social media roi - quantify and justify your social media campaign
DESCRIPTION
This presentation shatters conventional myths about social media and explains how to make the most of your social media campaign.TRANSCRIPT
Social Media ROIMyth or Measurable?
Arun Nair, Samriddhi 2010
ROI =Cost Of Investment
Gain From Investment - Cost Of Investment
ROI (Return on Investment)
Myth #1
“Social Media and ROI are like Chalk and Cheese. It doesn’t work. There is no financial impact anyway” – Mr Doohickey, Chief Ignorant Officer
Most purchases are influenced by these very attributes of social media!
Social Media as a Catalyst
Conventional Campaigns
+[ Social Media ]
=Enhanced ROI
More Sales Increased Campaign Recall Reduced Costs
“What gets Measured gets Managed”- Peter Drucker
Myth #2
“Social Media is about conversations, word of mouth, advocacy. How can you measure that?”- Mr Blahman, Clueless Consulting
Social Media is measurable…just not with conventional success metrics…because it benefits your organization, more than than just boosting sales!
Be clear about the Objectives and set Expectations accordingly.
Set the right Metrics and use the Right tools.There are Free tools that make it Easy to Quantify Impact and ROI
The right metrics
Number of new customers / salesReduction in support costs
Number of influential people who tweet something about us
Number of influential blogs that linked to us
Number of new things we discovered about customers that we never knew before
Ratio of positive comments to negative ones
Number of people that join a discussion
The right tools
• Google Analytics• Bit.ly• Alexa• Twitter Grader• Twitter Search• Technorati• Klout• Social Mention• Radian6
Case Studies
Intel Insiders
GoalTurn customers into fans
TacticsRecruit 10 prominent bloggers for access, trials
MetricsBlog posts, videos, tweets, traffic
ResultsOne video received 320,000 views, 6,200 downloads of Facebook app, Many blog entries
Program renewed for second year
Starbucks
GoalEngage with customers/prospects using social media and ask what they would like from you
TacticsLaunched the My Starbucks Idea website
MetricsNumber of good suggestion that Starbucks hadn’t thought of, % of the above that Starbucks actually implements
ResultsResults not known, but Starbucks generated over 70,000 ideas in its first year of implementation alone!50 of the ideas have been implemented already.
Dell
GoalImprove image
TacticsDirect response to all Dell mentions on blogs and Twitter
MetricsSentiment analysis
ResultsNegative comments reduced from 60% to 20% of online mentions over six-month period
Stanford University
GoalIncrease alumni & student affinity, Build reputation as major research center
TacticsFacebook fan page with multimedia and broad participation from across university departments
MetricsLikes, comments, removed fans, media consumption, surveys
ResultsFan count grew from 11,500 to 41,100 in six months, % of prospective students, students and alumni citing favorable impact ranged from 70% to 90%
Sutter Medical Centre
GoalBuild support for new medical center to replace aging but popular building and reduce misinformation
TacticsBroad outreach through blogs and nearly every available social networking channel
Metrics# of mentions, Sentiment analysis, surveys
ResultsSix months after program began, support levels for project exceeded 90%
