Andrew Gerrard - #smib10 Presentation

[twitter]Enough of this Twitter “Twat” crap! SHOW. ME. THE. MONEY. - http://twitpic.com/1p8xrn My opening slide from[/twitter]
[twitter]Social Media for businesses is NOT free. It takes People, Tools and Time. All of which, in any org., need resources & budget[/twitter]Social Media is NOT freeBecause things in the real world cost moneyIt takes:People & resourcesTools & TechnologyTime AND BUDGET!All of which are limited
[twitter]KTHXBAI = http://bit.ly/KTHXBAI [/twitter]
[twitter]Businesses have real & fixed costs - they have to slice up their resources and budget accordingly, incl. Social Media [/twitter]You have real & fixed costs:Head countMarketing , PR, Advertising sales Customer Service – Call centresManufacturing, Production, ITBUT many of these resources are also those that generate your business – everybody works in marketing & customer service these daysSo the budget has to be sliced up.The pie has to go around which means in all probability you have to take budget from somewhere else.Business managers will ask “WHY?” – so it has to be justified
[twitter]One of the 1st places to start measuring Social Media performance & impact is in Customer-Service delivery costs[/twitter]So Why Social Media?Reduce the cost of customer service = Saving money. Maximising the efficiency of our limited resourcesIncrease the value of a customer = Bigger profits
[twitter]Business objectives & tactics are measured on a mix of metrics, incl. hard financials AND soft KPIs http://bit.ly/SMROI_KPI[/twitter](http://bit.ly/SMROI_KPI)Why? Traditional business metrics & rationalesThese things too
[twitter]Income and spend can be defined in a number of different ways. But they all lead to the same basic business fundamental - ROI[/twitter]Income and spend can be defined in a number of different ways. But they all lead to the same basic business fundamental - ROI
[twitter]ROI is NOT a media metric. It is a Business metric. And Social media should be measured against it[/twitter]Trying to evaluate ROI based on your media spend Campaign measurement & performance are important but on their own they don’t give you the other important parts of picturee.g. ROIDoesn’t matter if you are spending big budgets on major campaigns or small tactical executionsIt doesn’t matter if you are measured on cost control or savingsAnd what about the ROI of NOT doing something or doing something and failing e.g. Eurostar, Nestle, Skittles, United Breaks Guitars, The Key Influencer (Fedex)
[twitter]Start to measure the ROI impact of Social Media by doing some activity[/twitter]So – supposing you get approval to do some Social MediaYou get some budget from somewhereThe business manager says Yes.Someone decides to take a chance & test it.All you have to do now is Prove it
[twitter]Social Media monitoring gives us a rich set of data to measure our campaign performance[/twitter]WooHooFollowers are following, Fans are joining in droves. The blog is ranked high on Google. Our sentiment analysis shows a rise. Negatives are down, positives are up. Traffic is up. Retweets are at a high.We’re listening. We’re learning. We’re engaging. We are locked & loaded, and firing on all our social media cylinders
[twitter]No. of followers and fans are good for tracking campaign & promotion success. But they do not measure business impact[/twitter]But these are not financial impact measuresThey may be good for tracking campaign and promotion success – but they don’t give us true insight into how they are affecting our businessWe need to find some way of equating this to business performanceSOYou invest in something. You do something. It causes a re-action. There is a non-financial impact. It creates a financial impact
[twitter]Benchmark your business to get an accurate initial baseline before measuring the effects of your Social Media[/twitter]Look at what’s gone beforeSet baseline measurementsIrrespective of whether they used social media or notThe key here is to establish the point at which you want to measure the effect and change that social media is havingMonitoring and measuring to provide base data is key. Business performance, Analytics, Market research etc.What is our growth rateHow much revenue did we makeWhat is our profitHow much did it cost us
[twitter]Track & measure real-world business performance, as well as your Social Media mentions and sentiment[/twitter]Measure transaction data - FREQUENCY, REACH, YIELDHow often customers transact. (transactions per month)How many customers you are reaching. (net new customers)How much did they spend. (£ per transaction)Revenue per customerCost per customerBe specific.So now to figure out the difference Social Media is having
[twitter]Overlay ALL campaign activity to establish the correlation between what you did and what happened[/twitter]Web trafficBlog visits, comments & website ClickThroughsTwitter followersVideo / podcast subscribers / playsSentiment analysisFacebook friends or fansDemand on mobile serversTransactional precursors – like retail footfallOnline AND OfflineRetail store footfallOTV – Opportunities to viewAVE – Advertising Value EquivalencyCustomer service costsNeed to equate this to traditional sales & marketing activity incl. OfflineSANYO Xacti launchHD video cameraConsumer tech product launch5 figure budget6 countries – 2x Europe, 2x N.Amer. & 2x Far EastSegmented audienceDevelop marketing strategyIntegrate social media Blogger outreach Specific vertical market engagement Style - Young fashionistas Music SportsCharles SchwabVirgin Media
[twitter]There is no substitute for doing the analysis. Find the links that relate activity, performance and results[/twitter]Look for the patternsRelationships & CorelationsImpactsCauses & effectsCoefficients, deltas & indecesStatistical probabilitiesThere is no substitute for doing number crunchingAND thenPlug in the cost savings and revenue gains
[twitter]Social Media activity and campaign performance CAN be equated to the ROI of cost-savings and business generated[/twitter]

Andrew Gerrard - #smib10 Presentation

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