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How can you measure the impact of social proof on digital product sales?

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Social proof is the phenomenon where people tend to follow the behavior or opinions of others, especially when they are uncertain or influenced by social norms. It can be a powerful tool for product marketing, as it can boost trust, credibility, and conversion rates. But how can you measure the impact of social proof on your digital product sales? In this article, we will explore some methods and metrics that can help you quantify and optimize your social proof strategy.

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1 Define your goals and hypotheses

Before you start measuring anything, you need to have a clear idea of what you want to achieve and how you expect social proof to affect your outcomes. For example, do you want to increase awareness, engagement, retention, or revenue? How do you think social proof will influence your target audience's behavior and decisions? What kind of social proof are you using, such as testimonials, ratings, reviews, endorsements, or referrals? By defining your goals and hypotheses, you can align your measurement plan with your marketing objectives and test your assumptions.

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Ayush Mongia

Product @ InsuranceDekho | CarDekho Group | 10L+ Impressions | Simplifying Tech & Product Concepts Weekly
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Having a clear hypothesis always helps. - We could identify via user research or intuition, the places in product where having a social proofing might help users with faster decision making and perceived credibility. - List out all the relevant data points that could be shown to users depending on the action we want to improve. - Start testing and measure its impact.

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2 Choose your measurement tools and methods

Depending on your goals and hypotheses, you will need to select the appropriate tools and methods to collect and analyze data on your social proof performance. For example, Google Analytics can help you track website traffic, conversions, and user behavior in order to measure how social proof affects key performance indicators (KPIs). A/B testing is a great way to compare two or more versions of a web page or email to see which one performs better. This method can be used to test different types of social proof, such as the number, placement, format, or content of testimonials, ratings, reviews, endorsements, or referrals. Additionally, surveys are an effective way to gather feedback from customers or prospects and measure how social proof affects brand perception, customer satisfaction, loyalty, or advocacy. This method can also be used to understand the motivations, preferences, and pain points of your target audience and how social proof addresses them.

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3 Define your metrics and benchmarks

Once you have chosen your tools and methods, you need to define the metrics and benchmarks that will help you evaluate your social proof performance. Metrics are the quantitative measures that indicate how well you are achieving your goals and hypotheses, while benchmarks are the standards or references used to compare your metrics against. For instance, conversion rate is a percentage of visitors who take a desired action on your website, such as signing up, downloading, purchasing, or subscribing. It can be used to measure how social proof influences your sales funnel and revenue generation. Additionally, customer lifetime value (CLV) is the total amount of money that a customer spends on your products or services over their entire relationship with you. It can be used to measure how social proof affects your customer retention and loyalty. Lastly, net promoter score (NPS) is a measure of how likely your customers are to recommend your products or services to others. It is calculated by subtracting the percentage of detractors from the percentage of promoters. You can use it to measure how social proof affects customer satisfaction and advocacy. All of these metrics and benchmarks can be compared against industry averages, historical data, or competitors' data.

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4 Analyze and optimize your results

After collecting and calculating your metrics and benchmarks, it's time to analyze and optimize your results. Analysis involves interpreting your data and finding insights and patterns that can help you improve your social proof strategy. Optimization is applying the insights to make changes and adjustments that can enhance your social proof performance. To analyze, identify the best and worst performing types of social proof, such as testimonials, ratings, reviews, endorsements, or referrals; the best and worst performing segments of your target audience; the best and worst performing channels and platforms; the best and worst performing times and frequencies; and the best and worst performing combinations of social proof with other marketing elements. Then, you can optimize your social proof strategy by amplifying types of social proof that work best for your goals; tailoring types of social proof that work best for target audience segments; leveraging channels and platforms that work best for your social proof; timing and frequency times and frequencies that work best for your social proof; and integrating combinations of social proof with other marketing elements.

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Chad Zoghby

Creating better conversations with analytics and optimisation.
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Measuring the impact of social proof can be tricky. Here would be three techniques to consider. 1. Make anything related to social proofing tracked. That means if traffic has come from off-site, ensure that you have a way to recognise that traffic, like UTM parameters. If you're using logos of companies you've worked on, ensure those are clickable to a case-study or a product page that has a query parameter in the URL. 2. Have an end-of-checkout survey asking how the customer heard about you. 3. Use promotional codes that are associated with specific influencers or channels.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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?? Richard Hatheway

Full Stack B2B Technology Product Marketing Professional | Growth Marketing Strategist | Mentor, Coach & Advisor
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The only sure way to tie social proof to digital product sales is to have a one-to-one correlation between the social action and the product through a very specific CTA. For example, if your product uses an influencer who is doing product demos on YouTube, the CTA at the end could be something like "If this video has been helpful to you and you want to purchase this product, click <here>" and then have the URL include a UTM so you can track it directly. That provides the one-to-one correlation needed. Otherwise, all digital product sales are difficult, if not impossible, to attribute directly to social actions.

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How can you measure the impact of social proof on digital product sales?

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3

4

5

1 Define your goals and hypotheses

2 Choose your measurement tools and methods

3 Define your metrics and benchmarks

4 Analyze and optimize your results

5 Here’s what else to consider

Product Marketing

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How can you measure the impact of social proof on digital product sales?

1

2

3

4

5

1 Define your goals and hypotheses

2 Choose your measurement tools and methods

3 Define your metrics and benchmarks

4 Analyze and optimize your results

5 Here’s what else to consider

Product Marketing

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