There are many things companies look for when they are trying to justify the results and ROI that come from social campaigns. When it comes to discussing ROI most people tend to believe that as long as I am making money than this is working for me. However, Engagement and Data are two of the biggest returns that companies are gaining when it comes to the return of an effective social campaign.
Engagement is by far one of the most important aspects of ROI. This is something that can be tracked in a number of different ways that include shares, likes, comments, follows, pins, and contest entries. Allowing your users to engage themselves within the shopping experience and your brand will allow them to grow this trust for your company that you are trying to create. Once this trust has been built and this customer has become engaged within the shopping experience it is more likely that they will become an ambassador of your brand. By engaging with your audience an humanizing this site experience not only will you see that LTV that your customers have with you grow but you will also see a growth within the conversion rates.
Although engagement has been proven to lead to the increase of conversion rates it is not the only thing that we see driving revenue. When you give your users the ability to engage in this shopping experience you see a tremendous jump in the number of referral orders. By implementing simple social tools such as Share & Save we do not only see a jump in conversion rates but we also see a huge jump in the number of people being redirected to the site and actually converting because of this share. When a consumer gets a recommendation from a person that he/she actually trust this recommendation is taken much more seriously. By allowing your users to share your brand and become those brand ambassadors you will see a significant lift in the number of referral orders that are brought in. By using these tools and tracking the metrics you are then able to see exactly how much revenue your users are driving.
However, Revenue and the increase in conversion rates isn’t the only thing that makes these social campaigns worthwhile. When analyzing the effects of social data is one of the things that many people tend to overlook. By gaining specific insights of your customer such as common likes and interest you are now able to rework those marketing campaigns to best accommodate your customers. This data that is grabbed through various API’s can also be used to populate those Email Marketing list as well as better your CRM efforts. The effects of data can be endless and are just as important as revenue when it comes to determining if a social campaign can be deemed as successful.
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