Tracking the Right KPI’s: Retail Industry
Regardless of your industry, measuring social media metrics is an integral factor in understanding your Page’s performance. Check out the most crucial ones for the Retail industry!
By integrating analytic tools as key components to your social marketing plans, companies have the ability to gain invaluable insights that will help you to identify problems that may arise and effectively resolve them. Since different types of problems vary throughout industries, this report focuses on the ways in which proper social media measurement can help those found in retail companies.
Marketing and promotional advertising is critical for every retailer throughout the world. Social media is an economical and user-friendly channel that, if effectively utilized, can resolve critical business problems for retailers of all sizes. With proper social media measurement tools, retailers can maximize their social media performance to quantify ROI for online sales, increase brand awareness, and much more!
Important Social Media KPIs for Retail
- Fan Growth: The increase in Fans during a select time range.
- Engagement Rate: The amount of user interactions (Likes, comments and shares) that occur with your Page.
- Response Rate: The percentage of user posts or questions that the admin responded to.
- Response Time: The average amount of time that it takes for the admin to respond to user posts or questions.
- User Activity: Identifying the times of days and the days of week in which your users are engaging most frequently with your Page.
- Shareability: The amount of shares a Page receives per day.
- Interactions: The number of interactions that a Page or post receives and the types of interactions (Likes, comments and shares).
Social Media Measurement: Business Solutions
- Direct ROI for hits on the page
- Direct ROI for redeemed coupons posted on social networks
- Soft ROI for in-store transactions via social promotions
- Brand Awareness
- Customer Acquisition
- Social Customer Service
Linking Business Solutions to Social Media Measurement KPIs
Direct ROI for Website Hits
Retailers are steadily increasing their online sales year over year. With proper utilization of social media measurement tools, it is now possible to quantify social media efforts to a direct ROI for website hits.
How to track: Post content on your Facebook Page or Twitter Profile, which includes a link to the product on your online store. Pull analytics off your website to determine if the consumer was on your social media Page before arriving at your website. Compare daily success rates of products that were promoted via social pages versus pages that were not promoted socially. Calculate the investment of creating that particular post with respect to attracting a consumer to your company website.
Note – Make sure to compare products that are in equal demand, have the same amount of traditional advertising, promotions etc.
Why You Should Measure It
Understanding the types of content that are most effective is critical for increasing social media performance. For this reason, measuring all types of engagement (post engagement rates, page engagement rates, number of interactions, types of interactions, and number of shares) is important for optimizing future content. It is important to note that each 100 interactions received on a post will result in reaching roughly 800 social users. Therefore, content optimization from measuring social metrics is paramount because an increased number of interactions will result in a much higher reach.
Most Important KPIs: Direct ROI for online sales
- Post Engagement Rate
- Shareability
- Interactions
Soft ROI for In-Store Transactions via Social Promotions
The majority of all retail transactions occur onsite and in-store locations. Understanding the correlation between social efforts and onsite ROI is critical for retailers.
How to track: Post content of a product promotion on your Facebook Page or Twitter Profile. Following a social promotion, track the sales increase of that particular product promotion. Compare the lift of that product promotion to similar products that didn’t receive a social promotion.
Note – Make sure to compare products that are in equal demand, have the same amounts of traditional advertising, promotions etc.
Most Important KPIs: Soft ROI for in-store transactions via social promotions
- Post Engagement Rate
- Shareability
- Interactions
Case Study Examples
Check out some examples of how retailers throughout the world are using social media to resolve critical business problems:
Socialbakers is the trusted social media management partner to thousands of enterprise brands and SMBs. Leveraging the largest social media data-set in the industry, Socialbakers’ AI-powered social media marketing suite helps brands large and small ensure their investment in social media is delivering measurable business outcomes.