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Do you want to know if you are on the right track and if your hard work is paying off for your online business?
You are probably working on your social media presence, shoppable posts, and product pages. Hence, you will have to track these efforts to evaluate your success. However, tracking every metric might be overwhelming and too much to do.
Accordingly, it’s necessary to consider the social selling metrics in your e-commerce business.
Social selling metrics measure the success of your social selling efforts. This involves measuring engagement rates, lead generation, or conversion rates. So, you are concerned with the efforts of your salesperson and the path of the sales cycle.
You might feel lost, but we have got you covered. The following article will tell you the most essential social selling metrics to track in your e-commerce.
Social Selling Metrics To Track
- Engagement Rate
- Network Growth
- Website Traffic
- Customer Acquisition Cost
- Number Of Leads
- Conversion Rates
- LinkedIn Social Selling Index
- Social Media ROI
- Social Media Reach
- Click Through Rate
Prepare yourself to take some notes as we will tell you the most important social selling metrics to track in your e-commerce.
1- Engagement Rate
One of the simplest and most obvious ways to know if your social media efforts are succeeding is by measuring engagement rate.
If people like your content, they will engage more through more likes, shares, and comments. This means that your efforts resonate with customers. In addition, it means that you are delivering valuable content that shoppers are enjoying.
So, it’s not about showing product images and videos; informative content is highly appreciated by users and makes them more inclined to share and engage with.
2- Network Growth
Just as it sounds, network growth is a social selling metric concerned with the number of followers you are gaining.
It is certain that when you start an e-commerce business, you focus on the number of followers and likes you are gaining. A larger number of followers means you are gaining more visibility and brand awareness.
Therefore, it means your social selling strategy is succeeding and grabbing some attention from potential customers.
The keyword here is potential customers. The magnificence of network growth as a social selling metric is to measure the number of potential buyers who will be interested in your products and services. Hence, working on these buyers to ensure they will convert.
So, high network growth with a high engagement rate is any e-commerce owner's dream.
3- Website Traffic
Even though social media platforms are essential indicators for any online business, it’s still necessary to assess your website traffic. In other words, it’s not only about the number of social media followers but also the number of users who visit your online store.
Website traffic indicates that users are interested in your products and want to know more about them. Hence, it’s a chance you can never miss.
An increased website traffic means your e-commerce store has higher opportunities to build a connection with users, generate leads, and give impressions. So, make sure to measure your website traffic through any of the available tools like Google Analytics.
4- Customer Acquisition Cost
Source: talkroute.com
Customer acquisition cost (CAC) is the amount of money and costs incurred by businesses to attract a new customer.
So, it’s not only about acquiring the largest number of customers possible. You have to consider the costs you pay to attract these customers. Hence, if you are paying too much and acquiring a small number of customers, you are not doing things right.
Accordingly, CAC is an important social selling metric. It is calculated by dividing the amount of money spent on your social selling strategy by the number of customers acquired.
At this point, you will assess the efficiency and effectiveness of your social selling strategy to evaluate its success.
5- Number Of Leads
A lead is someone who turns from being just a viewer to being interested in the products or services you are selling. They might not purchase immediately but expressed interest in your store.
So, you have to measure the number of leads generated by your campaigns and social media posts. The number of leads can be measured by examining the number of users subscribing to your newsletter, filling out forms for coupons, or even commenting on your posts.
Another dimension you should focus on is the quality of your leads. This indicates how relevant the generated leads are to your business. It goes without saying that a high number of relevant leads shows that you are getting the job done.
6- Conversion Rates
Conversion rates are social selling metrics that measure the number of leads who turned into customers. Thus, it’s considered a complementary metric to the number of leads generated.
At this point, you aim to evaluate the success of your social selling efforts not only with the number of leads but with those who actually purchased. This indicates the customers are moving through their conversion funnel optimally.
To calculate it, you will divide the total number of people who convert by the total number of visitors.
7- LinkedIn Social Selling Index
To make life easier, LinkedIn created a social selling index for businesses to assess their social selling efforts.
Thus, if you are a B2B business using Linkedin as a social platform, its social selling index can’t be neglected.
LinkedIn social selling index is a score given to businesses based on four pillars, which are:
- Establishing your professional brand
- Finding the right people
- Engaging with insights
- Building relationships.
The score varies from 0-100 based on the business effectiveness in these pillars. In addition, the score is updated daily to indicate any improvements in your social selling strategy on Linkedin. Thus, the index measures your overall presence on Linkedin.
And, it’s for free.
8- Social Media ROI
A key social selling metric you should consider is social media ROI. It calculates the revenue generated from your social selling efforts and how they contribute to your business.
Accordingly, it’s necessary to examine the amount of resources invested in your social selling strategy and the revenues generated.
It goes without saying that the higher the revenues generated, the more successful your social selling strategy.
9- Social Media Reach
The number of users your salesperson was able to reach through their social media activities highly contributes to the success of your social selling efforts.
Therefore, social media reach is undoubtedly an important social selling metric as it indicates the visibility of your content and the potential of upcoming sales.
10- Click Through Rate
Source: monsterinsights.com
Even though engagement rate and the high number of followers or likes are indicators of customers’ interest, focusing solely on these metrics is not enough.
To know if your customers are interested in your content, you have to consider the click-through rate.
The click-through rate shows how many people have clicked on an ad to visit your landing page or website. So, users didn’t only read the heading, press like, and keep scrolling. They are interested to know more about what you are offering and click for more.
Thus, there is a high chance that this user might be a future customer.
A smart way to measure such a metric is by using a URL shortener. This will enable your e-commerce to create a unique link that can be easily tracked and determine the number of clicks.
Final Thoughts
Social selling metrics are sometimes overlooked by online businesses. Yet, they are of crucial importance as they enable businesses to identify any deficiencies in their social selling strategy and work on them.
Accordingly, we have taken you through 10 of the most important social selling metrics that you have to start tracking now.
However, there are necessary efforts you should start making for your e-commerce as well. For instance, auto-segmentation, dynamic ads automation, email marketing, and product recommendation engines are essential for your success.
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