrics are likely to fare worse so the content will look less worthy of being shared more widely by the platform. This can mean that tactics like buying followers, or running short-term competitions just to boost follower count without a strategy for how to continually engage those followers, can backfire.

I’m not saying follower count has no impact at all

A large number of follows does give an advantage, and make it more likely that content is widely seen. The fact is that in most cases, engagement metrics usually tell us if posts were widely seen, so they are a much more accurate way to get a snapshot of current effectiveness. Engagement numbers are also far closer to the business objectives we laid out above so I’ll say again, why rely on follows?

At most I’d only ever want to use follower count to prioritise the first networks to investigate – as far as I’m concerned it isn’t a source of the actionable insights we said we wanted.

What we should look at instead Engagements

In many ways, engagement-based numbers are the best to look at if we want to put together a fair and informative comparison including accounts we don’t own.

Engagement numbers are publicly visible on almost every social network (ignoring private-message platforms), meaning we aren’t having to work with estimates. What’s more, engagement is content-specific and requires some level of deliberate action on behalf of the user, meaning they can be a much better gauge of how many people have actually seen and absorbed a message, rather than glancing at something flying past their screen at roughly the top speed of a Honda Civic.

What business goal does this relate to?

Impressions. As mentioned above, engagements require the content to be on-screen and for the user to have recognised it at some level. Because engagements are like opt-in impressions, we can judge comparative success at staying front of mind. We could also use it as a sign that our audience is likely to take further action, like visiting our site or attending an event, depending on how you interpret the numbers (as long as it’s consistent). It’s fuzzy, but in a lot of ways less fuzzy than follows (due to removal from actual business goals) and actual impressions (due to lack of data). What’s more, the inaccuracy of this data leans towards only counting users who cared about the content, so it’s something I’m happy to live with.

That being said, when you’re comparing your own community to itself over time (and not worrying about competitors) impressions itself is still a good metric to use – most social platforms will give you that number and it can give you a fuller idea of your funnel (we’ll cover impressions more below).

What numbers should you use?

As with follower change and impressions (which I discuss below), we need to control for varying follower base and posts-per-day. I’d recommend:

Engagements per (post*follower) (where you multiply total follower count by total updates posted) Engagements per post Total engagements per post.

The first number should help you compare how well a follower base is being engaged, the second should give an idea of return on investment, and the third is to avoid being totally thrown off by tiny communities which might not actually be moving the needle for business objectives.

It’s worth checking the Facebook and Twitter ad reporting (relatively new additions to each platform) to see if the page is spending money promoting that content.

What tools should you use?

The platforms themselves are an option for gathering engagement numbers, which is one of the reasons this kind of check is ideal. This can be as simple as scrolling through competitor timelines and making notes of what engagement they’ve received. Unfortunately, sometimes this is time-consuming and many platforms take steps to block scraping of elements. However, I’ve found some success with scraping engagement numbers from Facebook and Twitter and I’ve included my selectors in case you do manage to use a tool like Agenty or Artoo.js to help automate this.

Facebook

Number Shares Likes Comments Additional comments All visible posts

Selector .UFIShareLink ._4arz span .UFICommentActorAndBody .UFIPagerLink ._q7o

Twitter

Number Interactions All visible posts

Selector span.ProfileTweet-actionCountForPresentation span._timestamp

Facebook Insights is another great source of information because it’ll give you some direct comparisons between your page and others. It’s not quite the level of granularity we’d like but it’s easy, free, and direct, so gift horses and all that.

NapoleonCat – I don’t work for this company but they have a 14-day free trial and their reports offer exactly the kind of information I’d be looking for, for both managed profiles, and ones you are watching. That includes daily raw engagement numbers, and calculated engagement rate and SII their “Social Interaction Index” which claims to account for differing audience size, allowing direct comparison between communities.

The hitch is that Twitter and Instagram only start collecting information from when you add them to the account, so if you want to collect data over time you’ll need to pay the premium fees. On the other hand, their support team has confirmed that they’re perfectly happy with you upgrading for a month, grabbing the stats you need, removing your payment card for a few months (losing access in the process) and repeating six months later for another snapshot.

