Keep track of these nine key social selling metrics to see how your brand is doing if you're unsure whether your efforts are yielding results. You've put a lot of effort into using social media to advertise your products and increase sales.
Anything from sharing pertinent lead generation forms to including product tags in your posts may fall under this category. It's crucial for brands to pay close attention to their social selling metrics to make sure that their efforts are paying off.
In this post, we will explore the top social selling metrics that brands should track to understand their performance. Let's begin.
What exactly are social selling metrics?
As the name implies, social selling metrics are key performance indicators that are used to gauge the effectiveness of your social selling initiatives. They can help you gauge how interested your customers are or how well your social media lead generation campaigns have performed. They may occasionally target measuring purchases that originated directly from those platforms.
Why Social Selling Metrics Are Important.
Building an effective social selling strategy requires measuring your social selling metrics. It provides you with an overview of whether your social media investment is producing quantifiable results and improving your bottom line. You can see what aspects of your strategy need to be improved and what aspects are working by taking a closer look at each of those metrics. This will give you the chance to adjust your strategy and produce even more remarkable results for your company.
There are nine top social selling metrics to track.
Now that you are aware of the benefits of measuring your social selling metrics, let's look at the important metrics. Here are nine of the most important social selling metrics that companies should use to gauge their success.
1. Content Engagement Ratio.
A key social selling tactic is sharing relevant content. In contrast to B2C brands, which may use social media to share content directly showcasing the products they wish to promote, B2B brands may do so in order to share thought leadership and educational materials. For instance, Salesforce provided the following advice on how to make better data charts, which was extremely helpful to their audience and undoubtedly increased engagement.
2. Rate of clickthroughs.
Your content engagement rate only hints at how effective your social selling strategy is. Your click-through rate is a great way to determine whether people are clicking on the links that you've shared on social media. Sure, people may be engaging with your content, but are they taking any further actions? You can infer from this that your audience is motivated to find out more and might even become a paying clientele.
In other words, your click-through rate enables you to determine whether the audience is getting closer to making a purchase as a result of your social media content. Verify the click-through for each individual link you've shared in order to track this social selling metric more precisely. The process of identifying the posts that generated the most clicks will be made simpler by this. Then, you'll be able to draw conclusions from this and repeat the results to create a more potent social selling strategy.
Links clicked can be tracked using social media analytics tools along with other engagement metrics. To track how each campaign is doing in terms of engagement rate and click-throughs, tools like Sprout Social even let you tag various campaigns.
3. Site visitors.
The majority of conversions still need to happen through the brand's website, even though some social media platforms now allow customers to make purchases directly within the platform. To put it another way, customers must first visit your website in order to purchase what you're offering. This makes it essential to monitor website traffic so you can gauge the number of visitors who came to your site with the intention of taking further action.
You should focus more on the volume of organic social media traffic.
To monitor this crucial social selling metric, you can use the data from Google Analytics. Along with information on traffic from various other sources, it will appear in your traffic acquisition report. To understand the quality of traffic coming from social media, you can dig a little deeper and look at the quantity, number of engaged sessions, and average engagement time.
4. Rate of message response.
Social selling conversations frequently take place in private on some social media platforms, especially ones like LinkedIn. This implies that your customer service and sales teams may communicate via direct messages with potential clients about your goods and services.
When a customer contacts you with a question, you may occasionally start these conversations by responding appropriately and nurturing the relationship. Sometimes the conversions might even start with cold outreach, where you send LinkedIn ad messages to people who fit the profile you want to target.
Through your InMail Analytics Report on LinkedIn, you can view your response rate. It will also show you a comparison of the number of messages you sent and the number of responses you got for each message variation. The response rate that follows will give you a summary of your performance and indicate which of your message variations had the greatest impact.
5. Cost of gaining a new customer.
Simply examining the outcomes of your social selling efforts is insufficient. To fully understand your performance, you must also take into account how you arrived at those outcomes. If you don't have a clear understanding of the associated costs, it will be difficult to determine whether your social selling strategy is effective even if you receive a ton of clicks on your social media ads.
This makes it essential to monitor social selling cost metrics, primarily your cost per new customer. By dividing your social selling costs by the quantity of brand-new clients you attracted, you can calculate your customer acquisition cost. When evaluating the outcomes of your paid social efforts, some analytics platforms will even do this for you automatically.
6. Index for social selling on LinkedIn.
The LinkedIn Social Selling Index (SSI) is an essential metric to monitor if you're selling to a B2B audience and using LinkedIn as a significant social platform. It is an index that rates the effectiveness of your company in the crucial areas listed below on a scale of 0-100.
1. Creating your professional brand.
2. Locating the ideal people.
3. Engaging insights.
4. Establishing connections.
7. Lead generation numbers.
The quantity of leads you produced is a critical social selling performance indicator to monitor. These are potential customers who have expressed interest in your product but aren't quite ready to make a purchase. In order to determine how many forms have been filled out, webinar registrations, demo downloads, and other activities have been completed, etc. To get a better sense of how particular posts or campaigns are generating leads, you should track this on a post-by-post or campaign-by-campaign basis.
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