Managing and Measuring ROI on Social Media
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This document discusses measuring the return on investment (ROI) of social media marketing. It emphasizes that social media requires resources like people, technology, and time to implement successfully. It then outlines a process for proving the business value of social media through a proof of concept that isolates patterns and quantifies changes in key metrics like sales, transactions, and customers. By linking social media activities to changes in these metrics over time, the ROI can be calculated by determining the revenue gains and cost savings. This process helps justify continuing to allocate resources to social media marketing.
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Managing and Measuring ROI on Social Media
- 2. MAIN LINE -> SOCIAL MEDIA IS NOT FREE
- 3. 1. IT TAKES PEOPLE
- 4. 2. IT TAKES TECHNOLOGY
- 5. 3. IT TAKES TIME
- 6. … ALL OF WHICH ARE LIMITED RESOURCES. YES! THEY ARE :)
- 7. Okay dude. I’m going to take a chance on this social media thing you are talking about , it better make good business sense! OK?
- 8. Yes Sir! #1: It will result in a cost reduction. Maybe in customer service? Reason #2: It will generate more revenue. It will give you more transactions, more net new customers, more customer loyalty, etc.
- 9. Ok! Let me figure out what program I have to cut down to fund Social Media program. Remember that our bonuses are on the line.
- 11. Okay, Sexy! This Social Media thing is ON. You know we shrank our traditional media budget by 10% and our outbound call budget by 25%. Now we can afford a team of social media Ninja’s. Dude give me a hell yeah?
- 12. Yupiee!!! I have a job!!!
- 13. I told my friends to check out our corporate blog. Dude, we are Facebook WOW!!! Let’s start engaging!!!
- 14. ONE MONTH LATER… Cool.
- 15. Oh on facebook! my! We have Neat, we even have lots of new comments on the blog! visitors to our website! And 2 new applications What about our Twitter?
- 16. I Feel Like I'm On Top of the World
- 17. THREE MONTHS LATER… OK.
- 18. Guys! Our Google Analytics are through the roof! Our social mentions are wicked good! We have liftoff with Social Media!
- 19. Measuring social media ain’t that tough!
- 20. SIX MONTHS LATER… Anything? Nope. Increase in sales? Has our customer service improved? Nothing.
- 21. What kind of mood is The Brand Manager in today? Not good. He just told me that he doesn’t care how many new visitors the website gets, or how many Impressions we have, unless it means we’re selling more stuff.
- 22. Dude. I’m sorry your Social Media program Isn’t generating revenue for me. But why? We need to allocate Our website is getting resources where we can mad hits, Facebook page has make money. more than 60K likes! And we have 6,000 followers on Twitter now! It’s just business. You know!
- 23. Damn. This social media measurement stuff isn’t working. We need to start tying this stuff to actual business performance Where should I start from? Let’s see… At the beginning?
- 26. I need proof that what we’re doing is actually working. START WITH PROOF OF CONCEPT
- 28. IS SOMETHING HAPPENING HERE? 7% YOY GROWTH
- 29. 1.) ‘XXX'CREATES 5.)TWEETUP/ FB 9.)FACEBOOK ADS SOCIAL EVENTS PROMOTING MEDIA PROPERTIES NEW PRODUCT/SERVICES 2.)CONTEST ON FACEBOOK PAGE 3.)PARTICIPATION & ENGAGEMENT 8.)SOCIAL MEDIA WITH THE FANS WORKSHOP 7.)'XXX' STARTS TWEETING 4.) PRESS RELEASE 6.)BLOGPOST 10.)UPLOAD NEW TVC ON YOUTUBE
- 30. IS SOMETHING HAPPENING HERE?
- 31. IS SOMETHING HAPPENING HERE?
- 32. MEASURE – HOW WAS THIS GROUP INFLUENCED?
- 33. We overlaid all of our Timelines and noticed that since our social Media activities began, everyone seems to love us. Groovy! The latest numbers indicate Let’s figure out that our YoY sales $ are up 60%. what. Our individual transactions have doubled, as have our transacting customers. Something’s working!
- 34. How long Oh wow. will all this This R.O.I. thing analysis take? wasn’t at all about measuring media, impressions and eyeballs! It’s all a process of elimination, really. Isolating patterns, quantifying deltas, proving ad-hocs… Then all we have to do is figure out what the cost savings and revenue gains are, and plug them into the equation.
- 35. I’ll start crafting some wicked blog posts. Dudes, we are ON THIS!!! Let’s start engagin’!!!
- 36. Finally, someone with some real metrics for me to sink my teeth into! Good job, Sparky! You done good!
- 37. So I guess Social Media is going to stick around a little while longer after all, isn’t it? Yes sir. Looks like our budget is safe for now.
- 38. OLD MONK for Everyone!
- 40. THANK YOU ALL IMAGES ON THIS PRESENTATION ARE COPYRIGHT © 2002 - 2010 NBC, AND ARE THE EXCLUSIVE PROPERTY OF NBC (UNLESS OTHERWISE INDICATED). ALL RIGHTS RESERVED.