roi of social media b2b oct 2011
DESCRIPTION
Where does social media fit in an investment firms' marketing plan? How do you gauge success? Financial services marketers are finding that social media has a place in the media mix. But it's too early to suggest that traditional advertising will be overtaken by social media any time soon. This presentation examines the metrics CMOs are using today to assess social media effectiveness. Connecting the dots of social, content and digital strategies will effect brand visibility. We look at small and large financial services firms and how they are using social media in the mix.TRANSCRIPT
The ROI of Social Media: Financial Services and B2B
Gerri Leder October 25, 2011
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The family reunion scavenger hunt (story)
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Lessons learned: 1. The winner is the often the one with the best strategy 2. Speed is overrated 3. Digital/social media is simply a tool in your strategy
Many in social media confuse strategies, platforms and tactics
Strategies: – Content strategy: search engine optimization (SEO) – Sponsored search/ Google AdWords (search engine marketing) – Capture followers to build distribution – Brand awareness – Lead capture for other uses
Platforms: – Twitter, LinkedIn, Facebook – Blogs, Comments, Chat rooms
Tactics: – Email - link to blog – Facebook contest – Monitoring consumer comments – Tweet
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How did B2B marketers allocate their marketing budget in 2010?
Breakdown of digital marketing methods (as a percentage of the total marketing budget)
Source: Google B2B “2010 Outlook” survey
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B2B online marketing spending increases from B2B firms 2010 vs. 2009
Source: Google B2B “2010 Outlook” survey 5
Changes in marketing spending 2011vs. 2010: content is new challenge!
Source: Google 2011 B2B survey
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Current gauges of SM success: Metrics CMOs use
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68% Site traffic
66% Conversion
63% # of positive
customer mentions
63% # of fans/ members
50% # of
contributors
50% Revenue
43% # of page
views 42%
# of posts
41% # of
mentions 23%
Average order value
16% Reduced returns
15% Increased channel
sales
11% Reduced
call volume
7% Do not track
7% Other
Source: MDGadvertising; mindjumpers.com
… far trickier to Identify the value of social media in dollars and cents
Social media may not be for you (at this stage) if these metrics are not important to you.
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How are B2B early adopters using social media? Hint: Integration of traditional and digital media balances consumer reach and message control.
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Business Wire uses guerrilla marketing to win visibility
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Goal: Contest to win Facebook followers to Business Wire for future campaigns
Ameriprise uses PR and social media to promote national TV ad campaign (1 of 3)
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Link to Facebook page
Click thru to ads on YouTube
Ameriprise bang for the buck (2 of 3)
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Facebook page reinforces ad messaging
Ameriprise TV ads on YouTube (3 of 3)
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Lessons from a financial marketing consultant
1. Social media does not replace or reduce the need for traditional or paid advertising. Nor would you want to launch a traditional advertising campaign without considering use of digital and social media.
2. Compliance and regulatory concerns have slowed the adoption of social media by financial services companies and financial advisors in particular.
3. Chief marketing officers and sales management executives, not compliance will be the driving force for adopting social media. Insurance companies and RIAs are ahead of other investment firms in employing social media for practice building and networking.
4. Social media will be an important networking tool. Think about “when” and not “if”…
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How can small businesses - RIAs and independent advisory firms maximize ROI on social media?
(Case study: small business)
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One firm’s digital marketing journey
Objective: increase visibility for name and brand among financial services executives; secondarily, attract Web site visitors and possibly new business inquiries. Strategy: content strategy around financial marketing topics; leverage content as much as possible by speaking, writing, social media Tactics: Email to known prospects (2009 – quarterly & ongoing) LinkedIn (2009) Speaking at industry conferences Leverage content through writing industry articles Conduct/publish survey on Survey Monkey (3/10) Google AdWords (modest budget to test and learn) (7/10 – ongoing) Twitter (7/11 – ongoing)
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Google Analytics provides this monthly report:
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Follow the trend to assess ROI
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ROI: cause and effect
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Company’s ROI
1. Four-fold increase in Web site visitors over 19 months 2. Higher visibility on search engines 3. More new business inquiries, invitations to speak and write 4. Greater understanding of how to impact inquiries
– Leading search terms tell what to write and blog about – Top referring sites show who your friends are – Metrics show where to invest in key words
In a difficult business climate, company is making the best of business opportunities.
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7 steps to getting started:
1. Be clear about marketing/business strategy driving social media – Take time to assess how social media fits in with comprehensive
marketing program – Target audience: how are they engaging?
2. Social media will point to your web site: is it social media ready? 3. Start with a modest action plan and build on it with new and
innovative digital approaches. 4. Identify metrics to gauge success 5. Assign senior marketing supervision to your social media program 6. Test and learn – invest where you are getting the greatest return 7. Review often. New releases, new approaches are unfolding. Keep
current, make changes are you see what’s working!
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Good luck!
For more information, contact Gerri Leder at:
443-279-7901 [email protected] www. LederMark.com
www.twitter.com/LederMark
LederMark Communications is a marketing strategy consulting and communications firm serving financial services companies that market through
financial advisors.
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