Social Media ROI: Process, Challenges, and Requirements
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This is a more detailed version of a previous presentation I gave on ROI. We partnered with Biz 360 to provide some examples of how you can use a platform such as theirs to see ROI from your social media investments. The presentation talks about the ROI process, some of the challenges, and the requirements for an enterprise size company. Hope you enjoy it! Any questions let me know @Jacob on twitter.
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Social Media ROI: Process, Challenges, and Requirements
- 1. Social Media ROI Process, Challenges and Requirements Sponsored by: Twitter: #bizcmg Presented by: Jacob Morgan Chess Media Group December 22, 2009
- 2. Risk of Ignoring Risk of Ignoring
- 5. What is ROI? Gain from Investment – Cost of Investment Cost of Investment ROI = Financial
- 10. I gave you money and I wanted money back, not followers! Look how many friends and followers I got with that money you gave me!
- 12. Where do You Invest Your Time and Money?
- 15. Make Money
- 17. Save Money
- 18. Save Money
- 19. Save Money
- 24. Take a Deep Breath Relax
- 25. Build a Foundation Stop trying to build this Without starting with this Or you get this
- 29. New Game Provided by Biz360 Blogs 20% Discussion Forums/Boards 10% Micro-Blogs 33% Online News 32% Print News <1% Share of Coverage Volume Blogs 15% Discussion Forums/Boards 3% Micro-Blogs 1% Online News 80% Print News 2% Share of Impact
- 32. The Social Business Process
Editor's Notes
- Here is a report of positive posts for Southwest airlines. Make money: Developing these people may increase their loyalty and encourage them to get them to spend more in Their public advocacy is better than advertising and will encourage others to spend
- Here is someone who could not order something from a site…..money for their order, and others could be in jeopardy if the site has an issue.
- We can show examples or demonstrate how to use SM monitoring to acquire customers; to further positive customer relationships; conduct faster and more efficient research to gain product and consumer insights
- We won’t go into detail on the content of this second Hilton example but again, a LOT of in depth detail is provided by customers. This guy did a full analysis of hotels available by categories in the loyalty program. These posts provide you with valuable consumer insights that companies used to capture via traditional research means in the past. Both of these are examples of using Social media for ROI by saving time and money in customer feedback for product development.
- Barnes and Noble recently launched their Nook, competes with Kindle Use trend reports or in this case sentiment reports to assess market receptivity and positive and negative feedback, saves you time and from having to conduct initial research. Also protects your investments….
- Here is an example of a product finding which may warrant more research. Do a lot of people feel this way? Perhaps it warrants special marketing promotions? In the past, this would be handled through traditional research or by creating and testing advertising – both have costs associated with them. A product manager could do quick additional searches to see how big a factor free books are in making an ebook reader purchase.
- And finally, this is b2b example for both saving and making money. Salesforce recently announced they will be launching a new (what they call) social platform, called chatter. This is a customized dashboard from the Biz360 social media measurement platform, Community Inisghts. If you were the product manager, you would want to track how the announcement is resonating and any feedback that would help you position the product as you rollout the launch. On the right side you can see examples of reports that are tracking specific conversations mentioning the new product. On the top right, you can watch for trends in positive and negative. You could drill into the trend report or the report below it to uncover specific comments and gather key insights about how the product announcement is being perceived. On the Left side, there are key terms that Salesforce is using to talk about this product – like social platform or collaboration cloud. The product manager could see if these terms are catching on, by tracking their trend. The last report ( a little cut off) lists the key communities that mention the key terms. Product folks could use this source report to guide where to participate in impactful conversations.
- You can use discovery reports to uncover insights. In this case the product is being compared to competitors.