• Save
Practical tips to measure the success of your social media strategy

Upcoming SlideShare
Loading in...5
×

Like this? Share it with your network

Share

Practical tips to measure the success of your social media strategy


  • 980 views
Uploaded on

As a communicator, you know the importance of using social media, but have you mastered how to measure the success of your efforts? Knowing how your social media efforts impact the bottom line is......

As a communicator, you know the importance of using social media, but have you mastered how to measure the success of your efforts? Knowing how your social media efforts impact the bottom line is not only important, it’s imperative. How do you measure the return on a tweet or Facebook post.

More in: Business
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
980
On Slideshare
980
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. http://www.flickr.com/photos/johnny_one-spur/240600189/ Practical tips to measure the success of your social media strategyFriday, October 12, 12
  • 2. About me • Director, Digital Marketing and Communications, Inova Health System • Nationally recognized expert in marketing ROI • External Advisory Board Member, Mayo Clinic Center for Social Media • Marketing/communications consultant for more than 200 business www.christopherboyer.com My Twitter handle: @chrisboyer Conference hashtag: #ragansocmedFriday, October 12, 12
  • 3. Traditional channels aren’t working http://www.blueglass.com/infographics/inbound-marketing-rising-infographic/Friday, October 12, 12
  • 4. I feel sorry for traditional media • Badthe news in-the NYT is at least a day old” “All timing • Very expensive - $114,174 • Not personal - • Broadcast 4Friday, October 12, 12
  • 5. Social media is a key part of our livesFriday, October 12, 12
  • 6. But is that true for businesses?Friday, October 12, 12
  • 7. Social media: a definition(?!?) "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael HaenlinFriday, October 12, 12
  • 8. Social media: a definition(?!?) "A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content." - Andreas Kaplan & Michael HaenlinFriday, October 12, 12
  • 9. How I define social media • Transparency • Credibility • Relevancy • Trust • “Communities of Interest”Friday, October 12, 12
  • 10. Social media shouldn’t force us to be transparent. We should.Friday, October 12, 12
  • 11. Building credibility • Being authentic • Understanding the various social mediums • Give it time • Add creativity and originality • Take risks • Don’t be afraid to failFriday, October 12, 12
  • 12. Friday, October 12, 12
  • 13. http://youtu.be/FdgO3cEYYTwFriday, October 12, 12
  • 14. The cornerstoneFriday, October 12, 12
  • 15. 1Friday, October 12, 12
  • 16. Continuum of “I-Don’t-Care” Don’t Care Care somewhat Care deeply (not engaged) (kinda engaged) g Opi nions Sharin esearching R iscovering DFriday, October 12, 12
  • 17. Social media provides relevant messages at the right time Facebook Pinterest Forums Twitter Flickr SMM UStream Yelp! Digg SlideShare LinkedIn Local Angie’s List Wordpress Tumblr Listings Microsites g Op inions Foursquare Google+ S harin YouTube esearching R Blogs iscovering DFriday, October 12, 12
  • 18. “The desire to be part of a group that shares, cooperates, or acts in concert is a basic human instinct.” - Clay ShirkyFriday, October 12, 12
  • 19. Social networks are how we connect. Communities of interest are why we connect.Friday, October 12, 12
  • 20. Friday, October 12, 12
  • 21. Friday, October 12, 12
  • 22. Multiple uses for social media • Customer service/service recovery • Patient education • Real-time market research • Influencer engagement • Crisis management • Brand protection/equity • Word-of-mouth marketingFriday, October 12, 12
  • 23. Social media has changed everythingFriday, October 12, 12
  • 24. Not that it’s the panacea... http://wtfqrcodes.comFriday, October 12, 12
  • 25. Our guiding principles: As communicators, we should strive to: • Provide access to the best, up-to-date information about our organization • Promote our strengths and differences • Develop strong relationships with our community • Be fiscally sound with our effortsFriday, October 12, 12
  • 26. But how do we know we’re doing thisFriday, October 12, 12
  • 27. "To measure is Importance of measurement: to know." “If you can not measure it, you can not improve it.” Lord William Thompson KelvinFriday, October 12, 12
  • 28. Doing more...with less • Consumers/employees are ahead of us • Bosses expect more • Budgets are tightening • 24x7 information cycle • There’s not enough time • There’s not enough trainingFriday, October 12, 12
  • 29. Friday, October 12, 12
  • 30. The new communications equation: Forced to do more with less People don’t care (or pay attention) Traditional channels don’t work well We have to do things better (social media). And we have to measure to improve!Friday, October 12, 12
  • 31. Some social media measurements • Fans/followers/friends • Likes/favorites • Clicks • Comments • Positive ratings/sentiment • Subscriptions • Impressions • Other? 100 ways to measure: http://bit.ly/100waysFriday, October 12, 12
  • 32. Behaviorial metrics: • Increased number of followers • Shares and RT’s • Click through’s • CommentsFriday, October 12, 12
