Keep track of these nine top social selling metrics to see how your brand is doing if you're wondering how your efforts are paying off. To advertise your goods on social media and increase sales using those channels, you've put in a lot of effort. This could involve anything from sharing pertinent lead-generation forms to including product tags in your posts. Brands must pay close attention to their social selling metrics to make sure that their efforts are having the desired impact.
In this post, we will explore the top social selling metrics that brands should track to understand their performance. Let's get going.
What exactly are social selling metrics?
Metrics for social selling are, as the name implies, key performance indicators that are used to gauge the effectiveness of your social selling initiatives. They can provide insight into your prospects' level of engagement or the efficiency with which your social media lead-generation campaigns have been executed. They may occasionally even measure specifically transactions that originated on those platforms.
Why Social Selling Metrics are Important.
A key component of creating a successful social selling strategy is 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. Each of those metrics can be examined in more detail to help you determine which aspects of your strategy need to be improved and which are working. You can then adjust your strategy to produce even more remarkable results for your company.
The Top 9 Social Selling Metrics to Track.
It's time to look at the metrics that matter now that you are aware of why you ought to measure your social selling metrics. The top nine social selling metrics are listed below for brands to use as benchmarks.
1. Engagement with the Content.
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 to share thought leadership and educational materials. For instance, Salesforce provided the following advice on how to make better data charts, which is extremely helpful to their audience and is likely to generate a ton of interaction.
In either case, you want to make sure that people are engaging with and reading your content so that it can eventually result in sales of some sort. People must first look at and interact with the content you share on social media for them to become paying customers.
As a result, gauging user engagement with your content is a good way to determine how well it resonates with readers. The effectiveness of your social selling efforts can then be better-understood thanks to this. If your content has a high content engagement rate, it means that readers are finding it valuable and may decide to stick around and eventually make a purchase.
2. Clickthrough Rate.
The extent to which your social selling efforts are successful can only be partially gauged by your content engagement rate. Your click-through rate is a great way to determine whether people are clicking on the links that you've shared on social media, but are they actually doing anything with it? This gives you an idea of your audience's potential interest in learning more and turning into paying clients.
In other words, your click-through rate enables you to determine whether the content you publish on social media is encouraging users to make a purchase. Make sure to check the click-through for each individual link you've shared to track this social selling metric more precisely. This will make it simpler to identify the posts that generated the most clicks. After that, you'll be able to take what you've learned and repeat the strategy's success to create a more effective social selling strategy.
The tracking of various engagement metrics, such as link clicks, is possible with social media analytics tools. Tools such as Sprout Social even let you assign a tag to different campaigns so you can see how each campaign is performing in terms of engagement rate and click-throughs.
3. Traffic to a website.
While some social media platforms now allow customers to buy products directly from the platform, the majority of conversions still need to happen through the brand's website. This implies that customers must first visit your website to purchase what you're selling. This makes it essential to monitor website traffic so you can gauge the number of visitors who came to your site to take further action.
You should pay closer attention to the traffic that comes from organic social media. You can monitor this crucial social selling metric using the information from your Google Analytics account. It will appear in your traffic acquisition report along with information on traffic from several other sources. 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.
Conversations about social selling frequently take place privately on some social media platforms, particularly 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 might respond appropriately and then start a conversation with them. When you send LinkedIn ad messages to people who fall into the target demographic you want to reach, the conversions may occasionally even start there.
In either case, paying close attention to how people are responding to your messages can let you know how invested they must be in the conversation and how engaged they are. It gives you an idea of how relevant your targeting was and whether they might be interested in your offering, particularly in the case of cold outreach messages. As a result, you must carefully watch your message response rate if you want to comprehend the results of your social selling efforts.
Your InMail Analytics Report on LinkedIn will give you access to your response rate. It will also compare the number of messages you sent and the number of responses you got for each different message variation. Your performance will then be summarized in the form of a response rate, which will reveal which of your message variations had the greatest impact.
5. Cost of gaining a new customer.
The results of your social selling efforts alone are insufficient. To fully understand your performance, you must also take into account how you arrived at those outcomes. Without knowing the associated costs, it's impossible to determine whether your social selling strategy is effective even if you're getting a ton of clicks on your social media ads.
This makes it essential to monitor cost-related social selling metrics, primarily your cost per new customer. By dividing your social selling costs by the number of new customers you brought in, you can calculate your customer acquisition cost. When evaluating the success of your paid social efforts, some analytics platforms will even carry out this task automatically for you.
For example, Sprout Social provides an in-depth paid performance report that analyzes the cost and results of your social media ad campaigns. It records all of your expenditures and evaluates them about various paid performance metrics. Based on this, you'll be able to calculate your cost per impression, cost per click, cost per engagement, and cost per conversion.
6. Social Selling Index on LinkedIn.
The LinkedIn Social Selling Index (SSI) is an important metric to monitor if you're selling to a B2B audience and using LinkedIn as a key 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.
a. Making a name for yourself in the industry.
b. Locating suitable people.
c. Engaging insights.
e. Establishing connections.
The platform essentially takes into account how effectively you were able to use LinkedIn to establish your presence and build your brand. It examines how well you've created and maintained connections, which is a crucial component of social selling. LinkedIn claims that those at the top of the social selling game have been able to create 45% more opportunities than those with lower SSI scores.
7. Quantity of Leads Produced.
The quantity of leads you produced is a critical social selling performance indicator to monitor. These people are those who have expressed interest in your product but aren't quite ready to buy it. As a result, you would check the number of demos downloaded, webinar signups completed, forms filled out, 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.
For campaigns utilizing lead magnets, it is especially helpful to track this social selling metric. For instance, you might be providing a free report or ebook in exchange for personal information like an email address and employment information. In this situation, you'd want to keep tabs on the number of people who filled out the form and downloaded it. Alternatively, leads could be people who subscribed to your newsletter, signed up for your webinar, or even left a comment on a post inquiring about your rates.
8. Rate conversion.
Naturally, your social media conversion rate is among the most important social selling metrics. You would essentially be keeping track of the number of people who turned into paying customers as a result of social selling. This may include visitors who arrived from your natural social media posts and ultimately converted in addition to visitors who clicked on your paid social media advertisement and immediately made a purchase.
Beginning with defining the conversion action will help you track your conversion rate. Similar to lead generation, your conversion action could be anything from signing up for your webinar to actually making a purchase. After that, you must compare the number of conversion actions to the total number of visitors from social media. The native analytics reports of the platform typically contain information on these conversion actions.
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