Knowing how much money you make on a sale is great. But what about those more granular points? How did folks get there in the first place? And what effect did social media have on their decision to enter your online store in the first place. I mean, a guy don’t walk onto the lot lest he wants to buy. But what gets him or her there? Your company? Or people who love your company?
Well, a new partnership between two Portland tech companies—one of the foundations of our re-emerging tech scene, Webtrends, and one of the young new upstarts, ShopIgniter—will provide customers with the kind of data that will help them make the most of their Facebook and Twitter promotions and their ShopIgniter shops.
“In the world of social commerce, a brand or retailer’s most valuable customer is not necessarily the one that spends the most money, but rather, the customer that influences the most purchases,” said Matt Compton, CEO of ShopIgniter in a press release. “The only way to truly understand customer value in the age of social media is to combine purchase and product interaction data with social network referral, response and sharing behavior. We are very excited to partner with Webtrends to offer companies insights into their customers’ social interactions with their product and brands as well as the ability to drive incremental revenue from the social web. Building on our recent financing announcement, this is the first of many exciting announcements we will make in the near future as we continue to strengthen our leadership position in the rapidly-growing social eCommerce software market.”
The partnership has created a tool that allows sellers to measure and track hard ROI on social media product promotions and “earned” media across Facebook and Twitter; understand messaging reach and purchase influence of consumers, and friends of consumers across social networks and eCommerce websites; effectively measure, manage and optimize social rewards, shareable deals and incentive programs; understand the effectiveness of Facebook store applications and product promotion applications in driving and influencing sales; and measure conversions against reward programs, product promotions and fan acquisition campaigns.
In the words of Webtrends, it’s “social commerce that doesn’t stink.”
You Can’t Improve What You Can’t Measure: Most importantly we can tell you which promotions are resonating with fans, which are being shared, and which reward programs are driving your most influential fans to share early and share often. By measuring and optimizing your promotions and involving and rewarding fans, social commerce will begin to take off. So what are you waiting for?