Tools like Unbox Social are great for analyzing how your social media campaigns perform. They can help analyze who is visiting your site and the immediate success of your influencers or social media campaigns.
To tie that engagement back to revenue, and really prove the true long term value of those fans, you require a CRM system.
After a short while, customers from social are treated as part of the general pool and grouped with buyers from every other source. That makes it hard to see which of your influencers or campaigns contributed to the revenue and build on those successes.
However, your CRM system holds a wealth of information that is often overlooked. In this article, we’ll discuss 5 hidden answers into how your social engagement affects your bottom line, then advice on how to uncover them.
1) What is the typical time to sale for new subscribers?
Plenty of competitions or other promotions are only aimed at gaining new subscribers.
One finance company we worked with told us how they ran a promotion that gathered 127,000 signups in 48 hours. They were ready to pop the champagne and celebrate the big success, expecting that a wave of revenue would closely follow.
After 30 days the joy vanished. New subscribers had only spent $0.01 on average so the campaign was viewed as an outright failure.
However, in their six-month review meeting, they checked the data from their CRM. They looked at customers with the relevant UTM tags and discovered that in the meantime those same leads had started or continued to make purchases. They had spent around $1.27 on average making the campaign hugely profitable! (Albeit a little delayed)
This is why you need to know your typical time to sale, to avoid discounting campaigns that are slow-burning successes.
2) Which of your influencers are attracting the highest LTV fans?
While all fans are appreciated, your business needs to find the ones who buy your offers.
So while influencers might be bringing in similar levels of clicks and engagement, those fans might translate into different levels of revenue. This can be especially true in the long term if some attract one-off buyers while some attract long term fans.
Unlike tools such as Google Analytics which only collect data while the cookie exists, your CRM will be collecting long term data. It can show you the LTV on each section of your fandom and the influencer or source that attracted them to your brand.
By knowing the revenue as well as engagement data you can start allocating your time and money with the influencers that have created the highest RoI for your business.
3) What proportion of purchases are from repeat buyers?
Do you know how many of your purchases are from newcomers?
This can be especially important for situations like a yearly festival where there is only a limited marketing opportunity. Knowing if tickets are mainly bought by people from the previous year or by new attendees can change the entire marketing strategy.
A 5% Increase in Customer Retention can mean a 30% increase in company profitability.”
— Bain & Company
You could split that down further by each product, such as if you have a high ticket item that is often bought repeatedly. If so you might want to focus your remarketing campaign around that item.
So take your CRM data and look at how many of your recent purchases are from customers who made their first purchase over 30 days ago.
4) Are first touches being left out of the attribution?
Google Analytics cookies typically store data for 30 days. If a customer takes too long between seeing a blog post and their next interaction or purchase, then the blog post won’t be factored into the attribution.
Certain tools such as SegMetrics enable you to track this individual data well beyond standard top-of-funnel tracking, by tying those visitors back to the contacts in your CRM. It won’t include the ones that got away, visitors who never subscribe or make a purchase, but it can deeply enrich your data.
If you suspect that your influencers are generating plenty of revenue but aren’t getting credit for it, then expiring cookies could be to blame.
5) Are performance issues coming from the top or bottom of the funnel?
Marketing data is typically isolated into chunks. Your social media campaign data will be on one platform while the email sequence info is somewhere else.
This can make it difficult to tell where opportunities for improvement lie.
Perhaps you’ve got fans from multiple influencers feeding into an email sequence. The email stats won’t treat them as distinct groups, losing the fact that they came from separate sources.
Your CRM can tag a customer with all of this info. You will be able to see if each group had similar performance through the middle and bottom of the funnel or if one group is dropping out in particular.
How to uncover insights manually or automatically
You have two options for uncovering this kind of information from your CRM. Either calculate it in Excel or use a specialized tool.
Manually crunch the data in Excel
If you’d like to calculate it manually, here are a few brief instructions to get you started. It uses calculating the time to the first sale as an example:
- Export your Leads & their creation dates (Or their tags and the tag application dates)
- Export your Purchases, along with the contact Id and the date the purchase was made
- Use a filter (or pivot table) to make sure that you’re looking at the first purchase that each contact made
- Then, use a VLookup to attach the Lead to their purchase, and compare the date the Lead was created to their first purchase date
- Finally, create a second pivot table that groups lead by the number of days it took them to purchase, and then count each of them.
For a full guide, try going through the instructions on How to Get the Real Value of Your Lead Optin.
Use an automated tool such as SegMetrics
There are a few tools available that help businesses focus on the longterm performance of marketing campaigns.
SegMetrics is particularly flexible, suitable for any source whether it’s social media, influencers, or ad campaigns. It integrates with the user’s CRM and payment provider to tie the information together.
You will be able to use the inbuilt reports along with segmenting by tags and filters to create the tables in moments with the answers you need. Go to segmetrics.io to sign up for a free trial.