According to January 2013 data from the Pew Research Center, 73% of U.S. adults use a social networking site of some kind. Take note, this percentage only includes Facebook, Twitter, Pinterest, Twitter and Instagram. But what about YouTube?
If you have any interest in online video or search engines, you’d know that YouTube is heralded as the largest search engine behind Google. But did you know that in June of 2014, YouTube attracted more unique users than Facebook?
Yup. The video sharing site became the largest social network. But what does this have to do with conversion rates? In Q1 2014, Convertro and AOL Platforms released some interesting data regarding social networks and their ability to convert users, and YouTube came out on top.
We’ll reference this data throughout the article as we discuss how your company can increase conversion rates across your social networks.
1. Integrate Paid Social Ads
Convertro and AOL Platforms took a closer look at conversion rates for both organic social media content and paid social ads. Twitter saw the largest disparity between conversion rates, with users more than twice as likely to convert via paid ads.
“If you’re a marketer holding off on paid ads on Facebook and Twitter because your earned media is performing well enough, think again: your conversion rate for paid social could be dramatically higher,” states the report.
2. Utilize Online Video/YouTube
The study found YouTube to be the strongest of the social networks at introducing new products (18%) and driving conversions (14%).
Online video, in general, tends to play a crucial role in purchase decisions. Consider these statistics:
- 96% of consumers find video helpful when making purchase decisions online. (Animoto)
- 52% of consumers say that watching product videos makes them more confident in their online purchase decisions. (Invodo)
- Visitors who view product videos are 85% more likely to buy than visitors who do not. (Internet Retailer)
eMarketer attributes YouTube’s high conversion potential to the following: “video content like that hosted on YouTube can provide 100% of the information an online shopper needs to make a purchase decision.”
3. Invest in a Social Media Management Platform
Using a social media management and marketing platform to monitor performance across several social media networks is incredibly beneficial. With the ability to manage all of your social accounts in a single dashboard, you’ll have deeper insight into how potential customers are engaging with your content.
Audience activity and demographic stats work in tandem with campaign tracking to allow for real-time strategy tweaks that will drive higher conversions.
Ultimately, a social media management platform will help you to understand your customers and the kinds of content they expect to see on certain social networks. This, in turn, will allow you to streamline the process of converting leads into customers.
Though social media is typically a middle touch point along the path to purchase, it plays a significant role in driving awareness and product consideration. It is imperative that you take the aforementioned points into consideration when optimizing your social media marketing efforts for conversion.