roi on social media
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DESCRIPTIONare there any return on social media?returns on social media??
- 1. ROI FOR SOCIAL MEDIA
Are there any?Or its just another medium for popularity!!!
Getting financial gains from social networking site?
Social networking can ever increase business revenues??
2. TOO MANY QUERIES???
And toooo.. many opinions!
Read on to form your opinion..
3. While determining the ROI for Social Media..................The problem with trying to determine ROI for social media is we are trying to put numeric quantities around human interactions and conversations, which arenot quantifiable. ORConsidering wrong parameterslike Number of people following or liking the profile is not the key to determine the effectiveness.
4. There are three types of results in interactive measurement:
Outputs(impressions, share of voice, tone, etc.)
Outcomes(attitude shift, behavior change, expanding reach)
Business results, We havent figured that part out yet.
And theyre not going to. And neither are any of us unless we start looking at the results in relation to the
GOALS OF THE ORGANIZATION
If your goal is to participate in the conversation, to enhance your relationship with your audiences and become a trusted member of the community that surrounds your brand, then your measures should prove youve done those things.
Your ROI is what you got out of the conversation, not what you got out of their checkbook
- The returns expected from social media is different from business to business and nature of the business.
ITS MORE ABOUT DEFINING YOUR SUCCESS PARAMETERS!
That is different for a :
Digital marketing firm Ice cream company Mobile companySOCIAL MEDIA Cosmetic company Automobile company, Medical and health company
6. A ice cream company takes advantage of its popularity and maintains the profile to take leverage by involving people, children and maintaining their participation.
7. A automobile company launching new product of existing brand:
Here it will explore social media to create awareness and make people curious about the product. Sales is not the main aim but to generate people feed back, reactions and suggestions of expectation in the current market
Instead of unveiling the top-selling Ford Explorer at an auto show, the car company will reveal it on Facebook instead. According to USA Today, Ford thinks the 500-million member social media site is a better place to reach its customers.
We live in a 140-character society," Scott Monty, Ford's head of social media, told USA today, referring to the Twitter character limit. "When we have people's attention, we want to make sure it sticks."
By using a social marketing strategy, Ford hopes to update its brand and make its cars seem more current.
8. A pre launch of Maruti Wagon R on Facebook
9. Herethe main will be to find out the monthly salesthat comes directly from twitter, monthly revenue generated from twitter account. The direct concern for exploring socialmedia is to increase the sales of DELL products.
10. Social media fora Digital marketing firm like Search Value
Return depends on
12. Return on investment on Social Media
The level of success in social media (as determined by ROI) is directly proportional to the speed at which
You gain trust among your audience,
The social nature of your products/services,
The nature of your social network traffic conversion funnel that is your sales.
Return on time and investment comes indirectly through how you brand yourself, overall presence on search engine branding, search engine visibility and from those seeking more information about the persona who is engaging in the social media space to see what they (or their business has to offer).
13. So if its sales: it gets youcustomers
$10,000 in Direct mail= 200 new customers.
$7500 on Billboard= 300 new customers.
$0 twitter=1800 new customers
14. FACEBOOK IS NO MORE A MEDIUM TO SELL PRODUCTS
COMPANY PROMOTE THE BRAND BY USING FACEBOOK AS THEIR USP..
15. A Mobile Phone For FacebookLoversRealizing the high ROI involved mobile company launch their product projecting Facebook as source of branding.
16. INQ launches two new mobile phonesIt claims to be the first Twitter phone!!
17. 7 Steps to measure the ROI
Define the R
Define the I
Define your audiences and how you impact them
Define your benchmarks
Define your key performance indicators.
Selecting a tool and pick a tool
Selecting a measurement tool
18. Define the R
- What are the result expected?
19. What are you trying to gain "your mission or your business goal 20. How and when you want to gain the result, like duration, how early or fast the outcomes are expected 21. The nature of the outcomes expected like monetary or brand popularity etc.