Social networks are undoubtedly becoming a prime target for brands to influence sales today. Global social media ad spend jumped 50.3% in Q4 (1), and it’s projected to reach US$110,628m this year (2).
It’s no wonder, if you think about how much time we spend on social networks. 2 hours and 24 minutes daily, on average! (3). The potential is huge, given that more than half of the world’s total population now uses social media. Today, up to 47% of users actively look for more information about brands on these networks, according to the latest study of GlobalWebIndex (4). The pandemic has further accelerated this trend, especially among Gen Z and fast growth markets.
At Swaven, we have also recorded this boost lately on our shopper monetization platform. Some brands that sell their products via several online and offline retailers, have recently multiplied by 7X their lead rate and conversion via social media posts!
But they didn’t reach these performances by chance. Even though social media ads have brought consumers closer to brands during the pandemic, closing sales remains a challenge. You need to pay a lot of attention to understand your audience and their buying preferences, and be present to accompany them every step of the way.
Our best performers follow these 3 key rules:
1/ Accelerate the path to purchase
Time is precious. On the average attention span, people are today apparently worse than goldfish (4) ! Your brand is fighting hard for that attention. If you catch it for your products, don’t leave your shoppers wondering. Guide them from your content to the shopping baskets, according to their buying preferences. Secure a speedy access to online availability at your e-retailers and geolocate your shoppers to rapidly suggest the pertinent routes to the closest brick&mortar stores.
2/ Let the shoppers choose
Your direct-to-consumer e-commerce site is good for your loyal shoppers. But what about the rest who prefer another purchase channel? If you also sell via retailers, why not provide your audience with a quick access to all of them?Don’t restrict your chances, rather secure all paths to purchase. The more shopper preferences you cover, the more conversion chances you gain. You will also avoid dead-end user experiences – ex. ‘no availability, out of stock’. For inspiration, check the shopping journey from L’Oréal Maybelline’ Instagram post here.
3/ Measure & optimize your assets
Each social network has its particularities as do your audiences on them. Global studies and tendencies give you guidelines. The social networks provide their own reports. The best is to listen to your shoppers directly. Build your independent knowledge base. What content gets their attention, where and when? What are your best assets to turn shoppers into buyers on each channel, and in which shops do your different audiences finalize their purchases? Measure your social media performances from each acquisition channel and from your content to the shopping baskets at each retailer. What gets measured, can get managed – and improved!
How to do all this, and not get lost in a technological jungle? You can get in touch with Swaven to learn how other brands in your sector are harnessing the social commerce opportunities.