“Understanding Jewelry ECommerce Data” Series Chapters:
Part 1: Customer Lifetime Value
Part 2: Sales Conversion Rate
Part 3: Average Order Value
Part 4: Cart Abandonment Rate
Part 5: Email Conversion Rate
Part 6: Social Media Conversion Rate (you are here)
Part 7: Revenue By Traffic Source
Part 8: Customer Acquisition Cost
It’s easy to get distracted by vanity metrics that don’t indicate actual success. For example, if you just focus on re-shares or likes, you won’t be getting a true picture of engagement. I’d rather have less followers, less “likes”, and less “shares” if my smaller audience got me greater sales.
There are more impactful metrics to focus on. One of these would be average clicks per post, because that would show you how many people you’re actually bringing to your website from your efforts. Ultimately, your website is where the sales interest will really begin.
Social Media Conversion Rate = Number of Sales Attributed To Social Media / Number of Total Posts
A good social media reporting program will help you measure a variety of metrics by each social media platform. Again, this will help you delve into exactly how much revenue each of your campaigns has bringing in.
Combining social media with user-generated content is a good way to boost conversion rates. As a jeweler, you should always be encouraging your customers to share their stories and photos – perhaps if they just proposed with a ring they purchased from you. This is a great way to increase the reach of your social campaigns without paying a dime, and also adds some social proof.
Another huge impact to your social media conversion rate is the attractiveness and ease-of-use of your website. Your social media posts will do absolutely nothing if you’re bringing people to a website that looks juvenile and loads slowly.