What is your social media ROI? Can you measure the increase in traffic quality coming to your site from your social media actions?
Tell me your social conversion rate
“Social media is revolutionizing customer care.” Yawn.
“Social media is helping brands build awareness.” That’s sounds interesting (not).
“Social media increases the quality of the traffic coming to your site in measurable ways.” Now you have my attention.
Don’t Hate Me for My Myopia
It is my choice of career that has given me this singular focus when it comes to online marketing. There are other people to create brand image. There are smart, dedicated people trying to improve their company’s customer service.
I say “you go!”
But, I want measurable, tangible data on how social media gets qualified prospects to a web property, and how it helps me carry on a conversation with them making them more likely to buy.
I can already hear Qwitter messages landing in my inbox. I hate Qwitter personally, but it is a FABULOUS metric, the equivalent of email’s unsubscribe rate. So, I have to listen. It’s an measure of my social media Return On Investment, my social media ROI.
This Attitude is Good for Social Media ROI
How many times do you have a great conversation in the social space only to find the company’s website opaque, posing, and irrelevant?
Social media won’t work if we’re transparent in our social graph and obsequious everywhere else.
Let’s encourage businesses to put content out that draws people to their website. They will quickly begin to realize that certain content works (educational, entertaining content) and certain content does not (home pages with self-aggrandizing copy).
ROI is the great informer for these companies.
The Importance of Social Media ROI
If our stuff is worth talking about, why hold it back?
There is a camp of social media digerati that believe social channels are not for promotion, that it is evil to advertise where conversations are the norm.
But, if conversations are going on around a brand or a company, why deny the social citizenry of a chance to own or use their offerings?
It’s just plain selfish to hold back.
When buying is an outcome of conversation, ROI tells a company how it’s doing in starting and continuing those conversations.
Online communities are arbiters and aggregators of ROI
Let’s face it. We want the support of companies as we complain and cheer about their products. We want them to hear us, to reply to us, and to see things our way.
And we are not above the occasional bribe.
How many times have you started a complaint with, “I spend $_____ with your company every _____, and I expect… .”
We regularly use ROI as a way to get attention.
Communities that raise their hand get more attention. They drive it, highlight it and can take it away. They should be rewarded for their financial contribution to companies with increased support, more say in product design… and the occasional bribe.
What do eBook Groupies and Designer Laptop Bags have in Common?
I’ve recently begun working with J’Tote Designer Laptop Bags, and heard a story that illustrates this concept perfectly.
It seems that the women of an eBook community have developed a love for J’Tot’e’s chic laptop bags. How do we know?
- Mysterious spikes in J’Tote’s Web traffic led to the discovery that people were posting about them on the forum.
- Boxes of bags were soon waiting to be shipped to the group’s members.
Visitors from this community stay on the J’Tote site longer than average, view more pages, and have a very low bounce rate (a measure of the number of visitors who leave immediately after visiting a site).
The folks at J’Tote now make it a priority to tune into the conversations on the forum, and are certain to give them warning when inventory clearing sales are imminent.
Companies speak ROI
It is the lingo of the bottom line; the babble of budgets; the conversation of the coin. If we want more companies to engage in social media for all the “right” reasons, we need to communicate with them in this language: more visits from interested conversationalists who buy their products.
We need to speak to them with ROI.
It’s one thing for a company to monitor our conversations attempting to gauge positive or negative sentiment. It’s quite another for them to know that their Facebook page is generating additional visits and sales.
There is a catch
Companies that don’t measure the ROI of social media won’t get the message. They’ll continue to ignore important communities, cut social budgets and generate plenty of negative social sentiment in the digital conversationsphere.
If you’re not measuring, you’re not listening.
J’Tote is listening. Are you?
On July 21, I’ll be showing you ways to measure your social ROI, and in particular, your social conversion rates.
Did you know there was such a thing as a social landing page? It’s nothing like your landing pages.
Did you know that there are six major conversions that happen when you add social media to your sales funnel?
My presentation is just one part of a spectacular Master’s Group Training being held in Austin by Webmaster World, the PubCon people.
Only, you don’t have to attend a full PubCon to go.
Not only will you learn from me how to measure your social media efforts, you’ll learn how to do the things that make social media work.
- Andy Beal will tell you about social media reputation management.
- Dan Zarrella will give you the low down on Twitter and Facebook optimization.
- Brett Tabke will show you how he reached influentials in his social graph and put PubCon registrations slashed his marketing budget.
Oh, and there is also an search marketing track going on at the same time. Yawn.
We’re going to make people love your business through your website at The Conversion Scientist. Subscribe to learn the strategies and tactics that turn more of your visitors into leads and sales.
I want measurable, tangible data on social conversion rates, on how social media gets qualified prospects to an online property, and how it helps me carry on a conversation with them making them more likely to buy.
Read this article if interested in improving your social media conversion rates.