Socialblade – offers some engagement rate metrics for platforms like Instagram and Twitter. It doesn’t require you to log in but the data isn’t over time so your information is only as good as your dedication to recording it.

Fanpage Karma does an impressive job of trying to give you actionable information about what is engaging. For instance, it’ll give you a scatter chart of engagement for other pages, colour coded by post type. Unfortunately, anything more than a small number of posts can make that visualisation incredibly noisy and hard to read. The engagement-by-post-type charts are easier to read but sacrifice some of that granularity (honestly I don’t think there is a visualisation that has engagement number and post type over time that isn’t noisy).

It’ll also let you compare multiple pages in the same kind of visualisation where the dots still show number of engagement but are colour coded by page instead of post type, patterns can be a bit easier to divine with that one but the same tension can arise.

If you’re tracking these stats for your own content Twitter analytics and Instagram Insights are great, direct, sources of information. Any profile can view Twitter analytics, but you’ll need an Instagram business profile to look at the Instagram data. At the very least, each can be a quick way of gathering stats about your own contents’ impressions and engagement numbers, so you don’t have to manually collect numbers.

If you have to include a follower metric…

If you have to include a follower metric, I’d advise focusing on something far more representative of recent activity. Rather than total or raw number of follows, we can use recent change in followers.

While I still think this is a bit too close to raw followers for my liking, there’s one important difference – this can give you more of an idea of what’s happening now. A big growth in followers could mean a network is creating better content, it could also mean they’ve recently bought a bunch of followers, either way, we know they’re paying attention.

What business goal does this relate to?

Some people might use this number to correlate with impressions, but as I said we can use other numbers to more accurately track that. This number (along with raw post frequency) is one means of gauging effort put into a social network, and so can inform your idea of how efficient that network is, when you are looking at the other metrics.

These numbers are also likely closer to what senior managers are expecting so they can be a nice way to begin to refocus.

What number should you use?

We need to account for differing community histories, a way to do this is to consider both:

Raw followers gained over a recent period Followers gained over a recent period as a proportion of total current followers.

We can use these two numbers to get an idea of how quickly networks are growing at the moment. The ideal would be to graph these numbers over time, that way we can see if follower growth has recently spiked, particularly in comparison to other accounts of similar focus or size.

Once we’ve identified times where an account has achieved significant change in growth, we can start to examine activity around that time.

What tools should you use?

NapoleonCat (I promise I’m not getting paid for this) can give you historic follower growth data for accounts you don’t own, although unfortunately it only reports Twitter follower growth since the point an account starts being monitored (other networks seem to backdate).

Socialblade offers historic follower stats for accounts you don’t own, the first time anyone searches for stats on an account, that account will be added to Socialblade’s watchlist and it’ll start gathering stats from that point. If you’re lucky, someone will already have checked, otherwise you can have a look now and check back later.

Impressions

It can be harder to get a comparison of impressions for content, but it’s one of our most foundational business objectives – a way to stay front of mind and ideally build towards sales. Everything we’ve covered in terms of Follower numbers is a step removed from actual impression numbers so it’s worth comparing actual impression numbers for recent content where we can.

What business goal does this relate to?

Impressions, but as impressions are the minimum bar to clear for all of our other business goals, this can also be considered top of the funnel for other things.

What numbers should you use? Impressions per (post*follower) (where you multiply total follower count by total updates posted) Impressions per post Total impressions per account/all impressions for competitor accounts during that same period

Once you have collected impression numbers from a range of accounts on the same platform which are targeting the same audiences, we can sum them together and compare total impressions per account against total impressions overall to get a very rough share of voice estimate. This number will be heavily impacted by users who view content from one account again and again, but as those users are likely to be the most engaged, it’s a bias we can live with. Again, comparing this over time can give us an idea of trajectory and growth.

Some accounts may try to drive up key metrics by posting a huge number of times a day, there’s definitely a law of diminishing returns so as with engagements I’d also get an average per-post impression number to gauge comparative economy.

