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Social Media ROI Explained

How in the world do we measure Social Media ROI in the world of tweets, mentions and blogs? Simple framework to start measuring.

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Social Media ROI Explained

  1. 1. 09/17/10 Director of Marketing, ReachLocal President, Social Media Club of Dallas Organizer, Ignite Dallas @MikeDMerrill #OPTSUM #ROI
  2. 2. I Know I Saw My ROI Around Here Somewhere
  3. 3. Marketing has dramatically changed 09/17/10
  4. 4. From Interruption to Conversation… 09/17/10
  5. 5. 09/17/10 “ If your target market is humans, then you should be using Twitter” - @unmarketing #OPTSUM #ROI via @MikeDMerrill
  6. 6. Are You Even Measuring ROI? 09/17/10
  7. 7. What Are You Measuring? 09/17/10
  8. 8. Measurement is Improvement! 09/17/10
  9. 9. 09/17/10 Right or wrong, web traffic is the leading metric used today to measure social media success #OPTSUM #ROI via @MikeDMerrill
  10. 10. 09/17/10
  11. 11. The Equation 09/17/10 ROI= (Gain from Investment – Cost of Investment) Cost of Investment
  12. 12. Two Ways to Connect the Dots for ROI <ul><li>Cause </li></ul><ul><li>Correlation </li></ul>09/17/10 Profit Investment
  13. 13. What is your Financial Goal? <ul><li>Increase Revenue </li></ul><ul><ul><li>Increase in new customers </li></ul></ul><ul><ul><li>Increase in average revenue per sale </li></ul></ul><ul><ul><li>Increase in revenue from existing customers </li></ul></ul><ul><li>Reduce Costs </li></ul><ul><ul><li>Lower Cost of Customer Acquisition </li></ul></ul><ul><ul><li>Lower Cost of Customer Service </li></ul></ul>09/17/10
  14. 14. Evolution of Measurement <ul><li>Non Financial </li></ul><ul><li>Offsite </li></ul><ul><ul><li>Clickthroughs </li></ul></ul><ul><ul><li>Facebook Fans </li></ul></ul><ul><ul><li>Facebook Comments </li></ul></ul><ul><ul><li>Twitter Followers </li></ul></ul><ul><ul><li>Retweets </li></ul></ul><ul><ul><li>YouTube Views </li></ul></ul><ul><ul><li>YouTube Comments </li></ul></ul><ul><ul><li>Sentiment </li></ul></ul><ul><ul><li>Mentions </li></ul></ul><ul><ul><ul><li>Social </li></ul></ul></ul><ul><ul><ul><li>Press </li></ul></ul></ul><ul><li>Non Financial </li></ul><ul><li>Website </li></ul><ul><ul><li>Unique Visitors </li></ul></ul><ul><ul><li>Page Views </li></ul></ul><ul><ul><li>Time on Site </li></ul></ul><ul><ul><li>PageRank </li></ul></ul><ul><li>Non Financial </li></ul><ul><li>Conversions </li></ul><ul><ul><li>Contact form </li></ul></ul><ul><ul><li>Inbound Calls </li></ul></ul><ul><ul><li>Downloads </li></ul></ul><ul><ul><li>Event Registrations </li></ul></ul><ul><ul><li>Opt-in to email </li></ul></ul><ul><ul><li>Subscribe to Blog </li></ul></ul><ul><ul><li>Register for Online Community </li></ul></ul><ul><ul><li>Employment Apps </li></ul></ul><ul><ul><li>In-Store Visits </li></ul></ul><ul><ul><li>Support Calls </li></ul></ul><ul><ul><li>Returns </li></ul></ul>
