Social campaigns are designed to increase engagement, brand awareness and social reach. Marketers are told the key to a successful marketing campaign is to throw more social contests, do more giveaways, post more photos, and get on Instagram. This is all fine and dandy, but most of these marketing strategies neglect the most important component of a social campaign, attributing revenue to social investment.
As a marketer, attribution is always difficult to track and for social, it’s even harder to prove. Many believe that social is a necessary cost for marketers, but with the right tools and the right campaigns, social can add to your bottom line.
1. Break increases in engagement down to three core metrics: repeat purchases, average order value and customer lifetime value.
Engagement can mean more than just the number of likes and shares a Facebook post gets. It can also mean how a customer interacts with your business and how often they convert. Narrow down which metrics you should track by aligning them with your business goals. Keep track of which customers make repeat purchases and how often. These will become known as your Top Influencers and can make a big impact in friend referral campaigns. Track changes in average order value to see how onsite social improves product discovery overtime. These ultimately help you see how social adds incremental revenue in the short and long run, as more engagement leads to increased customer lifetime value.
2. Start tracking customers’ actions early, whether it’s just a page visit or a share.
After you’ve narrowed what you’ll be tracking, get a head start with trackable social buttons and social login. These tools aid in collecting data and can help power your other social initiatives. Use tracking pixels to determine when and how often a customer converts after they have shared a product or entered a contest.
3. Standardize data collected from every channel and store in one place.
After you’ve tracked and collected social data from your various channels, be sure to normalize it and store it all in one place for easy access and quick retrieval for future marketing campaigns. Social data is big and can be hard to sort through. Keep all your data synced with your CRM and ESP for complete customer profiles all in one system.
4. Partner with a one stop social platform, so they can do 1-3 for you.
Don’t let your grand marketing plans get bogged down by analytics, tracking and data storage. With a one stop social platform, you can easily pick and choose which social tools to implement knowing that all data will be collected every step of the way and stored in one unified dashboard.