Your sales statistics should include a conversion funnel (as described in Chapter 1 of this minibook). Try to trace the path upstream so that you can identify sales initiated from social media.
Check that data can be exported to a spreadsheet.
Make sure that you can collect statistics on the use of promotion codes by number and dollar value so that you can decide which promotions are the most successful.
Having store reports that break down sales by product is helpful. Sometimes called a product tree, this report shows which products are selling by SKU (stock keeping unit) and category.
Table 2-2 lists some storefront options that integrate with social media and offer sales analytics. Unfortunately, not all third-party storefront solutions offer ideal tracking. Many storefront solutions use Google Analytics, shown in Figure 2-3, to track transactions.
TABLE 2-2 Social Media Store Solutions Offering Sales Statistics
| Name | URL | Type of Sales Stats Available |
|---|---|---|
| Google Analytics ECommerce Tracking |
https://developers.google.com/analytics/devguides/collection/analyticsjs
|
Google Analytics for e-commerce. |
| Ecwid |
www.ecwid.com/payvment
|
Integrated storefront that works on social media, mobile, and blog sites. |
| ProductCart |
www.productcart.com
|
Google Analytics integration at the product level. |
| Shopify |
www.shopify.com
|
Offers its own reports as well as integration with Google Analytics, Facebook pixel, and Pinterest tag. |
| BigCommerce |
www.bigcommerce.com
|
Social commerce platform that works with Instagram, Facebook, Pinterest, as well as eBay, Amazon, and Google Shopping. |
| 3dcart |
www.3dcart.com
|
E-commerce platform that is a one-stop shop for creating an online store. It connects with Facebook, eBay, Amazon, and other channels. |
As the value of social media for generating sales has grown, many social media channels have improved their tracking options for sales completed on a website. In addition to Facebook’s long-offered conversion pixel, Pinterest now has a tag code tool and Twitter generates conversion code for placement on a “thank-you” page at the conclusion of a purchase.
If you created alternative SKUs for products sold by way of social media for tracking, be sure to merge them into the same category of your product tree. Using multiple SKUs isn’t recommended if your storefront solution includes inventory control.
You can input the numbers from your social media sales metrics into a sales calculator to forecast unit sales needed to meet your goals. Figure 2-4 shows a calculator from AccountingforManagement.org at www.accountingformanagement.org/target-profit-sales-calculator. Users enter values for the variables in the fields at the top of the image and click Calculate; different forecasts appear below the fields.
Courtesy of SEOReseller.com
FIGURE 2-3: Typical e-commerce statistics available on Google Analytics.
Courtesy of AccountingforManagement.org
FIGURE 2-4: Target Profit Sales calculator from AccountingforManagement.org.
Tracking Leads
Often, your social media or web presence generates leads instead of, or in addition to, sales. If your sales process dictates that some or all sales are closed offline, you need a way to track leads from initiation to conversion. Customer relationship management (CRM) software helps you track prospects, qualified leads, and customers in an organized way. A simple database might allow different managers, salespeople, and support personnel to share a client’s concerns or track the client’s steps within the selling cycle.
The process of CRM and lead management may also include qualifying and nurturing leads, managing marketing campaigns, building relationships, and providing service, all while helping to maximize profits. Table 2-3 lists some lead-monitoring and CRM software options.
TABLE 2-3 Lead-Monitoring and CRM Software
| Name | URL | What You Can Do | Cost |
|---|---|---|---|
| HubSpot |
http://offers.hubspot.com/free-trial
|
All-in-one software; manage inbound leads, lead generation, and more. | Free 14-day trial; starts at $40 per month after free trial |
| Freshsales |
www.freshworks.com/freshsales-crm/?source=fworks&medium=referral&campaign=fworks_product_nav
|
Lead scoring, phone, email, activity capture, and more. | Free 14-day trial; starts at $19 per month after free trial |