  15. 15. Map Activity Timeline 09/17/10 Month 1 Month 2 Month 3 Month 4 Activated Twitter Added Twitter to Website Published Fan Page Added Fanpage to Website Press Release Published Blog Post Tweeted new offer Published Blog Post Posted Promotion to FB Spoke at Conference Held Webinar Industry Analyst Mentions Product Launch Leaked picture of product on FB New Product Announced Customer Case Study Comment o Fast Company Blog Posted First YouTube Video Posted pictures to FB Fan Page Publish Blog Post Announce Quarterly Earnings <ul><li>Overlay non-financial and financial to activity </li></ul><ul><li># of transactions, in store visits, coupon redemptions </li></ul><ul><li>Revenue </li></ul>Adapted from Olivier Blanchard at http://thebrandbuilder.wordpress.com
  16. 16. Define Your Success Metrics 09/17/10 Adapted from Olivier Blanchard at http://thebrandbuilder.wordpress.com
  17. 17. 09/17/10 Look for correlation by overlaying social media metrics with financial metrics over the same time period #OPTSUM #ROI via @MikeDMerrill
  18. 18. 09/17/10
  19. 19. Lifetime Customer Value 09/17/10 Years Total Revenue <ul><li>What is the value of a new customer? </li></ul><ul><ul><li>Initial sale </li></ul></ul><ul><ul><li>Repeat business </li></ul></ul><ul><ul><li>Up-sell </li></ul></ul><ul><ul><li>Referrals </li></ul></ul><ul><li>Knowing this value helps you… </li></ul><ul><ul><li>Determine how much to spend to get a new customer </li></ul></ul><ul><ul><li>Focus your marketing budget on the most cost-effective tactics </li></ul></ul><ul><ul><li>Develop plans to increase repeat business </li></ul></ul><ul><ul><li>Create programs to reward customer loyalty </li></ul></ul><ul><ul><li>Offer incentives to drive referrals </li></ul></ul>
  20. 20. Lifetime Customer Value - Example Avg. sale per customer Avg. repeat sales/year Avg. years as customer Special one-time purchases Lifetime customer sales Avg. value of referrals Total lifetime customer sales Gross profit margin Lifetime customer value Program cost Customers to break even 09/17/10
  21. 21. 09/17/10 In order to measure ROI of marketing investments, you need to know Lifetime Customer Value #OPTSUM #ROI via @MikeDMerrill
  22. 22. Basic Online Metrics 09/17/10 Adapted from Paul Gillen at http://www.slideshare.net/pgillin/social-marketing-roi-yes-you-can Lifetime Customer Value (Revenue x Longevity) x Margin Conversion Rate New Customers Visits / Leads Value of a Visit / Lead Visitor x Conversion Rate x LCV
  23. 23. Applying ROI to Value of a Visitor 09/17/10 Adapted from Paul Gillen at http://www.slideshare.net/pgillin/social-marketing-roi-yes-you-can Monthly Visitors 10,000 Conversion Rate 5% Lifetime Customer Value $5,000 Calculation 10,000 * .05 * $5,000 Value of each visitor $25
  24. 24. Value of a Blog 09/17/10 Adapted from Paul Gillen at http://www.slideshare.net/pgillin/social-marketing-roi-yes-you-can ROI= ($25,000 – $6,000) $6,000 316% Monthly Search Traffic 5,000 Estimated Traffic w/Blog 6,000 Value of a visitor $25 Monthly value of a Blog $25,000 Monthly Blog Expense $6,000
  25. 25. 09/17/10
  26. 26. Case Study - Large 4 YR University in OK 09/17/10 Increase in Web Visits Increase in Twitter followers Increase in Revenue
  27. 27. McDonald’s Foursquare Campaign Brought in 33% more Foot Traffic 09/17/10 <ul><li>Foursquare day 4/16 </li></ul><ul><li>Randomly posted $5 and $10 coupons </li></ul><ul><li>Media published and promoted </li></ul><ul><li>Investment $1,000 </li></ul>
