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Is your business not receiving the social media ROI you’d hoped for? Have you tried scaling up your social media efforts, but are stumped as to which channels will drive sales in the long run? If so, this guide is for you.
Today, we’ll walk you through which social media platforms have the most significant conversion rates, plus some fantastic tips for picking the best platform for your company.
Initial Findings
Pinpointing what platforms are driving most of your traffic and the type of traffic you are receiving is essential to make sure you focus your budgetary efforts accordingly. One such way is through the use of social media packages to tailor a marketing approach to meet your ever-growing business needs. Creating a unique strategy is essential, but it’s also vital to continually optimize your campaigns to learn from interactions with your customer base.
The primary tech platforms most businesses use are ones like Google, Facebook, YouTube, Snapchat, Twitter, and Instagram. One study showed that search engines such as Bing and Google boasted the most conversion rates, coming in at an 8% conversion rate, which was 1.5 times more than that of Facebook.
The same study found that social media platforms like Snapchat and Facebook were responsible for the highest traffic numbers. These platforms comprised 13 to 14% of site traffic but carried the lowest conversion rates.
Growing your followers on your chosen platforms is key. Take Foundr as an example, who shared their strategy on how they managed to achieve over 1 million Instagram followers.
Focus Your Efforts Here
Search engines carry the day for the highest conversion rates and potential ROI. Google’s average conversion rate is around 8.2%, putting it neck in neck with platforms like Bing at 7.6%. Facebook conversion rates are almost 1/3 less than that of Google.
Surprisingly enough, platforms like YouTube, Snapchat, and Twitter have the smallest conversion rates, at 0.5%, 0.6%, and 0.9%, respectively. This is partially because these particular platforms are the most difficult to monetize when compared with their more lucrative counterparts. However, Snapchat and Facebook still draw the most traffic to sites.
There are also other significant factors that affect conversion rates and their ultimate effect on your ROI. For instance, e-commerce sites with bigger shopping carts had smaller conversion rates. Smaller shopping carts have been found to have a 2.5% higher conversion rate than large ones!
How to Pick the Best Platform for Your Company
Numbers and percentages are great. But, what do they mean for you and how can you pick the best platform for your company? It’s easy to become overwhelmed with all the platform options out there and struggle to hone in on the channels that best meet the needs of your business.
Start by deciding what your target goals are for your social media strategy. Are you trying to drive brand awareness? Is lead generation your aim? If you are evaluating a platform and are unable to determine how it will help you reach your target goals, it probably shouldn’t be part of your overall strategy.
Next, you need to pinpoint the platforms your intended audience uses. You can’t reach your target audience if you don’t understand the channels they frequent.
Third, you need to figure out what platforms your competitors are using to reach their target audience. What content are they posting? How often do they post? What type of engagement are they receiving?
Finally, decide what content you want your business to generate. For example, if your content layout doesn’t fit well with a platform like Snapchat, focus your efforts elsewhere.
Evaluate your strategy and determine your intended audience. Watch what your competitors are doing and pinpoint your content format. That way, you can generate content that is ten times better than your competitors and enjoy significant ROI without spinning your wheels on low conversion rate channels.