What are Social Selling Metrics and What Implication They Have on Your Business?
Social selling metrics are key performance indicators (KPIs) that businesses use to measure the effectiveness of their social selling efforts. Social selling is the process of using social media platforms and networks to build relationships with potential customers, engage with them, and ultimately convert them into paying clients. To gauge the success of social selling initiatives, companies track various metrics that provide insights into their performance. Here are some common social selling metrics:
1. Engagement Metrics:
Likes, Shares, and Comments: These metrics indicate how well your content resonates with your audience.
Click-Through Rate (CTR): Measures the percentage of users who click on a link in your social media posts.
2. Follower Growth:
Follower Count: Tracks the growth in the number of followers on your social media profiles.
3. Lead Generation:
Lead Conversion Rate: Measures the percentage of leads generated from social media efforts that eventually convert into customers.
Number of Leads: Tracks the quantity of leads generated through social media interactions.
4. Content Performance:
Content Reach: Measures how many users have seen your social media content.
Content Engagement Rate: Calculates the percentage of users who engage with your content (e.g., like, share, comment).
5. Customer Acquisition Cost (CAC):
Evaluates the cost associated with acquiring a new customer through social selling efforts.
6. Sales Metrics:
Revenue Attribution: Determines how much revenue can be directly attributed to social selling activities.
Conversion Rate: Measures the percentage of leads or prospects who convert into paying customers.
7. Customer Retention:
Customer Churn Rate: Measures the rate at which customers stop engaging with your brand or stop being customers.
Customer Lifetime Value (CLV): Estimates the total revenue a customer is expected to generate throughout their relationship with your business.
8. Social Listening Metrics:
Brand Sentiment: Analyzes the sentiment (positive, negative, neutral) of social media mentions related to your brand.
Mentions and Tags: Tracks how often your brand is mentioned or tagged on social media.
9. Response Time and Engagement:
Response Time: Measures the average time it takes for your team to respond to inquiries or messages on social media.
Response Rate: Calculates the percentage of messages or comments that receive a response.
10. Influence Metrics:
Influencer Engagement: Measures the engagement generated by influencers or advocates of your brand.
Influencer Reach: Tracks the size of an influencer's audience and their impact on your social selling efforts.
11. Customer Feedback:
Net Promoter Score (NPS): Assesses customer satisfaction and loyalty based on their likelihood to recommend your brand.
Customer Reviews and Ratings: Monitors online reviews and ratings on social platforms.
12. Competitive Analysis:
Competitor Benchmarking: Compares your social selling metrics with those of your competitors to identify strengths and weaknesses.
These metrics help businesses understand the effectiveness of their social selling strategies, identify areas for improvement, and make data-driven decisions to enhance their social selling efforts. It's important to choose metrics that align with your specific goals and objectives, as well as regularly analyze and adapt your social selling strategy based on the insights gained from these metrics.
WHAT NEXT?
If you'd still like to learn more about the Social Selling Metrics and LinkedIn best practices for improving your business objectives, join me at one of my forthcoming webinars where I will cover it all in much detail and help you create your own winning social media presence.
My forthcoming free webinar won’t teach you everything about Social Selling but it’s a good start: CLICK HERE
If you feel more adventurous, then come along my Half-Day intensive LinkedIn Social Selling & Marketing Bootcamp: CLICK HERE
In case your budget has already been approved, give me a shout – we can do it all One to One or train the whole team CLICK HERE
If you feel too tied up with running the business, managing school runs or driving kids to and from the the afternoon swimming clubs, then let me know. I can do it all for you, just drop me a message CLICK HERE
