Measure ROI of Social Media
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It's nearly impossible right? Wrong. Using some basic top-line numbers, we can back into the actual return on your social media investment.
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Measure ROI of Social Media
- 1. Measuring the of Social Media ROI
- 2. @andigrahambsdbigseadesign.com Andi Graham, CMO & Managing Partner
- 3. What’s the of Your Mother? ROI Gary Vaynerchuck
- 5. •Storytelling & personality •Credibility & expertise •Values & culture •Loyalty & retention It’s Not All About ROI
- 6. | Truth | We still have to prove the value of social media. • 88% of marketing professionals can’t accurately measure the effectiveness of social • 52% percent said that dealing with social media ROI was their biggest frustration
- 8. Metrics Fans & Followers Blog Post Views Likes Comments Email Subscribers
- 9. Fans & Followers Blog Post Views Likes Comments Email Subscribers Vanity Metrics
- 10. | Truth | Your likes are worthless (almost). • Brands organically reach only 6% of fans, down 12% from this past October. • 11.2% of those users are fake anyway
- 11. Move on good stuff to the
- 12. | ROI | (Return - Investment) / Investment
- 13. What to do? do you want your social media
- 14. Return Metrics Number of transactions Number of customers Number of new customers Lifetime value Revenue Profit
- 15. Conversion Metrics New Visitors Return Visitors Marketing Qualified Leads Sales Qualified Leads Conversions / Sales
- 16. | If your goal is | brand awareness • Growth in website visitors • Growth in social media followers • Brand mentions • Increase in pages viewed per visit
- 17. | If your goal is | increased engagement or customer loyalty • Return visitors • Interactions per visit • Comments, retweets, and likes on your posts • Blog or email subscribers
- 18. | If your goal is | lead generation • Form submissions on website • Phone calls from tracked number • Total number of new leads generated
- 19. Very Basic Valuation | Example | 1000 visits to landing page 100 email subscriptions 10 purchases $1000 total sales
- 20. Very Basic Valuation | Example | 1000 visits to landing page 100 email subscriptions 10 purchases $1000 total sales Average Transaction Amount Lead (MOFU) or Conversion Lead (TOFU) or Conversion Revenue
- 21. Very Basic Valuation | Example | Average Transaction Amount Lead (MOFU) or Conversion Lead (TOFU) or Conversion Revenue $100 $10 $1 $1000
- 22. 1. Determine your investment 2.Determine (& track) relevant conversions 3.Back it up to your return
- 24. Time + Tools | IN HOUSE | $36 Hourly Cost12 Total Hours x = 12 Months$1,440 Tools Annual / $432 Monthly Cost = $120 Monthly Cost $552Monthly Investment +
- 25. Time + Tools | FOR THE CLIENT | $125 Hourly Cost8.5 Total Hours x = 12 Months$120 Tools Annual / $1062.50 Monthly Cost = $10 Monthly Cost $1,072.50Monthly Investment +
- 26. | ROI | (Return - Investment) / Investment ( ????? - $1,072.50) / $1,072.50
- 29. Conversion Goals Follow on Instagram View video Visited landing page Time spent on page Subscribe to blog Download PDF Sign up for newsletter Filled out contact form Online purchase
- 30. Business Objectives •Increase total casual bowlers on weeknights •Increase party reservations •Increase total league bowlers Pin Chasers Bowling Centers | Case Study |
- 31. Conversions to Track • Visit “weeknight” landing pages • Completion of “Reserve a Lane” form on a weeknight • Players on a weeknight Pin Chasers Bowling Centers | Case Study |
- 32. Conversions to Track Pin Chasers Bowling Centers | Case Study | • Landing page visits • Form completions • Customers
- 33. Tools we use • HubSpot • Bit.ly • Google Analytics • WordPress Gravity Forms Pin Chasers Bowling Centers | Case Study |
- 34. Pin Chasers Bowling Centers | Case Study | Tracking metrics (HubSpot) Landing page visits & Form completions
- 35. Pin Chasers Bowling Centers | Case Study | Customers • Has to come directly from the client!
- 36. Back up into the value | 3 |
- 38. $20200 Customers $4000 Total Sales Average Customer Value per customer visit | Case Study | Pin Chasers Bowling Centers
- 39. Return Metrics Number of transactions Number of customers Number of new customers Lifetime value Revenue Profit
- 40. Conversions to Track Pin Chasers Bowling Centers | Case Study | • Landing page visits • Form completions • Customers
- 41. Conversions to Track Pin Chasers Bowling Centers | Case Study | • Landing page visits • Form completions • Customers • 4522 visits • 670 form completions • 627 customers
- 43. Pin Chasers Bowling Centers | Case Study | • 4522 visits • 670 form completions • 627 customers$20per customer visit
- 44. Pin Chasers Bowling Centers | Case Study | • 4522 visits • 670 form completions • 627 customers$20per customer visit • 627 x $20 = $12,540 • $12,540 / 670 = $18.72 • $12,540 / 4522 = $2.77
- 45. Pin Chasers Bowling Centers | Case Study | • 4522 visits • 670 form completions • 627 customers$20per customer visit • 93.5% conversion rate • 14.8% conversion rate
- 46. Pin Chasers Bowling Centers | Case Study | • Visits: $2.77 • Form Completions: $18.72$20per customer visit Value for Our Metrics!
- 47. | But wait! | These numbers aren’t just social media! • All landing page visits • All form submissions • All customers
- 48. Pin Chasers Bowling Centers | Case Study | Track it to Social Media
- 49. Pin Chasers Bowling Centers | Case Study | Return from Social Media 697 Visits $2.77 per visit x $1,930.69
- 50. | ROI | (Return - Investment) / Investment ($1,930.69 - $1,072.50) / $1,072.50 80%Return on Investment
- 51. “Good” ROI Not worth it: 5% Good: 30% Goldmine: 50%+
- 52. Make it easier! Use bit.ly and UTM links to create links used specific links for each channel Run promotions that are specific to each channel only (discounts, contests, etc) (Self Contained Social Media ROI) Use trackable activities on all links you post on social media (calls-to-action or forms).
- 53. Remember! Keep the framework simple (at first). Using averages and making assumptions is okay! Google Analytics is awesome. Don’t underestimate LTV (and use it as conversion). Start tracking changes to tracking methods or major marketing activities in Analytics now. Don’t panic.
- 54. | A word of caution | Don’t stop experimenting.
- 56. Thanks! @andigrahambsdbigseadesign.com Andi Graham, CMO & Managing Partner