For brands that want to increase web traffic and monetize their Instagram accounts in one step, Dash Hudson's LikeShop is the must-have solution. With a single click, followers can go from your Instagram feed to any page on your site. It’s simple, seamless, and helps users easily navigate to exactly what they’re looking for.
Like any marketing tool, measuring KPIs is essential for streamlining your strategy and getting the results you need. We collected some data to help you understand the best practices of this social media marketing staple.
Selling on Instagram 101
Selling on Instagram has been top of mind for every marketer since businesses discovered how effective it was for reaching consumers. Cut to 2020 and conversions have become as important as any other social media KPI, from views to engagement rates. In fact, Instagram statistics suggest that the two might go hand in hand: brands engaging followers through meaningful connections are more likely to entice them into shopping.
Third parties have made many attempts over the course of Instagram's extensive evolution to optimize this process for brands and buyers alike, from the development of external apps to link-in-bio tools and eventually Instagram’s native selling functionality. With LikeShop, marketers get the best features of every option and all of their stats at a glance in the same place they schedule, measure, and publish their content. Convenient much?
Not only is LikeShop a monetizing solution for brands (without being in-your-face salesy), it’s an opportunity to create major added value for your audience as well. You don’t have to use it exclusively for selling—you can take followers to news articles, promotions, collabs, or anything else you want to share with them. And they never have to leave Instagram to find what you’re mentioning in a post. No more getting lost on Google or searching your website for that thing they saw on Instagram. It’s a one-and-done situation for both parties.
Making the Most of Your Marketing Tools
LikeShop is a great way to assess how your content strategy is functioning. Is your audience clicking through your posts? What types of images are more effective at promoting follower action? What caption formulations garner the most movement? And finally, what are the call-to-actions that push people to head to the link in bio? These are the kinds of Insta stats that keep us (and you) up at night!
When measuring your performance, the click-through rate (CTR) is definitely the best place to start. You want to look at the percentage of followers who are opening your LikeShop page and clicking on content. Your historic CTR is important, but understanding where you stack up against the major players in your industry is also absolutely essential for a true picture of your results.
Breaking Down the Numbers By Industry
Not every marketer has the same goal when it comes to social media. Some brands use it as a platform to generate awareness, some want to increase web traffic, while others prioritize consumer relationships, and, of course, converting followers into customers. This, coupled with the rapidly changing state of the world and where each industry sits within that framework, is reflected in LikeShop CTRs.
We grabbed the stats of all LikeShop users for the first six months of 2020, and divided them by industry: beauty, fashion, home, luxury, media, publishing, retail, and direct-to-consumer, to get a quarter over quarter average. A CTR of around 50%*, seems to be the general percentage marketers should strive to hit, with some fluctuation of 10-20% higher or lower depending on your specific industry.
Average Q1 CTR: 46.77%
Average Q2 CTR: 47.30%
Average Q1 CTR: 48.16%
Average Q2 CTR: 51.64%
Average Q1 CTR: 52.77%
Average Q2 CTR: 50.44%
Average Q1 CTR: 50.24%
Average Q2 CTR: 56.35%
Average Q1 CTR: 48.72%
Average Q2 CTR: 40.10%
Average Q1 CTR: 57.94%
Average Q2 CTR: 62.52%
Average Q1 CTR: 70.13%
Average Q2 CTR: 71.66%
Average Q1 CTR: 41.90%
Average Q2 CTR: 40.28%
Tactics for LikeShop Success
Now that you have the percentage, you need to know how to achieve it. On the visual side, Instagram users across industries are persuaded to click on celebs and influencers. The majority of top-clicked posts have a photo tag or @mention to another account. Caption length does not seem to be a factor in performance. There are top performers with lengthy captions as much as there are with short ones. Captions get the most amount of traction when:
- They involve some kind of news or announcement
- They're promoting a sale
- They have a sense of urgency, for example: "last chance" or "today only"
- They have an air of mystery followed by a strong call to action (CTA)
- They’re a bit saucy and provocative
- They direct audiences to shop an item a high-profile influencer is wearing or using
- They have anything to do with winning a prize, like a giveaway or contest
Some of the highest click-throughs come from CTAs that directly name the action you want followers to take. For example, using words like "shop" instead of just saying "link in bio." This tactic is even more successful when the CTA is followed by a description of the benefit they get when they take the action, like: "Click the link in bio for/to [fill in the blank]" or "find [fill in the blank] at the link in bio."
On the flipside, a subtle approach is much more successful for brands in the fashion industry. In fact, a lot of the highest-performing posts for fashion brands don't have a call to action at all. This means that the audience has already been educated on the behavior and does not need to be reminded every time items are available to shop (but it’s still effective to add CTAs once in a while to refresh your followers’ memories).
For links, the amount of clickable items does not affect post performance. There's an even mix of single-link posts and posts with multiples. Piquing people's interest is the underlying current across all industries and all topics. It seems like a no-brainer, but simple things can sometimes be the hardest to execute. Think about what your audience is interested in, what it would be intrigued by, and what it can't get enough of. Those posts will garner the most traffic.
Integrating LikeShop in your Instagram strategy is a great way to use all the tools at your disposal and consequently optimize all angles of the marketing channel. We've seen before how it can help unlock a whole new revenue stream, while also enabling brands to turn Instagram into a major growth-driver. Now that you know the secret to hitting that high bar you've set for yourself, you can meet and surpass it every single time.
Go get 'em.
*Note that these averages are constantly in flux, and what might be right today might have variances tomorrow.
Header image: @felonycase
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