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Magento Social Selling: Monetize Your Magento Store Now

With the rise of social media and the buying potential, you no longer need to rely solely on your Magento store to generate sales.

Not only can you use social media to sell your products, but you can use social to monetize your Magento store and drive extra traffic that otherwise might not have found out about you.

The great thing about social media is that your customers are happy and willing to buy from you on your social platforms, you just need to make sure they’re set up right.

In this post, you’ll learn about:

  1. Apps you can use to make social monetization simpler and easier
  2. How to use social networks like Instagram and Facebook to sell more
  3. Whether or not your pricing strategy should differ on social platforms
  4. How to use influencers to generate more sales and reach
  5. Why using social media can give you a competitive edge.

Apps to use

When it comes to Magento social pricing, you first need to make sure your store is set up with the right apps and extensions to make the entire process easier.

If we look at the statistics, social selling is expected to reach $17.34 billion dollars in 2019. That’s a whole lot of money you could capitalize on if you get your social strategy right. Your customers already follow their favorite brands on Pinterest, Facebook, and Instagram and are used to seeing ads for specific products they might like.

There is a range of different extensions you can use on the Magento marketplace. The ones you decide to use will depend on your own business strategy and what you hope to achieve from social selling.

Magento Social Selling Extensions

You might decide to allow customers to log into your store using their social logins, or perhaps you want to increase the chance of social sharing by adding buttons to your content or product listings.

Finally, you might consider the potential of connected your Magento store to your social channels so potential customers are able to seamlessly purchase the right product for them.

Magento social selling extensions vary in price, so it’s a good idea to check out the marketplace, look at the reviews and capabilities of each extension to decide which one is the right fit for you.

Instagram and retargeting

We’ve already established that customers are happy and willing to buy directly from your social channels.

Social media tools like Instagram have made this process easy and seamless and soon you’ll be able to purchase products without leaving your store.

This is effective for newer store who struggle to generate enough traffic to their site to warrant the right amount of sales.

Magento Social Selling Extensions

Source: https://www.instagram.com/nordstrom/?hl=en

Nordstrom adds a link to shop the posts on their Instagram. When you click this link you’re sent to a page that shows all their recent posts.

Magento Social Selling

You can then pick which item from the photo you’d like to buy and make a purchase.

What’s effective about this process is the images on the Instagram feed don’t feel too ‘salesy’.

If this company had simply put a plain product photo image and told customers to buy, it would be less effective as customers would feel turned off by the pressure to buy.

Instead, they show you what your life could be like if you owned these products through the use of clever lifestyle photography.

So if you want to add a link to your Instagram to encourage more sales, make sure you make your images appealing.

What’s more, you can also retarget people who viewed specific products but didn’t make a purchase. This is known as retargeting and can have a positive effect on your bottom line. Perhaps a customer simply forgot to purchase. The friendly reminder can be a step in the right direction for increased sales.

Should your pricing differ on social?

One thing to think about is whether or not your pricing on your Magento store should differ from the prices you offer on social media. There are pros and cons to both strategies, and we’ll touch upon those now.

Keeping your prices the same

One benefit of keeping your prices the same is the level of consistency. If a customer browses your site and buys a product but then sees the same product for half the price on your social channels, there are likely to feel some sense of frustration.

After all, they’ve just given you their money and wanted to support you by following your social media only to find they could’ve had the product for less.

If you want to keep your customers happy it could be a good idea to keep the same prices throughout.

Differing your prices through dynamic pricing

One strategy you can use is Magento dynamic pricing. If you’re also using Prisync within your Magento store, this is an effective way to do it.

Dynamic pricing is the process of altering your prices slightly based on specific customer traits or timescales.

Perhaps you know your products sell out during the festive periods, you could increase your prices here to account for the increased demand.

The middle ground

So what if you want to differ your prices but you don’t want to annoy your customers? Well, there is a middle ground, and that’s discounts and offers.

One strategy you can use is to keep your prices the same but give your social followers a special code that gives them a discount on the products they buy.

This is an effective strategy because it means you don’t alienate your customers, but at the same time, you have the chance to vary prices based on specific customer characteristics and behavior. It’s especially effective if you have data that supports the idea that customers who buy on social are eager and happy to pay more.

Influencers

Influencer marketing is a great way to widen your reach and generate more sales while also developing a competitive pricing edge.

Magento Social Selling Influencers

Influencer marketing works by gifting your products to people in your niche who have influence. In an ideal world, they’ll post a photo of them wearing or using your products and it could lead to more sales.

In the example above, this influencer wore a gym top, tagged the company and generated 15,184 likes. Imagine if you translated those likes into sales?

You’d have a very healthy profit margin.

One thing you do need to be careful about if you use influencer marketing within your Magento social selling strategy is to verify the actual reach of the influencers you plan to use.

There are a number of influencers who will try and fake their influence in order to get better brand deals. In the end, if you opt to go with an influencer who doesn’t actually have any reach, you’ll only waste your time and money so it’s important to do your due diligence.

Final thoughts

In this post, we’ve covered a range of different strategies and tactics to help you get started with Magento social selling.

You’ve learned about some of the extensions you can use to make social selling streamlined. You’ve also learned about how you can use social media to retarget customers who expressed interest in your store or products but failed to buy the first time.

You now know whether or not it’s a good idea to have your social pricing different to the general pricing on your store.

Finally, you’ll have considered utilizing social media influencers to give your products a wider reach and gain a competitive advantage over your competitors.

If you’re running a Magento store and haven’t considered social selling, the best time to start is now.

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