How to Increase Sales with Social Media Metrics
One company using social media metrics and cross-platform engagement for sales is Best Buy. Best Buy has brought mobile shopping and social shopping into its in-store experience using QR Codes for each item on its shelves. Customers can scan the QR Codes for each item in the store to get more information, including reviews, which encourages them to buy.
Another social media metric used to drive sales is the metric of reach. Hashtags like #shoplocalsaturday on Twitter combined with free Facebook ads for Shop Local Saturday drove awareness and sales to local businesses that would not otherwise have been able to afford campaigns to attract seasonal shoppers and compete with Black Friday deals at larger stores. (A hashtag is simply a keyword or keyphrase denoted with the # sign on Twitter, Google+, and other services and is used to track a topic.)
If you’re using third-party sales drivers like the Shop Local Saturday ads and hashtag, however, you need to have an excellent metric-catching system in place for your business. For example, make sure that you have the following ready, or you may miss measuring the effectiveness of taking part in a collective campaign:
A landing page set up for the effort
In-store signage that asks people to self-identify as coming from that hashtag
Check-in specials in place for mobile tracking that leverage services like foursquare
If your tracking is in place on all possible platforms, however, you can track your customer movements and habits on that targeted marketing day. You can then leverage this data for future price incentives and product movement. You can also use this data to discover peak times for promotion-based shopping habits in your store.
Use signage in your store to encourage customers to opt in to your metrics platforms. If you’re on foursquare or Facebook or if you have a deal on your website, put a sign up by the door and by the register. Don’t expect people to seek you out everywhere automatically — people often need a nudge.