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Social Media: ROI Possible

Learn how to plan, justify, and measure the value of your social media initiatives. (Presented at SES San Francisco, Aug 14, 2012 to the theme of Mission Impossible!)

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Social Media: ROI Possible

  1. HOW TO PLAN, JUSTIFY AND GAUGE THE VALUE OF SOCIAL MEDIA MARKETING EFFORTSAngie Schottmuller | @aschottmuller | SES San Francisco | Aug 14, 2012
  2. MISSION: Define ROI or tangible business value to justify use of social media.
  3. SOCIAL MEDIA: The intersection of technologyand social interaction to create, share, or connect online.
  4. What is ROI?Formula: (BENEFIT - COST) X 100 ROI % COSTExample: ($2000 - $500) X 100 300% $500
  5. Seems easy enough...So why is it so "impossible"?
  6. 77% of businesseslack sufficient resources for social media. Awareness Inc., State of Social Media Marketing, Jan 2012
  7. 70% of businesses plan to expand socialmedia presence in 2012. Awareness Inc., State of Social Media Marketing, Jan 2012
  8. Growing Types of Social Media...•  Social Networks •  Social Sign-on•  Blogging •  Geosocial Sites•  Microblogging •  Crowdfunding•  Bookmarking •  Social Ads•  Media Sharing •  Streaming Content•  Discussion Forums •  Social Gaming•  Social Listening •  sCRM•  Review Sites •  Wiki•  Social Curation •  Social Commerce•  User-Generated Content
  9. Top 3 Reasons Social Media ROI Measurement is Rare:ü  Unclear Objectivesü  Too Many Metricsü  Difficult ROI Measurement - eMarketer, 7 Guidelines of Achieving Social Media ROI, Feb 2010
  10. Whos feeling the pressure? Yup. Yeah! BIG TIME.
  11. So heres the plan:q  Clarify and align objectives/tacticsq  Prioritize meaningful metricsq  Simplify measurement
  12. Strategic Planning Process1.  Determine Scope WHO?2.  Gather Business Goals3.  Define Mission/Purpose WHY?4.  Set Goals5.  Define KPIs WHAT?6.  Choose Tactics7.  Define Metrics HOW?
  13. Social Media <Scope> Strategic Plan 2012MISSION GOALS TACTICSWHY ARE WE WHAT DO WE WANT HOW WILL WE ACHIEVEDOING THIS? TO ACCOMPLISH? OUR GOALS? A ü  <Metric> <TACTIC> ü  <Metric> <GOAL> ü  <Metric> <MISSION> KPI: <TACTIC> ü  <Metric> B ü  <Metric> <TACTIC> ü  <Metric> <GOAL><SCOPE> Goals: ü  <Metric> <TACTIC> ü  <Metric> KPI:ü  <dept goal> Aü  <dept goal> B C ü  <Metric> <TACTIC> ü  <Metric>ü  <dept goal> C <GOAL>ü  <dept goal> D ü  <Metric> <TACTIC> ü  <Metric> KPI:
  14. Step 1: Determine ScopeWhat aspect of the business will use social media? Marketing & PR IT Research & Development Human Resources SOCIAL Customer Service MEDIA Sales Executives & Management Market Research See more: http://j.mp/6socialmedialisteners
  15. FOCUS. You can onlywear one smartlens at a time.
  16. Step 2: Gather Business GoalsWhat are this years [SMART] business goals?(Specific to each scope)CUSTOMER SERVICE: (Example)•  Reduce average response time on inquiries•  Improve average satisfaction rate•  Reduce call volume costs via web self- service alternatives
  17. START Here:80% of marketersincorrectly beginwith tacticsinstead of goals. DO NOT START Here: Image credit: Jay Baer - http://j.mp/socialmediagoalfunnel
  18. Step 3: Define SM Mission/PurposeWhy are we bothering with social media?(Specific to each scope)MARKETING: (Example)To build an army of advocates thatin turn help build and maintain thebrands position.
