Buzz is for Bees: Social Media ROI in 3 Steps
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Presented at the Socialize Conference in NYC on April 1, 2011. Details the challenges with understanding Social Media and Social Marketing ROI and 3 steps for closing the gap in understanding program effectiveness.
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Buzz is for Bees: Social Media ROI in 3 Steps
- 1. @caseycarey BUZZ IS 4 BEES#smroi in 3 easy steps
- 2. that’s gr8. now what?
- 3. THINK FLOCKS not funnels
- 5. cid=123_456 medium=social name=spring_2011 position=none source=twitter format=text content=bogo_coupon
- 6. SHORT URLS r the new cookie
- 7. 2. simplify to UNIFY
- 8. PICK 1METRIC that equals success
- 9. outcomes engagement activities reach
- 10. CALCULATEEFFECTIVENESS success metric ÷ cost
- 12. DO IT MORE OFTEN DON’T STOP how effective? GET OUT TRY SOMETHING DIFFERENT how many?
- 13. 4. one more THING
- 14. referrals ≠ total #smroi correlation ≠ causation incremental impact?
- 15. Casey Carey VP Products @caseycarey
Notes de l'éditeur
- The funnel is a hammer; today’s digital marketing is not a nailFirst developed by Elias St. Elmo Lewis 1898Many variations of the purchase funnels proposed since 1898, the basic layers have always been relatively unchanged: Awareness, Interest, Desire, Action, Rinse and Repeat Action. However, in the past couple of years, we have seen some major transformations proposed for the funnel, primarily in response to the rise of social media as a new powerful marketing channelInfluencers may be outside the funnel
- Mainstream media (i.e., sites that have a print or broadcast companion)Online media (i.e., sites with paid journalists that do not have a print orbroadcast companion)BlogsForumsVideoMicroblogs (i.e., Twitter)Bookmarking sites (i.e., Digg, Delicious)Social networking sites (i.e., Facebook, Linkedin)
- ROI is one of the most overused and misused term in social media measurement. Many people say ‘ROI’ what they really just mean results or effectiveness. ROI is a financial metric – percentage of dollars returned for a given investment/cost. The dollars may be revenue generated, dollars saved or spending avoided. ROI is transactional.ROI is a form of effectiveness, but not all effectiveness takes the form of ROI. Effectiveness is created when people become aware s, engage with our content or brand ambassadors, are influenced by engagement with content or other people, or take some action like recommending to a friend, writing a review or buying a product. Effectiveness ultimately creates value for an organization, but the value creation occurs over time, not at a point in time. Value creation is process-oriented. It has both tangible and intangible elements.Your investments in social media remain an investment, creating additional value if done correctly, until which time they can be linked to a business outcome transaction that results in ROI.Not a day goes by without someone declaring a new and improved metric for the acronym ROI, or stating that ROI does not apply in social networks.
- Altimeter – 65% of corporations are using engagement data as the top used metric, with only 22% using product revenue as a metric.RevenueCustomersLeadsMembersFollowers/FansClicks/ViewsSentiment/BuzzComments
- People – Creative, programs, contractors, interns, project leadsAgenciesTechnology – tools, appsMedia
- Social media and WOM predominately provides a halo effectMost of your social mentions will not contain a link to your site, Facebook page, or blog – you cannot see your entire social media effectivenessNone of this deals with “incrementality” – in other words, how much would you get if you didn’t di it – this really what matters