5 Data-Driven Social Media Tactics That Will Increase Your Sales
The data we collect now is more valuable than oil. Facebook’s ability to gather information about its users and turn that information into advertising revenue was arguably the most important factor in the company’s success. Keeping this in mind, let’s look at how social media sales can be increased through the smart application of data.
Improve your strategy with the help of social media data and how
In order to generate income from social media in the modern era, you need to do more than just promote your most successful posts. Luckily, there are a variety of data sources and methods you can employ to enhance your social selling. One way to do this is to improve your brand’s media strategy by using data.
1. Ensure higher-quality data
It’s no secret that most social media decisions are based on data. Questions like “Are positive feelings towards our product growing or down?” and “Which age cohort is going to share our content?” plague social managers every day who engage in social listening. In order to make sound judgements, develop an effective media strategy, and correctly interpret data and trends, the quality of the information provided is crucial.
The quality of data is measured by the following five criteria:
- Accuracy: the facts should be reflected accurately in the data.
- Comprehensiveness: all relevant information should be readily available.
- Throughout different time periods and data sets, the data should remain constant.
- The information analysed needs to be pertinent to the problem at hand.
- Data should be current, meaning it can be used to make decisions at the time they’re being made and take into account any relevant developments that have occurred since the last time they were used.
It can have disastrous results if a media strategy is developed using information that doesn’t meet the aforementioned criteria. IBM has calculated that the annual cost of bad data in the United States is $3 trillion.
Apple’s latest operating system update, iOS 14.5, introduced the option to disable tracking and requires users to actively opt in to data sharing with apps like Facebook for ad targeting. This highlights the growing significance of collecting user information from a variety of different sources. Use all the tools at your disposal, including search engine optimization, to find more accurate information.
2. Utilize multiple marketing channels
Using cross-channel marketing as part of your company’s media strategy can guarantee that your target audience will be exposed to your brand’s messages on multiple platforms. Don’t believe me? The majority of marketers (73%) believe that cross-marketing increases conversion rates significantly.
If you only promote your business on Facebook, for instance, your ads will only appear to potential customers while they are actually using Facebook. And even then, the platform won’t let you bombard its users with too many messages from the same brand, so the frequency you receive will be low.
A broader audience can be reached and the effect of being “all over the internet” can be created by incorporating other media into the campaign, such as Google context ads, Instagram, and Twitter.
Effective Multi-Channel Marketing Through the Use of Social Media Analytics
Analytics of your social media presence can provide inspiration for your all-around media plan. Take social media promotions as an example; you may find that ads aimed at a certain age group have a higher rate of success. After identifying these subsets, you can tailor your targeting in other channels to them so that you’re not wasting your time or money on ineffective audiences. If you’re trying to sell your wares via email, you’ll want to make sure you’re not spamming by looking into DMARC statistics.
Understanding the campaign’s impact across channels is crucial for assessing performance and making necessary adjustments. The following are important social media metrics to monitor:
- You could begin by comparing the ranks of your posts across various channels to determine which of your posts are performing best.
- You probably have a different schedule for posting on each platform, such as Instagram (where ten stories per day might be fine) and Twitter (where ten tweets per day might be seen as spammy).
- To determine the ER of a post, simply divide the total number of interactions by the total number of views or impressions (per post or overall). If a post has a lot of comments and likes, it probably went viral. In addition, using this metric can help you determine things like how often you should post, when those posts should go out, what kinds of content tend to generate the most comments, and much more.
- Find out which platform your most engaged users frequent the most by viewing their total engagements across all platforms.
- CPC stands for “cost per click” and refers to the amount an advertiser must pay each time someone clicks on an advertisement. Remember that the average advertising cost varies depending on the channel chosen. In comparison to LinkedIn’s CPC of $5.26, Facebook’s CPC is only $0.97. When deciding which social media platform to use, it is important to consider the cost per click rather than the total cost.
- Conversion rate via social media is the ultimate goal. You can learn about the performance of the tested platform and determine which one will be most profitable for your next campaign by comparing conversion rates.