social media roi

34
with Yongfook of ~ a digital business incubator, based in Tokyo Social Media ROI Measuring the Unmeasurable?

Upload: jon-yongfook

Post on 11-Aug-2014

204.217 views

Category:

Business


0 download

DESCRIPTION

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.

TRANSCRIPT

Page 1: Social Media ROI

with Yongfook of ~ a digital business incubator, based in Tokyo

Social Media ROIMeasuring the Unmeasurable?

Page 2: Social Media ROI

“Social media is like teen sex”Avinash Kaushik - Analytics Evangelist, Google

Page 3: Social Media ROI

“Social media is like teen sex.Everyone wants to do it.Nobody knows how.When it’s finally done there is surprise it’s not better.”

Avinash Kaushik - Analytics Evangelist, Google

Page 4: Social Media ROI

What “investment”?

Page 5: Social Media ROI

What “investment”?

Page 6: Social Media ROI

Is social media an extension of business ethics? Should there even be a “return”?

Page 7: Social Media ROI

There seem to be a lot of qualitative benefits...

•Loyalty

•Trust

•Passion

•Interaction

• Brand Awareness

Page 8: Social Media ROI

...but you’ll probably be told

that stuff is hard to measure lol

Page 9: Social Media ROI

Fragmentation doesn’t make it much easier

Page 10: Social Media ROI

It IS easy to measure, just not with conventional success metrics...

...because it affects more of your organisation’s attributes than just boosting sales

Page 11: Social Media ROI

Know which needles* you want to move and how to keep track.

Page 12: Social Media ROI

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.

Page 13: Social Media ROI

Ignore meaningless metrics like “number of followers”. A successful campaign is about more than just getting attention.

Page 14: Social Media ROI

Define your success metricNumber of people who filled in the “get more info” form

Number of influential people who tweet something about us

Number of influential blogs that linked to us

Number of repeating, unique visitors

Number of new customers / sales

Number of people who used a specific coupon that is associated with this campaign

Number of minutes a day we are nice to customers

Number of features suggested by users that we actually implement

Number of people in a specific location / demographic who follow us on twitter

Number of new things we discovered about customers that we never knew before

Reduction in support costs

Increase in Pagerank

Page 15: Social Media ROI

Define your success metricNumber of people who filled in the “get more info” form

Number of influential people who tweet something about us

Number of influential blogs that linked to us

Number of repeating, unique visitors

Number of new customers / sales

Number of people who used a specific coupon that is associated with this campaign

Number of minutes a day we are nice to customers

Number of features suggested by users that we actually implement

Number of people in a specific location / demographic who follow us on twitter

Your marketing team / social media consultantcan help you define these.

Number of new things we discovered about customers that we never knew before

Reduction in support costs

Increase in Pagerank

Page 16: Social Media ROI

•Define relevant success metrics that translate into a business context.

• Quantitative - sales (obviously), new leads, new qualified 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 don’t get good returns. Repeat.

Page 17: Social Media ROI

Measuring Qualitative Returns

Page 18: Social Media ROI
Page 19: Social Media ROI

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...

- Amount of positive comments sent to customers per week within a given time ceiling

- Amount of conversations that started from the comment.

N amount of positive conversations about your company or product per week

Measuring Qualitative Returns

Page 20: Social Media ROI
Page 21: Social Media ROI

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...

- Amount of good suggestions that your company hadn’t thought of.

- Amount of the above that your company actually implements.

N amount of suggestions collected per month and N amount that you actually implement.

Measuring Qualitative Returns

Page 22: Social Media ROI
Page 23: Social Media ROI

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 first, promoting your company second.

Success Metrics Goal As implemented by...

- Amount of influential blogs linking to you.

- Pagerank relative to that of competitors.

- Amount of organic traffic per month.

- Amount of traffic that converts to sales.

N Pagerank by a certain date.

Nth position in Pagerank relative to competitors by a certain date.

N% of organic traffic per month.

$N per month attributable to referrals from blog.

Measuring Qualitative Returns

Page 24: Social Media ROI

Measuring Quantitative Returns

Page 25: Social Media ROI
Page 26: Social Media ROI

A campaign to increase Offline Sales

Implement a promotion on a social media platform. Give participants a printable campaign voucher so you can track where offline sales originated.

Success Metrics Goal As implemented by...

- monthly sales

- monthly store traffic

$N monthly sales

N% increase in store traffic over the pre-promotion period.

Measuring Quantitative Returns

Page 27: Social Media ROI
Page 28: Social Media ROI

A campaign to increase Online Sales

Use Twitter to inform prospects about special promotions, capitalising on Twitter’s real-time nature for exclusive, limited-customer / limited-period offers.

Success Metrics Goal As implemented by...

- monthly sales attributable directly to Twitter

- new customers attributable 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)

$N monthly sales

$N monthly sales directly attributable to Twitter

Measuring Quantitative Returns

Page 29: Social Media ROI

Remember that driving targeted traffic from social media sources is only half the challenge if you’re trying to sell something.

Flawlessly-executed social media campaign Your websiteIs a door to...

Page 30: Social Media ROI

Learn about:A/B and Multivariate TestingDesigning to sell

Get into the habit of:Testing, testing, testing

Hire a:CopywriterWeb designer who likes sellingPerson who can manage all of the above

Page 31: Social Media ROI

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)

Page 32: Social Media ROI

You can also ask me about this or any of the other stuff I’ve talked about. Happy to chat.

http://www.slideshare.net/yongfookView / Download this presentation:

Page 33: Social Media ROI

CEO of

http://www.rippl3.com

Digital Business Incubationhttp://www.egg-co.com

http://www.opensourcefood.comhttp://www.sweetcron.com

http://www.rippl3.com

Coming soon - an easy-to-use tool related to the stuff I talked about today...

http://www.yongfook.com

Page 34: Social Media ROI

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: