Social media is currently in vogue, and the number of people signing up keeps growing. This growth in numbers has made social media platforms a great marketing channel for businesses.
However, it sometimes gets hard to determine how it impacts your business. Whether you're a novice in the business industry or have years of experience dealing with business chaos, having a strong online presence with an effective social media strategy plays a vital role.
Brands are taking advantage of the numerous marketing opportunities social media provides to reach out to their target audiences. But how do you determine if your social media marketing strategy is effective?
Here are some pointers to help you know whether you're on the right track and what to do to make your social media marketing campaigns more effective.
How to measure social media effectiveness?
Measuring social media effectiveness plays a vital role in determining the success of your business. If you don't do it in the right manner, you're probably going to lose thousands of potential customers. But if you've got it right, it will increase your success manifold times. Let's delve deeper into how you can easily measure social media growth and your sales.
#1. Website traffic coming from social media
First things first, your initial step is to check the website traffic coming from social media.
It's quite important to measure the success rate of your social media plans with proper information. Otherwise, everything would be a guessing game.
To ensure that your website gets enough traffic from your social media strategy, all you need to do is identify your KPIs using free tools like Google Analytics. This will help you know how much traffic you're getting and how you can improve the performance of your website.
You should check the percentage of people you reach on social media that makes it to your website traffic regularly. Are your numbers growing day by day or monthly? If not, you should go back to the drawing board and re-strategize your marketing strategy to make it more effective.
If you've never measured your website, it's time to do it before your competitors beat your business. You can measure:
- Customer visits
- Traffic sources
- Bounce rate
- Landing pages.
If your website goal is to get high leads from social media platforms for business, you need to see how your customers interact with them when they reach your website.
#2. Landing page conversion rates
For any business, driving social media traffic to a website and converting visitors into leads and leads into customers is their ultimate goal. If you're on the same mission, your first step is to determine the conversion rates. Know how well your website can convert visitors into social media leads. Keep an eye out for the landing page conversion rate.
How are your social media efforts affecting your landing page conversion rate? The average landing page conversion rate across all industries falls around 2.35%.
Check the percentage of people from social media sources that convert into leads on your landing pages. How do they compare with the industry averages, especially in your market segment? If you're below the average conversion rate, you should work on optimizing landing pages to improve your conversion rate.
Remember, having many followers on social media platforms won't work until and unless you get them on your website. By checking the social media metrics, you can take steps to improve your business operations and get more sales and leads.
#3. Close rates
Close rates directly impact the number of sales your business has made from the leads generated. Calculating the close rate will help you understand your business's improvement.
How are your social media efforts affecting your close rates? Your close rate is the percentage of leads that turn into conversions. It's crucial to check the percentage of people from social media sources that convert into customers. Outbound marketing has a 100 percent lower lead-to-close rate than social networking.
A low, close rate can indicate either a problem with how your social media marketing strategy drives people to convert or the quality of your leads. Unqualified leads typically have a lower close rate than qualified leads.
If you're looking to get the number ups, you need to check whether any unqualified leads are entering your pipeline. If so, make sure you make a more effective social media marketing strategy. An effective conversion and time management tool will help you ensure that you don't have to spend extra time bothering about the difficulties.
#4. customer lifetime value
What is the customer lifetime value of those customers on your social media platforms? It tells you how much the average customer is worth to your business at any given point.
Customer lifetime value is a key indicator of whether or not you're getting effective results and high social media traffic. In simple terms, customer lifetime value means how valuable a particular customer is for your business.
To ensure that your social media marketing generates results, you need to measure customer lifetime value. To measure the CLV, start by identifying the customer touchpoints, integrating records, measuring revenue, and adding everything together over the customer's lifetime. If the numbers fall down steeply, your social media strategy isn't very effective.
You should increase your customer lifetime value by retargeting one-time and repeat customers, getting creative with your customer service, creating a brand loyalty program, and making their shopping experience seamless. This will help you to gain more customers and generate leads that turn into potential customers.
When you track these aforementioned social media metrics, it will help you to adjust your marketing strategy to get more effective results. Having an effective social media marketing strategy that will work can assist you in improving your business sales and getting a high return on investment. For a business to be successful, all you need is to set clear business goals and track your progress to determine whether or not you get the best outcomes from your efforts.
Your social media marketing strategy will vary depending on which social media platforms your target demographic frequents. You can determine the effectiveness of your strategy by answering these questions:
- How much of your website traffic is coming from your social media platforms?
- How are your social media efforts affecting your landing page conversion rate?
- How are your social media efforts affecting your close rates?
- What is the customer lifetime value of those customers from your social media platform?
If you're looking to improve social media leads or get high website traffic, Eternal works can help you in the long run. We have a team of skilled and professional staff who strives hard to help you with the best assistance.
If you're ready to get started and achieve your business goals, feel free to schedule a call today.