Driving Revenue via Conversion Sharing on Social Media

Driving Revenue via Conversion Sharing on Social Media

There are a lot of high-level discussions currently going on regarding how best to gather and analyze the big data flowing into brand’s social media pages. Sure, there are some good customer analytics tools out there that can tally “likes” and “retweets”, or comment on general customer tone based on keyword search algorithms, but what does that mean for your bottom line?

How much is a retweet worth? What does it mean in dollars and cents if 264 people “like” your brand?
These are things still yet to be determined, but that doesn’t mean that there isn’t other valuable information to be gleaned from observing the behavior being exhibited on our social media sites.

For example, how is your bottom line affected when one of your customers decides to share information about their purchase on Facebook or any other social networking site? A study conducted by Sociable Labs earlier this year, to determine the influence and impact of social sharing on consumer purchases, indicates that conversion sharing can be very influential when it comes to driving revenue.

They studied over 1,000 online shoppers who use Facebook and discovered that 38% of online shoppers have shared comments with friends on Facebook about products they’ve purchased.

In addition, 62% of respondents said they’ve read product-related comments from friends on Facebook – not a big deal in and of itself, but what is a big deal is the fact that 75% of these shoppers clicked through to visit the retailer’s site.

Of those shoppers, 53% ended up purchasing the product and are also likely (81%) to share their purchase. (This infographic featured on their website outlines the other major findings of this study.)

Those are pretty compelling figures. So the question remains: What are you doing to make sure that your customers share their purchases in the online social realm?

Here are four easy ways to take advantage of the power of conversion sharing in social:

1. Make sharing easy. Include pre-populated social media links on all of your product pages. This is a great way to begin leaving breadcrumb trails on social media sites even when your visitors don’t actually complete a purchase. Some people will simply like a product or want to share something interesting they’ve found.

2. Encourage your customers to share their purchase on Facebook, Twitter, or Pinterest by including a reminder in your purchase confirmation emails. Again, pre-populating the message can make sharing easier for users.

3. Start a conversation. Pose a question or request photos on your social sites. Encourage your brand followers to interact with you on your page.

4. Have them compete. Increase engagement levels by including a prize for the user who uploads the most creative photo, or by running a contest for users with the most retweets or shares.

According to a report released by PricewaterhouseCoopers (PwC), “Social media will influence a larger proportion of sales, driven both by consumers and emerging technologies like augmented reality, which enables consumers to “try on” products and share it with social networks for feedback.”

To further this point, Drew Panayiotou, senior vice president of US Marketing for Best Buy, says, “Social is the biggest, most dynamic part of marketing. It’s becoming critical, from how you connect with consumers to how you drive commerce to how you drive relationships in the moment.”

by Aubrey Beck, Content

*Sources: 2012 PwC: “Understanding How U.S. Online Shoppers are Reshaping the Retail Experience” report; March 2012 Sociable Labs: “Social Impact” study; Dec 2011 Pwc: “Customers Take Control” multi-channel survey; CMO Council: “The Social Consumer Brand Compatibility Model” white paper; Awareness Social Marketing Software: “2012 Social Marketing?& New Media Predictions” white paper

image source: www.conversionscientist.com