Writeup: http://zygote.egg-co.com/social-media-roi/ A presentation on social media ROI. I tend to be quite visual with my presentations so you won't get a lot of the wordy content unless you're there listening to me! But anyway, it's roughly split into 3 parts: 1) Identifying why ROI from social media is difficult to measure. 2) Thinking about how to define new success metrics that make sense for your business. 3) Real-world campaigns and how you could measure their success.
Text of Social Media ROI
Social Media ROI Measuring the Unmeasurable? with Yongfook of ~ a digital business incubator, based in Tokyo
Social media is like teen sex Avinash Kaushik - Analytics Evangelist, Google
Social media is like teen sex. Everyone wants to do it. Nobody knows how. When its nally done there is surprise its not better. Avinash Kaushik - Analytics Evangelist, Google
Is social media an extension of business ethics? Should there even be a return?
There seem to be a lot of qualitative benets... Loyalty Trust Passion Interaction Brand Awareness
...but youll probably be told that stuff is hard to measure lol
Fragmentation doesnt make it much easier
It IS easy to measure, just not with conventional success metrics... ...because it affects more of your organisations attributes than just boosting sales
Know which needles* you want to move and how to keep track.
Know which needles* you want to move and how to keep track. *be strict and choose metrics that actually translate into a business context for your organisation.
Ignore meaningless metrics like number of followers. A successful campaign is about more than just getting attention.
Dene your success metric Number of people who lled in the get more info form Number of new customers / sales Reduction in support costs Number of minutes a day we are nice to customers Number of people who used a specic coupon that is associated with this campaign Number of inuential people who tweet something about us Number of inuential blogs that linked to us Number of features suggested by users that we actually implement Number of repeating, unique visitors Increase in Pagerank Number of people in a specic location / demographic who follow us on twitter Number of new things we discovered about customers that we never knew before
Dene your success metric Number of people who lled in the get more info form Number of new customers / sales Reduction in support costs Number of minutes a day we are nice to customers Number of people who used a specic coupon that is associated with this campaign Your marketing team / social media consultant Number of inuential people who tweet something about us can help you dene these. Number of inuential blogs that linked to us Number of features suggested by users that we actually implement Number of repeating, unique visitors Increase in Pagerank Number of people in a specic location / demographic who follow us on twitter Number of new things we discovered about customers that we never knew before
Dene relevant success metrics that translate into a business context. Quantitative - sales (obviously), new leads, new qualied subscribers Qualitative - satisfaction, loyalty, authority, interaction, feedback For qualitative goals, use simple rules as metrics. Set campaign goals based on these metrics. Your return is successfully meeting or exceeding these goals. Implement campaign, review metrics and goals. Filter out channels and strategies that dont get good returns. Repeat.
Measuring Qualitative Returns
A simple campaign to build Loyalty & Trust Be nice to customers who mention your company / product name on Twitter. Success Metrics Goal As implemented by... N amount of positive - Amount of positive comments sent to customers conversations about your per week within a given time company or product per week ceiling - Amount of conversations that started from the comment. Measuring Qualitative Returns
A campaign to increase Satisfaction Engage with customers / prospects using social media and ask what they would like from you. Success Metrics Goal As implemented by... N amount of suggestions - Amount of good suggestions that your company hadnt collected per month and N thought of. amount that you actually implement. - Amount of the above that your company actually implements. Measuring Qualitative Returns
A campaign to increase Authority Start a blog on a topic that relates to your company and that you an expert on. Focus on writing authoritative content rst, promoting your company second. Success Metrics Goal As implemented by... N Pagerank by a certain date. - Amount of inuential blogs linking to you. Nth position in Pagerank - Pagerank relative to that of relative to competitors by a competitors. certain date. - Amount of organic trafc per N% of organic trafc per month. month. - Amount of trafc that $N per month attributable to converts to sales. referrals from blog. Measuring Qualitative Returns
Measuring Quantitative Returns
A campaign to increase Ofine Sales Implement a promotion on a social media platform. Give participants a printable campaign voucher so you can track where ofine sales originated. Success Metrics Goal As implemented by... $N monthly sales - monthly sales - monthly store trafc N% increase in store trafc over the pre-promotion period. Measuring Quantitative Returns
A campaign to increase Online Sales Use Twitter to inform prospects about special promotions, capitalising on Twitters real-time nature for exclusive, limited-customer / limited-period offers. Success Metrics Goal As implemented by... $N monthly sales - monthly sales attributable directly to Twitter $N monthly sales directly - new customers attributable attributable to Twitter directly to Twitter - monthly revenue generated from customers originally from Twitter (i.e. did the customer go back later of their own accord and buy more) Measuring Quantitative Returns
Remember that driving targeted trafc from social media sources is only half the challenge if youre trying to sell something. Flawlessly-executed social media campaign Is a door to... Your website
Learn about: A/B and Multivariate Testing Designing to sell Get into the habit of: Testing, testing, testing Hire a: Copywriter Web designer who likes selling Person who can manage all of the above
Dave McClure has a good presentation online about metrics and measurement: http://www.slideshare.net/Startonomics/startup-metrics-for-pirates-presentation AARRR (this makes sense if you watch his presentation)
You can also ask me about this or any of the other stuff Ive talked about. Happy to chat. View / Download this presentation: http://www.slideshare.net/yongfook
CEO of http://www.yongfook.com Digital Business Incubation http://www.egg-co.com http://www.opensourcefood.com http://www.sweetcron.com http://www.rippl3.com Coming soon - an easy-to-use tool related to the stuff I talked about today... http://www.rippl3.com
Thank You! If you need to get in touch, for the rest of my trip I can be found sitting in front of a bowl of this: