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Social Media ROI in 7 Easy Steps
- 1. SOCIAL ROI IN 7 EASY STEPS PRESENTED BY SERENA GOLDBERG, MANAGER OF ANALYTICS JENNA LEBEL, VP OF GLOBAL MARKETING OCTOBER 24, 2012 http://slideshare.com/likeable http://bit.ly/smroiwebinar http://likeableroi.com #likeable
- 2. TODAY'S PRESENTERS Serena Goldberg Jenna Lebel Manager of Analytics VP of Global Marketing Likeable Media Likeable Media @SerenaGoldberg @JennaL15 #likeable
- 3. WHAT'S INSIDE Meet Likeable 7 Easy Steps to Social ROI Overview of Social ROI A Likeable Case Study Example Why You’re Not Seeing Results Q&A, Feedback & Grand Prize Do’s & Don’ts #likeable
- 4. HAVE A QUESTION? Tweet questions to @LikeableMedia or use the hashtag #likeable Ask questions on our Facebook page at fb.com/LikeableMedia Use the chat bar in GoToWebinar to ask questions! #likeable
- 9. ROI IS A HIGHLY DEBATED TOPIC IN SOCIAL MEDIA #likeable
- 10. SOCIAL ROI DEFINED “While the definition of ROI (revenue minus expenses / expenses) is fairly straightforward, ROI can only be defined when you understand “Marketers often frame this question as what results provide “value” to your brand.” 'What is the ROI of social media?' but financial metrics are just one way of evaluating social media marketing Wildfire ROI White Paper programs. Social media marketing delivers a wide range of benefits to organizations that are beneficial in the “Social media is measurable. It can be done. short term and long term in ways both To say social media can't be measured is a quantitative and qualitative.” cop-out, and dangerous for anyone who works in an organization that, say, plans to make or raise money at some point in the future.” Forrester Report, The ROI of Social Marketing #likeable Altimeter Group #likeable
- 11. SOCIAL ROI STATS 41% of marketers surveyed had no return on investment figure for any of the money they had spent on social channels as of October 2011. 74% of CMOs believe they’ll tie social media efforts to hard ROI this year. #likeable
- 13. SOCIAL ROI: IT'S CONTEXTUAL Defining social ROI is challenging because it’s all contextual #likeable SAMPLE FACT SOME HASHTAG
- 14. SOCIAL ROI: MORE THAN SALES EARNINGS Never let one general number be your ROI #likeable SAMPLE FACT
- 15. WHY YOU'RE NOT SEEING RESULTS
- 16. WHY YOU'RE NOT SEEING RESULTS You only focus on likes and follows #likeable
- 17. WHY YOU'RE NOT SEEING RESULTS You're only measuring what's there #likeable
- 18. WHY YOU'RE NOT SEEING RESULTS You don’t compare your results to the industry in general or your competitors #likeable
- 19. WHY YOU'RE NOT SEEING RESULTS You aren’t telling a story Straight data = ineffective Analysis = critical #likeable
- 20. WHY YOU'RE NOT SEEING RESULTS You aren’t able to adjust your strategy as a result #likeable
- 21. DO’S & DON'TS
- 22. SOCIAL ROI DO: OUTLINE GOALS Identify Success Brainstorm ideal outcomes and reference points so you can measure against them #likeable SAMPLE FACT SOME HASHTAG
- 23. SOCIAL ROI DO: TELL A STORY Supplement your data with stories #likeable SAMPLE FACT SOME HASHTAG
- 24. SOCIAL ROI DO: DIFFERENTIATE Know different metrics matter to different people #likeable SAMPLE FACT SOME HASHTAG
- 25. SOCIAL ROI DO: USE VARIOUS METHODS #likeable SAMPLE FACT SOME HASHTAG
- 26. SOCIAL ROI DON'T: MEASURE EVERYTHING Only measure what matters to your brand and what will move your strategy forward #likeable SAMPLE FACT SOME HASHTAG
- 27. SOCIAL ROI DON'T: RELY ON TOOLS TO PROVIDE ANALYSIS Only use these tools to provide data, trends and themes #likeable SAMPLE FACT SOME HASHTAG
- 28. SOCIAL ROI DON'T: MISTAKE ROI Data, metrics and KPIs are not ROI Data and metrics show the positive and negative changes that have occurred in your business #likeable SAMPLE FACT SOME HASHTAG
- 29. SOCIAL ROI DO’S AND DON'TS Do Don't Outline Goals Measure Everything Tell A Story Rely On Tools To Provide Analysis Differentiate Mistake SM data, metrics, or KPIs for ROI Use Different Methods #likeable SAMPLE FACT SOME HASHTAG
- 30. SOCIAL ROI IN 7 EASY STEPS
- 31. STEP 1: DETERMINE YOUR GOALS #likeable
- 33. STEP 3: PUT THE TRACKING IN PLACE #likeable
- 34. STEP 4: MEASURE
- 35. STEP 5: DETERMINE YOUR COST #likeable
- 36. STEP 6: IDENTIFY THE RETURN #likeable
- 37. STEP 7: CALCULATE AND EVALUATE BENEFITS – COSTS ROI = COSTS #likeable
- 38. PUTTING IT IN PRACTICE Our Case Study #likeable
- 39. PUTTING IT IN PRACTICE: OUR CASE STUDY Client: Things Remembered Promotion: Brides-to-Be What: Private event for Facebook fans only that included a free personalized gift, private shopping and expert advice by showing “engaged” status on Facebook #likeable SAMPLE FACT SOME HASHTAG
- 40. PUTTING IT IN PRACTICE: OUR CASE STUDY Results: 53% of all stores had a transaction that included the free gift 23.6% saw revenue increase on this day compared to the same day of last year Overall 670% ROI #likeable SAMPLE FACT SOME HASHTAG
- 41. LIKEABLE CONTENT: EXCLUSIVE ACCESS SAMPLE FACT SOME HASHTAG #likeable
- 42. LIKEABLE BUSINESS: BONUS OFFER Likeable Business: Why Today’s Consumers Demand More and How Leaders Can Deliver is available for pre-order on Amazon. Want a free Likeable consulting session? Buy 10 books of Likeable Business today! Email theresa@likeable.com for more information. Upcoming Likeable Business Events: • October 29th: Book launch party in NYC • Reserve your ticket today! • October 30th: Video chat book tour • RSVP today! • October 31st: Free webinar with Andy Sernovitz SAMPLE FACT SOME HASHTAG • Why A Likeable Business Is the Best Word of Mouth • RSVP today: http://bit.ly/WJgAnD #likeable
- 43. THANK YOU! Questions? Feedback? Grand Prize! SERENA GOLDBERG, MANAGER OF ANALYTICS JENNA LEBEL, VP OF GLOBAL MARKETING http://likeable.com http://FB.com/likeablemedia @likeablemedia
Notes de l'éditeur
- Must know the numbers that matter to key players in your business
- One tool or one data set will not give you your ROI
- More followers does not directly translate into higher ROI People do not make buying decisions based on how many “likes” a brand has
- All of the social media platforms have built-in analytics that provide the basis and obvious insights You must utilize third-party tools for deeper and more meaningful insights
- Ask yourself and research: How are you measuring up to your competition? How do you fare against the industry in general?
- Use qualitative data extracted from daily interactions with consumers (can be used as case studies)
- Let the numbers dictate the course ahead Ask yourself: What worked? What didn’t? Why? What can we adjust to make it work next time?
- Ask yourself: What does success look like? What are you trying to accomplish? What is the return you’re after?
- Don’t just present data and numbers, make stories out of them (i.e. case studies) Identify relevant data points Account for them Shift strategy accordingly
- Social Strategists & Community Managers Sheer numbers (fans, followers, visitors, interactions, sentiment, etc.) Marketing Executives Brand & Actions (awareness, purchase intent, lead generation, redemption) C-Level Executives Sales (conversions, lifetime value, revenues)
- Utilize an assortment of methods to show effectiveness Some commonly used methods include: Traditional ROI % Facebook Fan Value Redemptions
- Do not over-quantify and get persuaded into thinking you need to measure everything
- Your social media strategy is far too complicated for software to analyze The analysis depends on your interpretation and how you define success
- What measurable goals do you seek? Increase brand awareness Drive leads Drive traffic to website Reduce customer service cost Improve customer satisfaction Improve customer retention and loyalty Increase sales
- Critical first step to understanding the starting line and how to measure any improvements Used to identify where you are and where you want to be Benchmarks need to align with campaign and may include content analysis or surveys
- In order to see and measure results coming from a specific campaign, adding unique tracking is a must Tracking can take the form of a tracking code on a URL or a unique code required during in-store purchase
- Make sure results using unique tracking is recorded Gather data and analyze results Compare results to benchmarks and goals Segment data to obtain different views To determine the real value of a fan/ follower, you must analyze: Whom they are What they consume How often they consume it
- Cost is a big part of the ROI equation and goes well beyond hard media costs. To determine cost, look at these categories of costs: People: the number of people who contributed x the number of hours spent x their hourly rate (agencies too!) Technology: Any software or technology used in the campaign Process: Creative and production costs
- If the appropriate tracking has been implemented, the return should be fairly easy to identify. Without the appropriate tracking, return becomes harder to isolate and attribute to social activities alone.
- Here comes the fun part! Once you have each piece of the formula you can plug everything in and evaluate your ROI.