As this is post-specific, I would also recommend breaking this numbers down by post type (whether that be “meme”, “blog post”, or “video”) to spot trends in effectiveness.

What tools should you use?

Fanpage Karma again goes out of its way to give you means of slicing this data. Just like with engagement you can show impressions by post type for one Facebook page, or compare multiple at the same time. It can result in the same information overload but I definitely can’t fault the platform for a lack of granularity. Unlike with engagement, the platform will pretty much only give you impression data for Facebook and unfortunately sometimes it’s patchy (see the SEMrush and Moz graph below).

It’ll also give YouTube view information, as well as giving you a breakdown of video views and interactions based on when the video was posted, it also offers cumulative figures which show how the performance of a video improved over time.

Tweetreach will give estimated reach for hashtags and keywords, by searching for a specific enough phrase, you can get an idea of reach for individual tweets, or a number of related tweets if you’re smart about it.

Read more: distilled.net

#also #follower #give #number #numbers #should #social #your #SEO

0 notes

donnafmae · 7 years ago

Text

Tips for social media competitor analysis: Let's stop talking about follower count

What are we trying to achieve with social media?

The value of a social media competitor analysis is to help us perform better on social

The value of social is to help us achieve the business objectives that we set out in the first place.

Sales (this can include donations or affiliate marketing as well as traditional sales)

Support (event attendance etc. paid event attendance being included in sales)

Site visits (essentially ad sales, visits to websites that don't run on ads can be considered a step towards a sale)

Impressions/staying front of mind (this is also a prerequisite for each of the above).

Why we should stop talking about raw follower counts

“Followers” is a static number trying to represent a dynamic situation

When we compare social communities we don’t care how effective they were in 2012. The only reason we care about how effective they were over the last six months is because it’s a better predictor of how much of the available audience attention, and conversions they'll take up over the next six months. What’s more, as social networks grow, and implement or update sharing algorithms, the goal posts are moving, so what happened a few years ago becomes even less relevant to the present.

Unfortunately, raw follower count includes none of that context, it’s just a pile of people who have expressed an interest at some point. Trying to judge how successful a community will be based on follower count is like trying to guess the weather at the top of a large hill based solely on its height - if it gets really big you can probably guess it’ll be colder or windier, but you’re having to ignore a whole bunch of far more relevant factors.

An “impression” is required for every other social goal

Because of the nature of social networks we can also agree the number of impressions is unlikely to exactly match the follower number, even in a perfect system - some people who aren’t following will see your content, some people who are following won’t. So we’ve started to decouple “follows” from “impressions” - the most basic unit of social media interaction.

Next we can agree - if an account stops producing effective content, or stops producing content altogether, follower count will make no difference. A page that posts nothing will not have people viewing its nonexistent posts. So follower count isn't sufficient for impressions and impressions are necessary for any other kind of success.

Discovery driven by hashtags

Discovery driven by shares and interaction

Discovery guided by algorithms

This particular scenario is interesting because having a very large audience of mostly disengaged followers can actually harm reach - when the platform tests your content with your audience, it's less lightly to be seen by the engaged subset, early post success metrics are likely to fare worse so the content will look less worthy of being shared more widely by the platform. This can mean that tactics like buying followers, or running short-term competitions just to boost follower count without a strategy for how to continually engage those followers, can backfire.

I’m not saying follower count has no impact at all

At most I’d only ever want to use follower count to prioritise the first networks to investigate - as far as I’m concerned it isn’t a source of the actionable insights we said we wanted.

What we should look at instead

Engagements

In many ways, engagement-based numbers are the best to look at if we want to put together a fair and informative comparison including accounts we don't own.

Engagement numbers are publicly visible on almost every social network (ignoring private-message platforms), meaning we aren't having to work with estimates. What’s more, engagement is content-specific and requires some level of deliberate action on behalf of the user, meaning they can be a much better gauge of how many people have actually seen and absorbed a message, rather than glancing at something flying past their screen at roughly the top speed of a Honda Civic.

