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Exec Summary: Social Media ROI
 

Exec Summary: Social Media ROI

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Report commissioned by the Ark Group

Report commissioned by the Ark Group
Published September, 2012

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    Exec Summary: Social Media ROI Exec Summary: Social Media ROI Document Transcript

    • Measuring the Impact and ROI of Social Media LEE HOPKINS AND ANNE BARTLETT-BRAGGPUBLISHED BY
    • ContentsExecutive summary ............................................................................................................. VAbout the authors .............................................................................................................VIIChapter 1: Assessing the power and impact of social media .............................................. 1By Lee Hopkins Why has social media become so powerful? ........................................................................... 1 The Cluetrain Manifesto ........................................................................................................ 4 Why measure social media? .................................................................................................. 5 The RRISC model .................................................................................................................. 7 The negative social world ...................................................................................................... 8 Summary .............................................................................................................................. 8 Case studies: Social media in action .................................................................................... 10Chapter 2: Linking social media to business objectives ..................................................... 13By Lee Hopkins Sales.................................................................................................................................. 14 Customer service ................................................................................................................ 15 Human resources ................................................................................................................ 17 Public relations ................................................................................................................... 18 Business intelligence............................................................................................................ 19 Conclusion ......................................................................................................................... 22Chapter 3: Setting a social media strategy to achieve business objectives ......................... 23By Lee Hopkins Before you start formulating a strategy .................................................................................. 23 Five Ws and an H – A workbook.......................................................................................... 23 The Five Pillars approach..................................................................................................... 30 A social media strategy formula ........................................................................................... 33 Creating a social media strategy document .......................................................................... 39 Why even have a strategy? .................................................................................................. 39 The benefits of a customised social media strategy ................................................................ 40 Case studies: Social media use that supports business objectives ............................................ 41Chapter 4: Identifying the appropriate metrics to use ....................................................... 47By Lee Hopkins III
    • Contents Measurement programme checklist ..................................................................................... 47 What you can measure ....................................................................................................... 49 Google Analytics ................................................................................................................ 51 Sentiment analysis ............................................................................................................... 53 The marketing–sales relationship: FRY .................................................................................. 54 Summary ............................................................................................................................ 57 Chapter 5: Aligning dashboards with social media objectives ........................................... 59 By Anne Bartlett-Bragg Introduction ........................................................................................................................ 59 What is a dashboard? ......................................................................................................... 60 Anatomy of a social media dashboard ................................................................................. 60 Monitoring ......................................................................................................................... 61 Case study: Using social media dashboards at an international airline.................................... 62 Engagement ....................................................................................................................... 63 Examples of social media dashboards .................................................................................. 64 Analytics............................................................................................................................. 66 What to measure? .............................................................................................................. 67 Workflow integration ........................................................................................................... 68 Chapter 6: Reporting outputs from dashboards – From clicks to insight ............................. 71 By Anne Bartlett-Bragg Sentiment ........................................................................................................................... 72 Influence ............................................................................................................................ 72 Future directions – What’s next?........................................................................................... 74 An interview with a social media practitioner ......................................................................... 75 Chapter 7: Managing change when introducing social media ........................................... 79 By Lee Hopkins Planned and unplanned change .......................................................................................... 79 Forces of change ................................................................................................................ 79 Cultural change .................................................................................................................. 79 Technological change ......................................................................................................... 