Have you embraced social selling in your organization? If not, you're missing out on a huge opportunity to connect with prospects and customers, build relationships, and boost sales.
But how do you know if your social selling efforts are paying off?
In this blog post, we'll share 10 social selling metrics that will help you measure your success and improve your effectiveness.
First of all, let's define social selling.
What is Social Selling?
Social selling uses social media to build relationships and interact with potential and current customers. It's about using social media to connect with people, build trust, and drive sales, thereby becoming an important part of social media management.
Read more: 2023 Social Media Cheat Sheet for Realtors
10 Social Selling Metrics
Now that we've got that out of the way let's look at some metrics you can use to measure your social selling success.
Metric #1: Social Media Engagement
Engagement measures how often people interact with your content on social media. It's a good indicator of whether or not people are interested in what you're sharing.
To calculate your engagement rate, simply divide the number of engagements (likes, comments, shares, etc.) by the number of followers you have.
Metric #2: Leads Generated
This metric is pretty self-explanatory. It measures the number of leads that you've generated through social selling.
To calculate this, keep track of the number of leads that come in due to your social selling efforts. This could be from people reaching out to you after seeing your content on social media or from people you've connected with on social media and then converted into leads.
Metric #3: Sales Closed
This metric measures the number of sales you've closed due to your social selling efforts.
To calculate this, keep track of the number of sales attributed to your social selling efforts. This could be from people who've reached out to you after seeing your content on social media, or from people you've connected with on social media and then converted into customers.
Metric #4: Social Media Reach
Reach is the number of people who have seen your content on social media. It's a good indicator of the visibility of your content and the potential for it to reach new people.
To calculate your reach, simply add your number of followers on your social media channels and then multiply that by the average engagement rate for each channel. For example, if you have 1,000 followers on Twitter and your tweets get an average of 10 engagements per tweet, your reach would be 10,000.
Metric #5: Website Traffic
Website traffic is another good indicator of the reach of your social media content. If people see your content on social media and then click through to your website, that's a good sign that they're interested in what you offer.
To calculate this metric, keep track of the number of visitors to your website from social media. You can do this using Google Analytics or another web analytics tool.
Metric #6: Conversion Rate
The conversion rate is the percentage of people who take the desired action on your website after coming from social media. This could be signing up for a newsletter, downloading a white paper, or purchasing.
To calculate this, simply divide the number of conversions by the number of visitors from social media and multiply by 100.
Metric #7: Sales Revenue
This metric measures the total sales revenue attributed to your social selling efforts.
To calculate this, keep track of the total sales generated from social selling efforts and then compare that to the total sales for your business. This will give you a good idea of social selling on your bottom line.
Metric #8: Customer Acquisition Cost
Customer acquisition cost (CAC) is the cost of acquiring a new customer through social selling. It's a good way to measure the efficiency of your social selling efforts.
To calculate this, simply divide the total cost of your social selling efforts by the number of new customers acquired through social selling.
Metric #9: Customer Lifetime Value
Customer lifetime value (CLV) is the total value of a customer throughout their relationship with your business. It's a good way to measure the long-term impact of social selling.
To calculate this, estimate the average revenue a customer will generate throughout their relationship with your business. This can be done by looking at historical data or using industry averages.
Metric #10: Social Media ROI
Social media ROI is the return on investment from your social selling efforts. It's a good way to measure the overall effectiveness of your social selling strategy.
To calculate this, divide the total sales generated from social selling by the total cost of your social selling efforts.
Download this Social Media Revenue Calculator here.
Track, Iterate, and Optimize
Social selling is a great way to connect with prospects and customers, build relationships, and boost sales. But tracking the right metrics to measure your success and improve your effectiveness is essential.
In this blog post, we've shared 10 social selling metrics you should track. By measuring these metrics, you'll be able to gauge the effectiveness of your efforts and identify areas where you can improve. So start tracking them today and see how it impacts your results.