  • 33. Attitudinal metrics: • Sentiment/perception • Positive comments • Measuring attribution • Anecdotal feedbackFriday, October 12, 12
  • 34. Financial measurements: • Revenue • Customer acquisition • ROIFriday, October 12, 12
  • 35. Friday, October 12, 12
  • 36. Which brings me to pants Contrary to popular belief, there is ROI in everything ...including social media.Friday, October 12, 12
  • 37. Why does the discussion of social media ROI sometimes make me feel like this? 37Friday, October 12, 12
  • 38. Is social media ROI truly “ROI”? • Return on Results (ROR) • Return on Opportunity (ROO) • Return on Engagement (ROE) • Likes Accumulated from Facebook Followers (LAFF) • Time We Invest in Twitter Spam (TWITS)Friday, October 12, 12
  • 39. ROI should always be tied to $$$ “Social Media ROI reflects any other marketing-related ROI: the net financial revenue to the organization from the effort, after having accounted for the efforts costs.  FI-NAN-CIAL money dough bottom line coin or, as I like to call it, ROI” - Chris Bevolo @intervalchrisFriday, October 12, 12
  • 40. ROI = (financial gain/savings - cost) costFriday, October 12, 12
  • 41. Why should we measure ROI? • Only 27% of exec’s believe social media is strategic priority - Jive Social Business Index Survey • 59% of marketers use social media 6 hours or more/week - Social Media Marketing Industry Report • If you don’t measure, don’t worry: your successor will - Chris BoyerFriday, October 12, 12
  • 42. 1 Profitable services Profitable revenue Three ways to measure ROIFriday, October 12, 12
  • 43. Driving growth through social media • Use social media to lead to other marketing: • Websites • Seminars • Downloads • Use tools to measure attribution • Lead social media fans to convert • Opt-in or provide information • Measure your resultsFriday, October 12, 12
  • 44. Promoting weight loss services • Identify Facebook audience interested in losing weight • Create ads promoting weight loss solutions • Direct ads to landing page that offers options to patients • $479 monthly spendFriday, October 12, 12
  • 45. The results (24 month period): • 2081 clicks/month • 512 seminar registrations • 23% seminar registration/surgery conversion rate • Average $3,000 contribution margin from surgery • $353,280 margin originated from campaignFriday, October 12, 12
  • 46. Calculating ROI ROI = (gain - cost)/cost Gain: $353,280 Cost: $479 x 24 = $11,496 ROI = (353,280 - 11,496)/(11,496) = 29.73 or ~30/1Friday, October 12, 12
  • 47. Wait a second... you didn’t tell me there was going to be any math!Friday, October 12, 12
  • 48. 2 Lower costs Improve resultsFriday, October 12, 12
  • 49. Lowering marketing & communication costs • Compliment (or replace) traditional with low-cost social media • Train others to assist with your social media efforts • Encourage patients to tell/spread their story • Measure the money or time you saveFriday, October 12, 12
  • 50. Replacing a newsletter with a blogFriday, October 12, 12
  • 51. ROI through cost savings Higher engagement, too! • 14,000 page views/mo • 5 pages/visit • 3:52 avg time on pageFriday, October 12, 12
  • 52. How do we measure this?!?!?Friday, October 12, 12
  • 53. What is the lifetime value of a customer?Friday, October 12, 12
  • 54. To Facebook, we’re worth ~$81 apiece Your friends are worth $.62 Your profile page is worth $1800 But what’s a Facebook fan worth to us?Friday, October 12, 12
  • 55. Using social media to increase satisfaction & loyalty • Provide relevant information to “non-patients” • Build wellness programs to increase relevance • Patient education and compliance • When measuring ROI, think correlation vs. causationFriday, October 12, 12
  • 56. Using social media to promote wellness • 7,300 registrants • 575 Facebook followers • 5,000 updated CRM records (2,300 entirely new records) • 500 cross-promoted into other eNewsletter programsFriday, October 12, 12
  • 57. Revenue through wellness program • 2,650 participants enrolled in fitness events (ROI: $22 x 2,650 = $58,300) • Life-to-date utilization (contribution margin): • “New” patient CM: ~$110,000 • “Former” patient CM: ~$370,000 • Total CM: ~$480,000 Correlated vs. Causal ROIFriday, October 12, 12
  • 58. Impressing your executives...Friday, October 12, 12
  • 59. Reporting
  • 60.   your
  • 61.   successes Be
  • 62.   clear
  • 63.   on
  • 64.   your
  • 65.   goals Get
  • 66.   a
  • 67.   baseline
  • 68.   measurement,
  • 69.   if
  • 70.   possible You
  • 71.   can’t
  • 72.   measure
  • 73.   alone
  • 74.   -
  • 75.   find
  • 76.   help Be
  • 77.   honest
  • 78.   with
  • 79.   the
  • 80.   results Top-secret
  • 81.   tip:
  • 82.   use
  • 83.   anecdotesFriday, October 12, 12
  • 84. Create a measurement council • Multi-disciplinary team (finance, sales, operations, support) • Commitment to openness and transparency • No bias or judgement • You’re not afraid of math!Friday, October 12, 12
  • 85. Questions? Chris Boyer @chrisboyer www.christopherboyer.comFriday, October 12, 12
  • 86. Social Media ROI Charleston by Chris Boyer Social Media ROI It’s easy if you try If you don’t measure it Then why you doin’ it? Social Media ROI Those words shouldn’t make you cry Grow your business, Be cost effective Or focus on loyalty Set your goals Then you’re set to go Impress your CFO It’s the only way to go 62Friday, October 12, 12