What business goal does this relate to?

Impressions. As mentioned above, engagements require the content to be on-screen and for the user to have recognised it at some level. Because engagements are like opt-in impressions, we can judge comparative success at staying front of mind. We could also use it as a sign that our audience is likely to take further action, like visiting our site or attending an event, depending on how you interpret the numbers (as long as it’s consistent). It’s fuzzy, but in a lot of ways less fuzzy than follows (due to removal from actual business goals) and actual impressions (due to lack of data). What's more, the inaccuracy of this data leans towards only counting users who cared about the content, so it’s something I’m happy to live with.

That being said, when you’re comparing your own community to itself over time (and not worrying about competitors) impressions itself is still a good metric to use - most social platforms will give you that number and it can give you a fuller idea of your funnel (we’ll cover impressions more below).

What numbers should you use?

As with follower change and impressions (which I discuss below), we need to control for varying follower base and posts-per-day. I’d recommend:

Engagements per (post*follower) (where you multiply total follower count by total updates posted)

Engagements per post

Total engagements per post.

It’s worth checking the Facebook and Twitter ad reporting (relatively new additions to each platform) to see if the page is spending money promoting that content.

What tools should you use?

Facebook

Number Shares Likes Comments Additional comments All visible posts Selector .UFIShareLink ._4arz span .UFICommentActorAndBody .UFIPagerLink ._q7o

Twitter

Number Interactions All visible posts Selector span.ProfileTweet-actionCountForPresentation span._timestamp

NapoleonCat - I don’t work for this company but they have a 14-day free trial and their reports offer exactly the kind of information I’d be looking for, for both managed profiles, and ones you are watching. That includes daily raw engagement numbers, and calculated engagement rate and SII their “Social Interaction Index” which claims to account for differing audience size, allowing direct comparison between communities.

Socialblade - offers some engagement rate metrics for platforms like Instagram and Twitter. It doesn’t require you to log in but the data isn’t over time so your information is only as good as your dedication to recording it.

If you have to include a follower metric…

While I still think this is a bit too close to raw followers for my liking, there’s one important difference - this can give you more of an idea of what’s happening now. A big growth in followers could mean a network is creating better content, it could also mean they’ve recently bought a bunch of followers, either way, we know they’re paying attention.

What business goal does this relate to?

These numbers are also likely closer to what senior managers are expecting so they can be a nice way to begin to refocus.

What number should you use?

We need to account for differing community histories, a way to do this is to consider both:

Raw followers gained over a recent period

Followers gained over a recent period as a proportion of total current followers.

Once we've identified times where an account has achieved significant change in growth, we can start to examine activity around that time.

What tools should you use?

Impressions

It can be harder to get a comparison of impressions for content, but it’s one of our most foundational business objectives - a way to stay front of mind and ideally build towards sales. Everything we’ve covered in terms of Follower numbers is a step removed from actual impression numbers so it’s worth comparing actual impression numbers for recent content where we can.

What business goal does this relate to?

Impressions, but as impressions are the minimum bar to clear for all of our other business goals, this can also be considered top of the funnel for other things.

What numbers should you use?

Impressions per (post*follower) (where you multiply total follower count by total updates posted)

Impressions per post

Total impressions per account/all impressions for competitor accounts during that same period

Some accounts may try to drive up key metrics by posting a huge number of times a day, there's definitely a law of diminishing returns so as with engagements I'd also get an average per-post impression number to gauge comparative economy.

As this is post-specific, I would also recommend breaking this numbers down by post type (whether that be “meme”, “blog post”, or “video”) to spot trends in effectiveness.

What tools should you use?

Content shares

This is specifically people sharing a page of your site on a social network. It may help us flesh out some of the impressions metrics we’ve been dancing around, particularly in terms of content from your site or competitors’ being shared by site visitors rather than an official account.

What business goal does this relate to?

Impressions, site visits generating ad revenue

What numbers should you use?