  28. 28. Brooks Stone: 1 Cast per month <ul><li>No website </li></ul><ul><li>No online marketing </li></ul><ul><li>No voice </li></ul><ul><li>No reach </li></ul>September 2009 <ul><li>4289 unique visits </li></ul><ul><li>#1 Google result for ”Connecticut Stonemason” </li></ul><ul><li>#1 Bing result for ”bluestone paths ct” </li></ul><ul><li>#1 Yahoo! result for ”ct shoreline stonework” </li></ul>June 2010 I’ve gotten more projects in the first half of 2010 than all of 2009 “ “ - Josh Brooks, Owner
  29. 29. Four Firkins: 1 Cast per day <ul><li>Static website </li></ul><ul><li>Infrequent updates </li></ul><ul><li>700+ Facebook fans </li></ul><ul><li>250+ Twitter followers </li></ul>August 2009 <ul><li>120+ Visits/Day </li></ul><ul><li>66 Clicks on Twitter from 1 Cast </li></ul><ul><li>50,000+ visits in 9 months </li></ul><ul><li>2,326 Facebook fans (330% Increase) </li></ul><ul><li>1,113 Twitter followers (440% Increase) </li></ul><ul><li>Engagement on every Cast </li></ul>June 2010 50% of my store traffic comes in as a direct result of my daily cast “ “ <ul><li>Jason Alvey, Owner </li></ul>
  30. 30. AJ Bombers <ul><li>1 year old Café – Milwaukee </li></ul><ul><li>Growth was static for first 6 months of business (+/- 5%) </li></ul><ul><li>Started using Twitter </li></ul><ul><ul><li>Tweeted specials </li></ul></ul><ul><ul><li>Asked for menu suggestions </li></ul></ul><ul><ul><li>Ran competition for new menu item </li></ul></ul><ul><li>January 2010 started using Foursquare </li></ul><ul><ul><li>Offered Mayor specials </li></ul></ul><ul><ul><li>February 2010 hosted “Swarm” event (50 people checking in) </li></ul></ul><ul><ul><li>1 hour prior ran a training session for non-foursquare users – 50 people showed up for training </li></ul></ul><ul><ul><li>165 showed up for the event </li></ul></ul><ul><ul><li>Growth now running at 110% per month over previous months </li></ul></ul>
  31. 31. Connect With Simon @incslinger [email_address] Book Now available for Pre-Order at Amazon.com save $8 NOW
  32. 33. Social Media Club Mission <ul><li>Promote media literacy, </li></ul><ul><li>Promote standard technologies, </li></ul><ul><li>Encourage ethical behavior, and </li></ul><ul><li>Share best practices. </li></ul><ul><li>Social Media Club hosts conversations that explore key issues facing our society as technologies transform the way we connect, communicate, collaborate and relate to each other. </li></ul>
  33. 34. SMC Dallas Branding and Social Sites <ul><li>Name: Social Media Club of Dallas </li></ul><ul><li>Hashtag: #smcdallas </li></ul><ul><li>Website and Blog: http://www.smcdallas.org </li></ul><ul><li>Twitter: @smcdallas </li></ul><ul><li>Facebook: http://www.facebook.com/smcdallas </li></ul><ul><li>LinkedIn: Search for Social Media Club Dallas </li></ul><ul><li>Flickr: http://www.flickr.com/groups/smcdallas </li></ul>
  34. 35. Upcoming SMC Dallas Events <ul><li>October 7 th , 2010 </li></ul><ul><ul><li>Screening “The Social Network” </li></ul></ul><ul><ul><li>Sponsored by @bizzydallas </li></ul></ul><ul><li>October 21 st , 2010 </li></ul><ul><ul><li>Social Media Tips and Tricks </li></ul></ul><ul><li>November 18 th , 2010 </li></ul><ul><ul><li>Amber Naslund @ambercadabra </li></ul></ul><ul><li>December 8 th , 2010 Holiday Party </li></ul>
  35. 36. <ul><li>Let ’s Connect and Follow Each Other </li></ul>09/17/10 @MikeDMerrill http://www.mikemerrill.com http://www.mikemerrill.com/linkedin http://www.mikemerrill.com/facebook [email_address]