If you’ve established whether your content is hitting your reach and engagement goals by tracking your social media KPIs, then you may be wondering what the next step is.
Once your social media platforms start gaining recognition and engagement, you need to take a deeper look into whether these engagements are creating the conversions you want to achieve. Based on your own specific goals, conversions can be anything from visitors following your business on social media to subscribing to your newsletter. Understanding your conversions helps your business establish whether your social media efforts are impacting your bottom line or not.
So, are you achieving your conversion goals?
If the answer is no, then it’s time to gain a better understanding of the value of each customer and where they are acting, to establish how effective your social media strategy is for your business’ goals. You can do this by tracking conversion metrics such as sales revenue, lead conversion rate and non-revenue conversions.
Sales Revenue
When tracked over time, this metric can measure how well your business’ strategies are turning leads into customers. It can also help you improve the overall quality of leads and reduce the impact on your bottom line. By tracking this metric in Google Analytics, you can see which clicks from social media are leading to your website and converting into sales. Understanding this metric will help give you a general idea of the value of each customer and how that will affect your overall social strategy, including what you might need to tweak or change.
Lead Conversion Rate
Lead conversion rate is the percentage of visitors who come to your website and are captured as leads. To capture visitors as leads they need to give their details. This can be solved through them downloading your eGuide or filling in a contact form. It’s an important metric to track as it’s an indicator of your ability to attract the right audience and the efficiency at which your website turns visitors into leads. However, it’s not only your content that entices your audience. Site performance also has a key part to play in website conversion rates. You need to make sure your website runs smoothly and efficiently. It’s all about providing customer satisfaction and ease of use.
Non-Revenue Conversions
A conversion doesn’t always mean your lead will turn into a customer. Sometimes a conversion can be as simple as them signing up for your newsletters or downloading your eGuide. It all depends on your own business goals as to what a successful conversion looks like. Measuring your non-revenue conversions can help you to establish who your quality leads are and evaluate how your social strategies are prompting action. From there, you can adjust your social strategy accordingly.
As you start to understand and evaluate your conversion KPIs, you’ll see an increase over time as you start to use strategies that target your goals. Without tracking them, you’ll never know whether the strategies you are using are successful or not. Therefore, tracking KPIs is an important part of any social media strategy.
If you need more support in hitting your conversion goals through social media marketing strategies, then book a meeting today.