To control for volume of content created by different sites, I would look at both total number of shares and shares per blog post, for example, during the same time period. It could also be valuable information to sum total follower count of the accounts that shared the content, to weight shares by reach, but that could be a huge task and also opens us up to the problems of follower count.

What tools should you use?

Buzzsumo will let you search for shared content by domain, and will let you dig in to which accounts shared a particular item. It can give a slightly imbalanced picture because it’s just looking for shares of your website content (so don’t expect the figures to include particularly successful social-only content for example) but it’s an excellent tool to get a quick understanding of what content is doing how well, and for who.

Link clicks

This can be difficult information to gather but given its potential value to our business goals it’s worth getting this information where we can.

What business goal does this relate to?

Site visits generating ad revenue, event attendance, sales, depending on where the link is pointing.

In my experience it’s usually much harder to get users to click away from a social media platform than it is to get them to take any action within the same platform. Sharing links can also cause a drop in engagement, often because the primary purpose of the content isn’t to encourage engagement - success with a user often won’t be visible at all on the platform.

What numbers should you use?

Clicks per (link post*follower) (where you multiply total follower count by total updates posted)

Clicks per link post

Total link clicks

What tools should you use?

Understandably this is fairly locked-down, Fanpage Karma again goes out of its way to get you the data you need, and does offer to plot posts against link clicks in one of those scatter graphs we love. I’ve reached out to them for information on how they collect this data, will update when I hear back. As with impression data, click data can sometimes be patchy - the platform seems to miss data consistently across metrics.

Outside of that, the best trick I’ve found is by taking advantage of link shortener tracking. For example, anyone who uses free service Bit.ly to shorten their links can also get access to link click stats over time. The thing is, those stats aren’t password protected, anyone can access them just by copying the Bit.ly link and putting a + sign at the end before following the link.

Here are the stats for a link Donald Trump recently shared in a tweet.

Go forth and analyse

Hopefully, some of the metrics and processes I’ve included above prove helpful when you’re next directing your social media strategy. I would never argue that every single one of these numbers should be included in every competitor analysis, and there are a whole host of over factors to include in determining the efficacy of a community, for instance; does the traffic you send convert in the way you want?

That being said, I think these numbers are a great place to start working out what will make the difference, and will hopefully get us away from that frequent focus on follower numbers. If there are any numbers you think I’ve missed or any tips and tricks you know of that you particularly like, I’d love to hear about them in the comments below.

from Marketing https://www.distilled.net/resources/tips-for-social-media-competitor-analysis-lets-stop-talking-about-follower-count/ via http://www.rssmix.com/

#Digital Marketing

0 notes

ronijashworth · 7 years ago

Text

Tips for social media competitor analysis: Let's stop talking about follower count

What are we trying to achieve with social media?

The value of a social media competitor analysis is to help us perform better on social

The value of social is to help us achieve the business objectives that we set out in the first place.

Sales (this can include donations or affiliate marketing as well as traditional sales)

Support (event attendance etc. paid event attendance being included in sales)

Site visits (essentially ad sales, visits to websites that don't run on ads can be considered a step towards a sale)

Impressions/staying front of mind (this is also a prerequisite for each of the above).

Why we should stop talking about raw follower counts

“Followers” is a static number trying to represent a dynamic situation

When we compare social communities we don’t care how effective they were in 2012. The only reason we care about how effective they were over the last six months is because it’s a better predictor of how much of the available audience attention, and conversions they'll take up over the next six months. What’s more, as social networks grow, and implement or update sharing algorithms, the goal posts are moving, so what happened a few years ago becomes even less relevant to the present.

Unfortunately, raw follower count includes none of that context, it’s just a pile of people who have expressed an interest at some point. Trying to judge how successful a community will be based on follower count is like trying to guess the weather at the top of a large hill based solely on its height - if it gets really big you can probably guess it’ll be colder or windier, but you’re having to ignore a whole bunch of far more relevant factors.

An “impression” is required for every other social goal

Discovery driven by hashtags

Discovery driven by shares and interaction

Discovery guided by algorithms

I’m not saying follower count has no impact at all

At most I’d only ever want to use follower count to prioritise the first networks to investigate - as far as I’m concerned it isn’t a source of the actionable insights we said we wanted.