  19. Step 4: Set GoalsWhat do we want to accomplish? A <GOAL> Merge Mission with <MISSION> B <Scope> Goals to <GOAL> create social media- specific Goals. C<SCOPE> Goals: <GOAL>ü  <dept goal> Aü  <dept goal> B Note: Some <scope> goalsü  <dept goal> C may NOT be relevant forü  <dept goal> D social media.
  20. ALL time must be accounted for.If what youreworking on doesnt ABORT!align to a goal..... ABORT!
  21. Strategic Planning:Balanced Scorecard (BSC)1-2 goals for each perspective. 1.  Customer 2.  Financial 3.  Learning & Growth 4.  Business Process
  22. Step 5: Define KPIsHow will we measure goal success?Examples:OBJECTIVE KPI MEASUREMENTAwareness % share of voice (SOV) for online mentionsConsideration # of total "social" interactionsLeads/Sales # of conversions driven from social mediaRetention # of repeat blog visitorsAdvocacy # of total positive mentions, reviews, or UGC shares Image credit: DragonSearch http://j.mp/awarenessroi
  23. More KPIs...OBJECTIVE KPI MEASUREMENTInnovation $ saved or generated as a result of social feedbackMarket Research # of "focus groups" providing feedbackCustomer # of social support inquiries resolvedServiceSocial PR # of negative brand mentions resolved (Bonus: # converted to positive mentions)HR Recruiting # of candidates driven from social media Note: These KPIs are just examples. Select a metric thats most indicative of progress for your organizations goals.
  24. Social Media <Scope> Strategic Plan 2012MISSION GOALSWHY ARE WE WHAT DO WE WANTDOING THIS? TO ACCOMPLISH? A Our planning <GOAL> progress thus far... <MISSION> KPI: B <GOAL><SCOPE> Goals:ü  <dept goal> A KPI: Remember:ü  <dept goal> B C Plan separate treesü  <dept goal> C <GOAL> for each scope!ü  <dept goal> D KPI:
  25. Step 6: Choose Tactics How will we accomplish our goals?
  26. •  bBalance risks: resources, technology, timing...
  27. Understand & Chart How Social Channels Serve Your Goals... Insert your goal HERE! @MagicLogix: http://j.mp/smmchannelsbygoal
  28. Step 7: Define Metrics How will we measure tactic success? A safety net with multiple metrics would be nice...
  29. Social Media <Scope> Strategic Plan 2012MISSION GOALS TACTICSWHY ARE WE WHAT DO WE WANT HOW WILL WE ACHIEVEDOING THIS? TO ACCOMPLISH? OUR GOALS? A ü  <Metric> <TACTIC> ü  <Metric> <GOAL> ü  <Metric> <MISSION> <TACTIC> ü  <Metric> KPI: B ü  <Metric> <TACTIC> ü  <Metric> <GOAL><SCOPE> Goals: <TACTIC> ü  <Metric> KPI: ü  <Metric>ü  <dept goal> Aü  <dept goal> B C ü  <Metric> <TACTIC> ü  <Metric>ü  <dept goal> C <GOAL> ü  <Metric>ü  <dept goal> D <TACTIC> KPI: ü  <Metric>
  30. Calculations
  31. "ROI can only be calculated AFTER the investment hasyielded a return. It cannot and must not be estimated beforehand. Ever. Under any circumstances." ~Olivier Blanchard, @thebrandbuilder, Social Media ROI [Book]
  32. Why Measure SMM?1. Justification/Feasibility2. Value-Basis for Comparing Tactics
  33. What we really need to do is: Cost-Benefit Analysis (CBA)BENEFIT - COST = VALUE CBA: http://j.mp/costbenefitanalysis
  34. Cost-Benefit Analysis§  SM Labor §  Awareness§  IT Labor §  Web Traffic§  Tools & Software §  Lead Generation§  Opportunity Costs §  Sales§  Training §  Conversion§  Risk §  Customer Retention §  Loyalty §  Advocacy §  Satisfaction §  Market Research COST BENEFIT
  35. All that matters...GROW REVENUE IMPROVE REDUCE COSTS SATISFACTION Reference: Jim Sternes book, Social Media Metrics