80 Change leadership ............................................................................................................. 80 Phases of planned change .................................................................................................. 82 Planned change strategies ................................................................................................... 84 Organisational innovation ................................................................................................... 86 Social media and change .................................................................................................... 86 Conclusion ......................................................................................................................... 87 A cautionary word on case studies ....................................................................................... 88 Afterword ......................................................................................................................... 91 Index ............................................................................................................................... 93IV
    • Executive summaryTHE DAYS of Will social media work for us? Chapter 1 explores the essentialHow do we use it? and Who will do this for background to social media and explainsus? have gone. Today, any organisation that why measuring and analysing social mediais client-centric, innovative and competitive metrics is so important to the success of anyconsiders social media as a part of core social media programme.business strategy. Social media has become Chapter 2 helps the wise reader choosea business necessity. It is being used to which business objectives of the organisationcommunicate, to generate business, to social media can help meet. Withoutrecruit, and to network; it’s now ingrained in understanding the importance of tyingorganisations as a fundamental part of all social media progress to real-world businessstrategic initiatives. objectives (financial and non-financial) any But how can you tell if it is really social media programme is destined toworking? You might have some people failure. The chapter examines in particularliking you on Facebook, or have a million how social media can support objectives inpeople following you on Twitter, but are sales, customer service, human resources,you tracking how effective each update public relations and business intelligence.is, or how far your tweets are reaching? Chapter 3 looks at how to setWhat about mobile apps – they are easy social media strategy now that businessto create but how does an organisation objectives have been identified. Two helpfulmatch the consumer use of apps to business approaches are outlined, in a workbookobjectives? And just who is responsible for format, that will enable any organisation tomanaging the return on investment (ROI) of identify the best path to follow, to ensuresocial media? objectives are met and outcomes achieved. With a strategic focus, this report The chapter also includes a wide-rangingprovides organisations at all stages of series of case studies that illustrate howsocial media use with the tools needed organisations have deployed social media toto measure success in business terms, support business goals.from the effective use of manpower/time, Chapter 4 looks at which metricsand benchmarking individual campaigns, should be tracked in order to determine thethrough to performance metrics for each progress of the social media programme.unique social media platform. The report An extensive list of possible measurementswill show that social media ROI is more is supplied, by platform, but the emphasisthan just saying, “We grew 1,000 fans this is placed on each individual organisationmonth”; it’s saying why it is important that assessing which metrics will be mostwe grew 1,000 fans, and what the business appropriate to measure success against theoutcome is of such growth. stated business aims. Google Analytics and V
    • sentiment analysis are discussed, and the Packed with practical tips and real-world FRY (frequency, reach, yield) approach to insights, this report is essential reading for business metrics analysis is explored. any organisation which wants to ensure Chapter 5 addresses how to understand that time and money spent on social media the capabilities of social media dashboards activities are reaping real business benefit. and align these to the identified social media objectives, which will be critical in the selection of appropriate software platforms. A case study is included to illustrate how dashboards have been implemented within an organisation and how valuable information is being gained that can be communicated to the business. In Chapter 6, a review of using dashboards to report social media analysis is approached from a business or social intelligence perspective, progressing the use of analytics dashboards for measurement into reports that inform insight. That is, using the results to provide brand insight which can inform future product or service directions and how best to leverage social media activities to enable those directions. In addition, the role of a social media analyst is discussed and an interview with a current practitioner offers a view of the importance and future direction for this type of role in the organisational structure. Chapter 7 considers the all-important issue of change management. Introducing a social media programme into an organisation will create change, and as we all know, change scares people, from the CEO down. Therefore, managing how the organisation and the executive approach social media, and managing their expectations of what a social media programme can deliver, is essential to the programme’s success. An afterword wraps up the report and offers suggestions as to where readers can go for further advice, guidance and knowledge.VI
    • About the authorsLead author – Lee HopkinsLee is the CEO of Better Communication Results, a consultancy that has assisted companiesworldwide to communicate better for better results. He has consulted to a range of organisations,from the medium sized up to the multi-national. He is the author of two previous Ark Group reportson social media, and is currently pursuing a doctorate in Communication from the University ofSouth Australia.Contributing author – Anne Bartlett-BraggAnne is managing director at Headshift Asia Pacific. She specialises in the creation of innovativecommunication networks with social media. She uses her research and studies into thecommunication aspects of social media, including deep analysis and social intelligence, to providean informed backdrop to understanding how people are using new tools and changing traditionalmodels of communication. She constantly challenges organisations to reframe their models ofcommunication, service design, and workforce engagement. Anne is currently in the final stages of completing her PhD which has explored adult learners’experiences of developing learning networks through self-publishing technologies such as weblogs. VII
    • ”” Measuring the Impact and ROI of Social Media  I would like to purchase the report for AUD Authors: Lee Hopkins and Anne Bartlett-Bragg $302.50 inclusive of gst, plus $15 postage and handling Pre-Publication offer: Just $302.50 inc gst (RRP $434.50) until 5pm Friday 14th Sept This special ends Friday 14 Sept 2012 (no extensions sorry)            @                         