What we should look at instead

Engagements

In many ways, engagement-based numbers are the best to look at if we want to put together a fair and informative comparison including accounts we don't own.

What business goal does this relate to?

Impressions. As mentioned above, engagements require the content to be on-screen and for the user to have recognised it at some level. Because engagements are like opt-in impressions, we can judge comparative success at staying front of mind. We could also use it as a sign that our audience is likely to take further action, like visiting our site or attending an event, depending on how you interpret the numbers (as long as it’s consistent). It’s fuzzy, but in a lot of ways less fuzzy than follows (due to removal from actual business goals) and actual impressions (due to lack of data). What's more, the inaccuracy of this data leans towards only counting users who cared about the content, so it’s something I’m happy to live with.

What numbers should you use?

As with follower change and impressions (which I discuss below), we need to control for varying follower base and posts-per-day. I’d recommend:

Engagements per (post*follower) (where you multiply total follower count by total updates posted)

Engagements per post

Total engagements per post.

It’s worth checking the Facebook and Twitter ad reporting (relatively new additions to each platform) to see if the page is spending money promoting that content.

What tools should you use?

Facebook

Number Shares Likes Comments Additional comments All visible posts Selector .UFIShareLink ._4arz span .UFICommentActorAndBody .UFIPagerLink ._q7o

Twitter

Number Interactions All visible posts Selector span.ProfileTweet-actionCountForPresentation span._timestamp

If you have to include a follower metric…

What business goal does this relate to?

These numbers are also likely closer to what senior managers are expecting so they can be a nice way to begin to refocus.

What number should you use?

We need to account for differing community histories, a way to do this is to consider both:

Raw followers gained over a recent period

Followers gained over a recent period as a proportion of total current followers.

Once we've identified times where an account has achieved significant change in growth, we can start to examine activity around that time.

What tools should you use?

Impressions

What business goal does this relate to?

Impressions, but as impressions are the minimum bar to clear for all of our other business goals, this can also be considered top of the funnel for other things.

What numbers should you use?

Impressions per (post*follower) (where you multiply total follower count by total updates posted)

Impressions per post

Total impressions per account/all impressions for competitor accounts during that same period

As this is post-specific, I would also recommend breaking this numbers down by post type (whether that be “meme”, “blog post”, or “video”) to spot trends in effectiveness.

What tools should you use?

Content shares

What business goal does this relate to?

Impressions, site visits generating ad revenue

What numbers should you use?

What tools should you use?

Link clicks

This can be difficult information to gather but given its potential value to our business goals it’s worth getting this information where we can.

What business goal does this relate to?

Site visits generating ad revenue, event attendance, sales, depending on where the link is pointing.

What numbers should you use?

Clicks per (link post*follower) (where you multiply total follower count by total updates posted)

Clicks per link post

Total link clicks

What tools should you use?

Here are the stats for a link Donald Trump recently shared in a tweet.

Go forth and analyse

from Digital Marketing https://www.distilled.net/resources/tips-for-social-media-competitor-analysis-lets-stop-talking-about-follower-count/ via http://www.rssmix.com/

#digital marketing

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davidrsmithlove · 7 years ago

Text

Tips for social media competitor analysis: Let's stop talking about follower count

What are we trying to achieve with social media?

The value of a social media competitor analysis is to help us perform better on social

The value of social is to help us achieve the business objectives that we set out in the first place.

Sales (this can include donations or affiliate marketing as well as traditional sales)

Support (event attendance etc. paid event attendance being included in sales)

Site visits (essentially ad sales, visits to websites that don't run on ads can be considered a step towards a sale)

Impressions/staying front of mind (this is also a prerequisite for each of the above).

Why we should stop talking about raw follower counts

“Followers” is a static number trying to represent a dynamic situation

When we compare social communities we don’t care how effective they were in 2012. The only reason we care about how effective they were over the last six months is because it’s a better predictor of how much of the available audience attention, and conversions they'll take up over the next six months. What’s more, as social networks grow, and implement or update sharing algorithms, the goal posts are moving, so what happened a few years ago becomes even less relevant to the present.