  36. GROW REVENUE - SOCIAL METRICSWhat can you impact via social?•  # of QUALIFIED LEADS•  # of NEW CUSTOMERS•  # of REPEAT CUSTOMERS•  % of CONVERSIONSSocial Proof Examples:Star-ratings, reviews, user-sharedphotos/videos, # comments, # shares Image credit: http://j.mp/awarenessroi
  37. GROW REVENUE - SOCIAL MEDIA ROI CASE STUDY Cars.com Online ReviewsPages with reviews had:• 16% higher conversion rate• 100% more traffic driven to dealer sites Case Study: http://j.mp/carscomsmmroi
  38. GROW REVENUE - SOCIAL MEDIA ROI CASE STUDY CareOne Social Sales SupportCustomers coming through social channels:• 179% higher conversion rate to complete a consultation form• 732% higher rate of completed first payment Case Study: http://j.mp/careonesmmroi
  39. REDUCE COSTS - SOCIAL METRICSQuantify the equivalent value as if you had topay for these: How much•  MEDIA VALUE would a photo/video –  # of Website Visits (social referrals) shoot cost? –  # of Online Mentions –  # of Articles / Social PR –  # of User-Shared Content (Photos, Videos, Testimonies)•  WEB SELF-SERVICE•  REQUIRED STAFF TO CUSTOMER RATI0
  40. GROW REVENUE & REDUCE COSTS - SOCIAL MEDIA ROI CASE STUDY Old Spice VideosCorrelation impact of social buzz:• 27% sales increase year on year (since original Mustafa campaign)• 55%-107% sales increase during the social media campaign Case Study: http://j.mp/oldspicesmmroi
  42. REDUCE COST & IMPROVE SATISFACTION - SOCIAL MEDIA ROI CASE STUDYInfusionSoft Social Customer Service• 1:72 to 1:172 reduced agent to customer ratio• 10% higher customer satisfaction Case Study: http://j.mp/infusionsoftsmmroi
  43. Multichannel canadd confusion...
  44. Quantify "Social Attribution"•  Web analytics tracking•  URL shortener (e.g. Bit.ly)•  Social-specific promo codes•  Third party tool analytics (e.g. Bazaarvoice)•  Online surveys (e.g. Foresee, KISS Insights)•  A/B tests•  ASK the customer!
  45. ACTION PLAN1.  Assessment - Analyze current state, include SWOT2.  Strategy - Map out social media plan by scope3.  Pitch - Present top ideas to IMF4.  Prep - Secure resources, budget, tools, training, etc.5.  Implement - Execute the plan (Abort if necessary)6.  Review - Analyze activity & ROI using multiple metrics7.  Optimize - Gathers insights and improve for the sequel
  46. Only Its time for YOU to lead20% of the way.marketers measuresocial media ROI. - eMarketer, 7 Guidelines of Achieving Social Media ROI, Feb 2010
  47. KEY TAKEAWAYS•  Define separate strategy for each scope/dept•  Set clear objectives before picking tactics•  Select high-level annual goal KPIs (resilient to tactical changes)•  Use cost-benefit analysis (CBA) for justification and comparison•  Focus on measuring the 3 key objective buckets•  Recalculate CBA and ROI after implementation
  48. "The impossible can become possible, IF... YOURE... AWESOME!" - Rhino [Disneys Movie, Bolt]
  49. MISSION: Apply these tips and share this presentation, so your social media initiatives dont self-destruct!
  50. Agent Angie Schottmuller @aschottmuller QUESTIONS?

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Learn how to plan, justify, and measure the value of your social media initiatives. (Presented at SES San Francisco, Aug 14, 2012 to the theme of Mission Impossible!)


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