It’s that time of the year again, where marketing people alike are gearing up to put together their P&L reports for their bosses. Not many people would think social media would tie into P&L reports but as social is evolving it’s becoming more relevant. If we were only addressing the issue of social media measurement, businesses could pick any number social media metrics, such as changes in the number of followers and leave it at that. Businesses could monitor changes on social media metrics and report on engagement, conversations, and reach, but taking it a step further it can be measured in reach, conversions, and retention.
A problem that occurs with social is that many companies/brands treat this concept like a regular e-commerce site and expect things just to happen. Unfortunately, money just doesn’t simply roll in, it’s about participating and letting the consumer be a part of your brand/company. Social is evolving and is now in a stage where it can be measured in reach, conversion, and retention when an ecommerce business implements a social layer. Adding this type of social layer implementation with tools like social sharing, social engagement, and social discovery can give a social shopping experience to a consumer. For example, social sharing tools which increase revenue and conversion rates by encouraging consumers to share your products on their timeline and in return receive an incentive for posting your item. Becoming more relevant with social sharing is also another key for retailers to see results in conversion. According to the social skinny about 60% percent of users are willing to post about products or deal on Facebook , if they get a deal or discount. The biggest concept social commerce is geared around is let the consumer be a part of promotions and purchasing within the brand Businesses that have implemented social commerce campaigns that have succeeded and stood out is simply due to the fact they have focused their concept on giving the consumer a reason to shop. When the consumer has an incentive involved they are more likely to purchase a product.
The average visitor spends about 6 hours a month on social network sites and consumers are talking about your brand, product and shopping experiences. Social commerce is an uncharted territory for most businesses, but as time evolves the use of social commerce will be something businesses won’t be able to ignore. Justifying your social media for your P&L report could make the difference.
Sign up and join Social Annex for our webinar on 10/30 on Justifying Social Media in your P&L report http://bit.ly/PCgWdM