Unfortunately, raw follower count includes none of that context, it’s just a pile of people who have expressed an interest at some point. Trying to judge how successful a community will be based on follower count is like trying to guess the weather at the top of a large hill based solely on its height - if it gets really big you can probably guess it’ll be colder or windier, but you’re having to ignore a whole bunch of far more relevant factors.

An “impression” is required for every other social goal

Discovery driven by hashtags

Discovery driven by shares and interaction

Discovery guided by algorithms

I’m not saying follower count has no impact at all

A large number of follows does give an advantage and make it more likely that content is widely seen but the fact is that in most cases, engagement metrics usually tell us if posts were widely seen so are a much more accurate way to get a snapshot of current effectiveness. They are also far closer to the business objectives we laid out above so I’ll say again, why rely on follows?

At most I’d only ever want to use follower count to prioritise the first networks to investigate - as far as I’m concerned it isn’t a source of the actionable insights we said we wanted.

What we should look at instead

Engagements

In many ways, engagement-based numbers are the best to look at if we want to put together a fair and informative comparison including accounts we don't own.

What business goal does this relate to?

Impressions. As mentioned above, engagements require the content to be on-screen and for the user to have recognised it at some level. Because engagements are like opt-in impressions, we can judge comparative success at staying front of mind or gauge likelihood of audiences taking further action like visiting our site or attending an event, depending on how you interpret the numbers (as long as it’s consistent). It’s fuzzy but in a lot of ways less fuzzy than follows (due to removal from actual business goals) and actual impressions (due to lack of data) and the inaccuracy of this data leans towards only counting users who cared about the content, so it’s something I’m happy to live with.

What numbers should you use?

As with follower change and impressions (which I discuss below), we need to control for varying follower base and posts-per-day. I’d recommend:

Engagements per (post*follower) (where you multiply total follower count by total updates posted)

Engagements per post

Total engagements per post.

It’s worth checking the Facebook and Twitter ad reporting (relatively new additions to each platform) to see if the page is spending money promoting that content.

What tools should you use?

Facebook

Number Shares Likes Comments Additional comments All visible posts Selector .UFIShareLink ._4arz span .UFICommentActorAndBody .UFIPagerLink ._q7o

Twitter

Number Interactions All visible posts Selector span.ProfileTweet-actionCountForPresentation span._timestamp

If you have to include a follower metric…

What business goal does this relate to?

These numbers are also likely closer to what senior managers are expecting so they can be a nice way to begin to refocus.

What number should you use?

We need to account for differing community histories, a way to do this is to consider both:

Raw followers gained over a recent period

Followers gained over a recent period as a proportion of total current followers.

Once we've identified times where an account has achieved significant change in growth, we can start to examine activity around that time.

What tools should you use?

Impressions

What business goal does this relate to?

Impressions, but as impressions are the minimum bar to clear for all of our other business goals, this can also be considered top of the funnel for other things.

What numbers should you use?

Impressions per (post*follower) (where you multiply total follower count by total updates posted)

Impressions per post

Total impressions per account/all impressions for competitor accounts during that same period

As this is post-specific, I would also recommend breaking this numbers down by post type (whether that be “meme”, “blog post”, or “video”) to spot trends in effectiveness.

What tools should you use?

Content shares

What business goal does this relate to?

Impressions, site visits generating ad revenue

What numbers should you use?

What tools should you use?

Link clicks

This can be difficult information to gather but given its potential value to our business goals it’s worth getting this information where we can.

What business goal does this relate to?

Site visits generating ad revenue, event attendance, sales, depending on where the link is pointing.

What numbers should you use?

Clicks per (link post*follower) (where you multiply total follower count by total updates posted)

Clicks per link post

Total link clicks,

What tools should you use?

Here are the stats for a link Donald Trump recently shared in a tweet.

Go forth and analyse

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