A Practical Guide for Monetizing Social Media, Part 3 - Tracking and Measurement
Social invitations. As influencers engage with your social programs, do you know how many invitations were shared and in what manner friends were asked to participate? Are they leveraging email invitations, Facebook posts, tweets? Each of these invitation channels offers a different conversation value for the later generations in the social program. Understanding this can present significant optimization opportunities to marketers.
Invite conversion. One of the most interesting metrics in social direct marketing is invitation conversion rates across social channels. Specifically, tracking invite conversions allows marketers to understand what channel is most effective from an invitation standpoint. If your influencers use email to share your social content, what percentage of their friends engage in your program and continue sharing into their social networks? If your influencers use Facebook, is the conversion into your program higher or lower than email? Some of our customers have reported conversion rates that are 40 times to 60 times higher when social content is shared via Twitter rather than Facebook.
It's not yet clear where marketers will take the power of consumer advocacy, but one thing is clear: The social web is here to stay. Consumers will continue to turn to a variety of “influencers” within their social networks when making purchase decisions.
Whether researching a brand or a specific product, consumers will spend more time discussing purchase decisions with their friends — making it all the more important to integrate your message into those discussions. Understanding who your brand's influencers are, how to motivate their behaviors and how to track the results is the only way to get a seat at the table.
Ryan Deutsch is vice president of strategic services and market development for StrongMail Systems, a Redwood City, Calif.-based provider of commercial-grade solutions for marketing and transactional email. Reach Ryan at email@example.com.