When it comes to generating conversions through social media, you should be have a customized sales oriented funnel in place. According to Fast Company, 93% of marketers use social media to promote their business.
Oracle’s report stated that 60% of companies are citing social media marketing as their primary or secondary strategy. To execute this strategy, companies are integrating social media with established marketing channels, processes, and metrics at a higher rate than other companies.
The graph below shows the percentage of companies that integrate social media marketing with other marketing efforts.
Another graph shows the percentage of B2B and B2C marketers who use various social media sites to distribute content.
In the coming years, marketers will be forced into using metrics to close the loop between social efforts and actual revenue. In this case, marketers will need to define a proper social media marketing funnel. This blog will describe a methodology in doing so. Also, it will explain the method in creating successful social media sales funnel, where social media will fit into the traditional sales.
The following model is similar to the AIDA model, which list the events that may occur when a consumer engages with an advertisement.
Building a Perfect Funnel
- Define Sales Path and Assign Channels
- Assign and Measure Key Metrics
- Tweak and Repeat
1. Define Sales Path and Assign Channels
Awareness or getting attention of the targeted audience is a vital because it helps in building a community. You should use a communication style that’s consistent with your brand guidelines. By giving your audience a way to communicate through multiple social media channels, you can build strong relationships.
The sales funnel that I have defined in this blog starts from awareness, leading to influence and engagement, and finally, an action or conversion. The next step is to assign the social channels to each section of the sales funnel and designate their job. Here, you will need to take cautious steps that ensure you are selecting and assigning relevant social channels.
2. Assign and Measure Key Metrics
You need to assign the key metrics to measure the funnel at each stage. With all the needed metrics in place, set industry benchmarks for each section of the funnel. These benchmarks can help you compare yourself between competitors and the industry.
As you can see in the image below, I have assigned social media channels like Facebook, YouTube ads, Twitter, and Instagram to the awareness section.
You can also use Google Analytics on your website to track the metrics. Google URL builder and event tracking can help you to track some of the key metrics.
3. Tweak and Repeat
The best way to improve the process is to experiment, measure the results, and then tweak it for perfection to boost your results.
When you’re testing, always take your KPIs into consideration. Use analytics to find out which experiments really worked and which doesn’t. For example, we can analyze the total engagement for Facebook, i.e. likes, share, clicks, comments if its a video then views. After analyzing the engagement rate, we can pay attention to which posts your fans respond to most. Analyze the best and least performing post to get an idea of what should be improved.
The planned digital marketing strategy should be focused on helping to capture your audience’s attention, spark interest, grow desire, and encourage positive actions. In case you are considering using a new strategy for taking searches or seekers to the conversion process, the AIDA model will give a thoroughly tested approach to success.