In order to get as many sales as possible from your social media campaigns, it’s important you track and monitor your results.
By tracking and monitoring your results at different stages of your marketing and sales funnel, you can see where the gaps are and what you can do to improve.
This is especially important if you’re doing (or thinking of doing) any kind of paid advertising or lead generation campaigns on social media.
Top tip: There are a lot of things you can track to monitor and improve your results. To keep things simple, this article will talk about the 4 main things it’s important to track in your social media campaigns with the goal of generating leads and sales. But of course, you can always go into a lot more details for each of these things and also use the same principles in other areas of your digital marketing.
Track your social media reach
What do I mean by reach?
By “Reach” I mean how many unique people are you getting in front of.
If you’re running any kind of lead generation campaign on Facebook, Instagram, Twitter and/or LinkedIn then you will be able to see how many people are seeing your advertisement or message.
Track your new leads
The second thing you need to track are your leads.
Ask yourself, how many new leads are you generating from the people you reach?
For example, if 1,000 people see your advertisement and you generate 10 leads, then that’s a 10% conversion rate from reach to leads.
Or, if 1,000 people go to a landing page on your website, how many of them fill in the form and send you their contact details? That will be the number of new leads you generate.
A lead is kinda like someone raising their hand and saying “I’m interested in learning more about the solution you have to one of my problems”.
A great way to generate leads is by giving away free content that provides a solution to your clients problems/frustrations. And that solution, of course, should be related to what you do in your business.
A new lead is usually the first step before winning a new customer.
See also: how to generate leads using social media
Track your new business opportunities
What is a “new business opportunity”? When someone is actually interested in working with you and paying you money.
This could be in the form of booking a meeting for a free consultation or it could be going to your sales page or a sales webinar.
It’s any step that they take that indicates they want to work with you.
So, ask yourself, from the leads you generate, how many of those are converting into “new business opportunities”?
For example, if from 10 leads you generate 3 “new business opportunities”, then that’s a 30% conversion rate.
Track your sales
Finally, after you generate a new business opportunity, you need to track how many sales you’re generating from those opportunities.
For example, if 3 people go to your sales landing page or books a meeting with you, and 1 of those people convert into a sale, that’s a 33% conversion rate.
Why is it important to track your reach, leads, opportunities and sales?
If you track these 4 things and work out your conversion rate between each of those stages, you can now have a benchmark on what to improve upon.
For example, last year in my business I realised my conversion rate between reach, leads and new opportunities was high, but my conversion rate between new opportunities and sales was lower than I would like.
With that data, I now knew the part of my marketing and sales process I had to fix and improve as a priority.
After reading and learning about “how to effectively sell” and by creating and testing a more effective sales script, I managed to increase my conversion rate by over 30%. In sales terms, that’s a huge increase in revenue.
How often should you track this?
First, I recommend you track this data on a monthly basis.
Second, add the data for each month over a period of at least 6-12 months and then look at your monthly average.
Although it’s good to compare your data month-on-month, there are also many other variables at play here. So to get the most accurate results, especially if you’re a b2b, it’s best to look at the data over a period of time.
This is because in a b2b business the sales cycle is much longer compared to b2c. It can take weeks, months or even years for a lead to convert into a sale.
A lead might convert into a new opportunity in 2 months and then become a sale in another 3 months. It really depends on the person, the stage they are in and how urgently they need what you do.
In my own business I’ve had leads that have converted in a few weeks and other leads that have converted in a few years. If you’re b2b, I’m sure the data is similar with yourself.
By looking at the data over a period of time you can measure the results more accurately and see what areas (lead conversion, sales conversion, etc) you need to improve.
How to test and improve your conversion rates
At every stage of your marketing and sales process there are many things you can do to improve the conversion rate.
After you’ve gathered the “reach”, “leads”, “opportunities” and “sales” data for your own business, the next step is to improve your conversion rates.
If you’d like to learn how to improve your leads, opportunities and sales conversion rates, then I’m working on a free guide on how to do exactly that. To get your free copy once it’s ready, just click here.