Perfecting the Use of Key Performance Indicators

Thank you for stopping by and welcome to the 4th edition of Creative Culture Corner. Make sure you check out last week’s edition if you missed it, it is featuring an amazing interview with Chris of @RawGalleryNFT. We have a great issue for you this week featuring some tips on what KPI’s are and how you can use them to your advantage when trying to grow your brand and audience.

This newsletter is evolving, and some things will change as we go along. I would like to add the Collectors Corner to each edition. This will feature three pieces of art for sale from artists in the community. Each work will have a link with easy access and will provide some extra exposure for artists in the community. Creative Culture is here to create a web3 culture full of love, support, and personal growth. That’s enough of my rambling, let’s get into this week’s edition. Once again thank you for reading, Creative Culture Corner wouldn’t be possible without you all.

Featured Thread:

Unfortunately, life caught up with me this week and I couldn’t get out a weekly thread. Here is a thread from last month before I started the newsletter. Enjoy!

Perfecting the Use of Key Performance Indicators:

Key performance indicators, or KPI’s as I will call them the rest of this article are powerful indicators used to measure how effectively a business is moving towards their strategic goals. You may already look at a few of these, but are you using them effectively to evaluate your performance and then adapt? There is a couple different sub-categories under KPI’s, but the most important and effective for tracking your progress is quantitative and that is the type I will refer to in this post. To sum it up easily KPI’s are used to track trends over an extended period.

In this post I will look at 5 KPI’s you should be tracking when trying to grow your audience on Twitter, and trying to effectively market yourself and your art. The 5 most relevant and important KPI’s for artists in web3 using social media to market their content and grow their brand are:

1. Social Reach

2. Follower Growth Rate

3. Engagement

4. Fan Base

5. Sales

Social Reach:

Your “reach” lets you know how well your content is attracting new audience members, or in most of your cases “potential collectors”. Analyzing each tweets reach needs to be a priority, although it cannot be your sole metric to analyze. You need more information to paint the whole picture. On most social platforms it is easy to track your reach. Each individual post usually has a place to click and view the insights for that specific post. The more people that saw your content the greater chance to make a new connection, or even a sale. Below is an example of the insights for my most recent art thread.

ACTION PLAN:

Create a spreadsheet and create columns for tweet, impressions, engagements, likes, RTs, and style of tweet. Enter this information into the spreadsheet for each tweet. Having all your tweet data in one place will make in very easy to constantly evaluate this data, looking for trends, and adapting when needed. You can learn which posts resonates better with your audience.

Follower Growth Rate:

This metric acts in a similar manner to your social reach and will tell you how well your content is resonating with people. It will also help evaluate whether you are posting and being consistent enough to grow your audience. Look to measure your followers in the short term to evaluate content.

ACTION PLAN:

In your spreadsheet also track your daily new follower count. When you have a day period where your follower count spikes, go back and evaluate that day’s actions. Did you tweet more than normal? Did you feature a big artist? Did you collect some art? Did you make some amazing content? There must be a reason for a spike in follower count, so make sure to evaluate often and try to copy what is working.

Engagement:

Engagement is a metric that measure how many times your post was interacted with at all. This could include opening the post, clicking a hashtag, liking, RTing, etc. A strong engagement rate means your content and art is connecting well with your audience. If your engagement shoots up on an infographic and drops some on a tweet with no graphic, then this should tell you that your audience prefers when you attach a graphic to a post. 3 types of engagement you should look at and can dive into more on your own are:

1. Average engagement

2. Amplification rate

3. Virality Rate

Fan Base:

The 4th KPI is your fan base. Your fan base are friends, connections, and audience members who promote you and your work for you. This will be measured by how many times you are getting tagged in others posts, or your work is getting highlighted, etc. These community members are your most loyal fans. They are usually the ones liking, RTing, and engaging with your posts first. If you don’t have a large fan base in the community, the best way to increase this is by stepping up you’re promoting and highlighting.

ACTION PLAN:

The next time you are going to mint a piece of art, hold off for a week or two and spend that time supporting the community relentlessly. Be the loudest in the room, talk about your art, make people want to pay attention to you, and when they do…. BOOM, mint your work. This is using this metric to strike while the iron is hot.

Sales:

The last KPI to evaluate is your most important one. At the end of the day most of you are trying to sell your NFT’s and the most effective way to know if your content is connecting with your audience is if it is producing sales. You need to use your sales as a gauge for your journey. How much did the work sell for? How many have you sold? How often are sales happening? These are all great questions to ask yourself when using sales as a KPI.

ACTION PLAN:

Ask yourself the questions I have listed above anytime you get a sale. Does the data that this sale provided tell you that you are on track for your art program plan? At the end of the day if you aren’t getting sales, you are going to have to put in more work to increase your perceived value.

These are the 5 main KPI’s that I am currently focusing on growing Creative Culture’s social presence. You are not looking at these metrics to celebrate vanity metrics such as likes, RT’s, followers, etc. You are looking at these metrics thoughtfully as they give you an insight into what your audience likes.

With this information you can learn a lot about your audience, such as:

· likes and dislikes.

· how engaged the community is with you and your brand?

· The percentage of traffic that converts into sales.

A business doesn’t operate without goals and a business plan, and neither should you, remember at the end of the day you and your art program are a business and should be treated as such.

Artist Spotlight:

This week’s artist spotlight is with an extremely talented artist and amazing person. Rifkas_cake_ makes amazing cakes and then mints them. Michela is a great supporter of the community and if you haven’t checked out her amazing NFT’s, please make sure you do. She can bring 3d animals to life through cakes and allows them to live forever on the blockchain. She is currently sold out; you better not sleep on her the next time you see she has a work available. Make sure to click her name above and give her a follow!

Collectors Corner:

@shahparism1 

@cibarius_ 

@elrokk 

Creative Culture Art Update:

I am currently sold out on primary!

“A Colorful Expression” mint #2 goes live on Feb 9th at 10am

1/1

.35 $eth

Thank you for reading and until next week.

Much love,

Bryan