Social Media Metrics that Matter — Conversion Rates

In our last post, we gave a high-level overview of the four key social media metrics that Avinash Kaushik thinks big businesses and brands should be taking into account. Today, we are going to go in depth with conversion rates and why they matter.

So just as a refresher, we are defining conversion rates within the social media metrics realm as the portion of your audience that comments or replies to each post. Pretty simple, but what are you doing with that information?

Let’s start by talking about a mistake Kaushik sees business and brands make when posting on their social media sites. Too many brands are using television tactics in the social media world. Right now you may be using the same slogans and scripts that you would use on your commercials in Facebook or Twitter. Take Lincoln Motor Company, for example. Lately, they have been running a commercial with Matthew McConaughey playing off the popularity of his True Detective character. The commercial is ripe for inviting conversation, but likely probably with direction from an agency instead of a brand marketer, they opted to use the same commercial on their Twitter feed. Check it:

Bad Conversion Rate

STOP! You are getting so much information from your audience, use it.

If you are lucky when you make a post, your audience will respond by commenting in some form. These comments can give you a lot of insight into what your audience wants from you. When you start paying attention to what your audience is saying or reacting to, you will be able to focus on the coveted target market.

Now we can talk about how this affects your conversion rate. According to Kaushik, once you have a deeper understanding of your audience, you are going to be able to increase your conversion rate. You are using a platform that begs for interaction, so give them something to interact with: ask meaningful questions, let your audience make choices.

With more people participating in your comments and your interaction, you give your audience a reason to take that talk outside of social media. Maybe they mention to their friends your interesting questions, your quick response to a problem, or the funny joke you posted in the comments. The Honest Company has one of the best examples of this strategy. They are very active in their own comments sections and their audience appreciates this approach.

 

Good Conversion Rate

We see conversion rate as a good measure of what works and what doesn’t in social media. It is also a great way to focus your efforts on an audience willing to participate more than just a like of a page or a follow. A steady increase in this metric tells you what strategies truly engage your audience and keeps them coming back for more, which keeps your brand or business fresh in their brains. What do you think about conversion rates? Is there a social media metric you believe gives you more wisdom on what social media strategy to implement? Drop us a line below!

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