What You Should Know About Social Media Conversion and the Social Consumer
Not everyone is going to purchase your product. More times than not, a company will expect their social media campaign to be wildly successful right from the start of their campaign. Brands and companies should know that it takes time for a social media initiative to be successful. There are ways to speed up the process of course, but understand not everyone who views your product is going to buy it. The #1 question asked in regards to social media is, “What is the ROI?” Well, that all depends on what you’re trying to achieve from using social media. If you are running promotions in attempts to increase sales, the conversion rate is vital to understanding your success with the campaign.
Conversion is the percentage of visitors or users who take a desired action. To better understand what I mean, follow the example below.
You run a Facebook promotion of 50% off a particular item using the code PROMO. The Facebook promotional tab had 2500 views, yet only 100 people purchased using the code PROMO.
Your conversion ratio would be 1:25.
Your conversion rate would be 4%.
What you should know about the consumer.
Even if you offered free products, not every person will convert. Many factors play into whether the consumer will click on a link, participate in a promotional contest or purchase a product. Such factors include:
Enticement. You want to entice your customers in order to get them to click on a link that leads directly to your sale items. So how do you achieve this? You can engage them by creating attention-grabbing statuses, posting photos or videos, and asking for their opinions. When you are restricted by the number of characters that can be used, and all you have at your disposal is text and a link, you still need to be able to entice your consumer. If you’re using a platform like Twitter, make sure that the tweets contain some sort of incentive for your consumer to click on the link. Supplying proper and enticing information may help convert those who click the link into sales.
Time. In today’s busy society, time is always an issue. We are a time-conscious civilization where time costs money. If something takes too long to purchase, a person may either give up completely or say they will finish it later, which never gets finished. Making the process easy to understand and simple may increase the amount of people who complete the purchase.
Information. Companies typically ask for a great deal of information to ensure customer identification. Anyone who is shopping online understands that certain information is required and will gladly supply it. But requesting information irrelevant to the purchase may cause a person to second guess their decision, and not proceed with the purchase. People are skeptical about their online privacy, so do not make them feel like you are fishing for more information than what is needed to purchase the product.
False Advertising. Consumers hate to be tricked. How many times have you clicked on a link to what seems to be a GREAT deal, only to find out there is a catch. You may find a lot of people clicking on the link, but also find that only a small percentage of those clicks convert into a sale. For example, a link claims that you will receive 50% off of your first purchase. After you click the link, you find out that the deal is really 50% off your purchase of $3000 or more. Tricking your consumers with false advertising will most likely decrease the chances they revisit your site.
Social media is a great tool for businesses and brands to keep their consumers informed and gain new customers. When used properly, your business can increase sales and revenue with each passing day. In order to sell on social media, you must first understand the mind of the consumer and their likes and dislikes. It may take trial and error before you figure out what sort of campaign will drive the highest conversion rate, but do not give up. The higher the conversion rate and the more people are doing what you ask of them, the more successful that campaign is. Once you figure out the winning formula, you have the recipe to further your sales with future promotional events.
Social Media Lessons Learned From the Old Spice Guy
In today’s modern world of Internet marketing and leveraging social media campaigns to increase traffic and sales, video is the number 1 rated type of content. Having a social media campaign is great and once you have a strategy in place you are on the right track, but utilizing the platforms available to you effectively is a whole other ball game. Old Spice used professional athlete Isaiah Mustafa to be the face of their “Old Spice Guy” campaign, and looking at whether it was a success or big time upset, well, everyone has his or her own opinions. Let’s talk about some of the lessons we can learn from the social media campaigns of the Old Spice Guy, and now, The New Old Spice Guy.
The Don’ts of Social Media Marketing
There are so many blog posts out there explaining what you should do when using social media to market and expand your business, and yes, we are also guilty of that. But have you ever stopped to think about the things that you SHOULD NOT be doing when using social networks to build brand awareness? Let’s go over the top 5 what-not-to-do strategies.
Foursquare Day: The Follow Up
Last week, we were excited to inform our readers about the 2nd annual Foursquare Day. There was a lot of hype leading up to this social media holiday, with venues and events promoting special offers for their customers, but how did it all turn out? By the amount of checkins, we can assume it was a huge success…
Dennis Crowley, the co-founder of Foursquare, sent out a tweet that informed his followers of the record-breaking amount of checkins on Saturday. 3,073,635 checkins were made worldwide, which was the first time the social media site broke three million in one day. In addition to this whopping 3 mill, Google searches brought in more than half a million hits for the site. Thanks to the social media community, Foursqaure Day received much attention from its users.