Does Your Social Media Strategy Actually Work?

Having a social media strategy in place is essential to the success of your marketplace. Sure you may be posting content but does it actually work? It’s important to understand if your strategy is effective and helping raise your brand. Here are 3 key metrics you need to play close attention to in order to succeed.

Website Traffic

What good is it having a social media presence if you are not pointing people to your marketplace? This is crucial and should always be the primary goal of your content. If your rankings on google are not very high, chances are people will find you via social media. So what kind of content are you posting? Check out this article on how you can jumpstart your social media content.

How are you measuring your traffic? While there are many great tools to use, we personally stick with HubSpot and Google Analytics. These will help provide you with the information needed to take your strategy to the next level. Is most of your web traffic coming from LinkedIn? Facebook? Break down the analytics to see where you should spend more of your time to maximize your marketing strategy.

Social Metrics

While this does not necessarily correlate into making your business money, it certainly does help gain credibility in your community. The first thing many of us do before doing business with a company is, Google search. We look to find out if they are a legit business, have good customer relations, and if needed a support team to help with your needs. In order for marketplaces to fulfill those needs, many have turned to social media. Whether it’s Facebook or Linkedin, your company’s voice must be on the web and for others to access easily. From showing your culture to metrics of growth, anything that can help your credibility should be posting online.

Now your social metrics are a strong indication whether your strategy is working. Are you gaining an audience through your voice? Do people like, share, retweet, or favorite your content? It is extremely important you are attracting the right audience and building who you connect with. The aspect of building a community is huge and can be very powerful through social media. Dive in and see what is generating most interest with your audience by looking into the analytics. If you don’t use a CRM such as Hubspot, then simply look into each social platform as they do have built-in analytics.

Related: The Basics of Marketing For Your Marketplace

Sales

If you have created a successful social media strategy, you will see leads coming from your different channels. Ensure you are tracking where people are coming from and how they are finding your marketplace. This will reflect on the type of content you are posting and who you are interacting with. Are you targeting your digital media ads to the right audience? How much of a budget do you spend on digital ads? This is all very important to keep track of as you will want to retain a positive ROI. If you are spending $15,000 on ads but are only converting 2 customers at a price of $2000 then you will want to reevaluate your strategy.

As a marketplace, your sale metrics may be slightly different as you maybe looking to build more on the supply side. For example, getting new users to sign up on your platform for a subscription of $100/year. While this may be classified as a “small” sale, it is still a successful metric. It all comes down to the goals of your sales team and marketplace as a whole.

The best thing you can do for your marketplace is to go out and make mistakes with your social media strategy. Test your target market and your buyer personas. Make the proper adjustments within your digital ads and content to see what resonates best. Always look for new and more ways to improve your strategy!

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