Social media roi_draft

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  • 1-D: television, ads 2D: early days of Web 2.0
  • Word of mouth, in order to be effective, must be relationship-based; influence and trust, within lateral channels are earned, not bought. People spread your content and message for free because they want to and because they can.
  • Hey Dominica.  Are you there?  Are we   Are we still on
  • Step 2: Find a way to create a thorough set of activity timelines that plots everything the company does and is involved with that might impact your program’s impact on nonfinancial outcomes. Every department should be tasked with maintaining its own piece of the activity timeline, the timeline should reside in a public hub. Second, someone in the organization should be acting as the custodian of this resource, preferably someone involved with operations, communications or project management.
  • 3a: How many times your company’s name is mentioned across the web 3b: Positive vs Negative. The greater ratio of positive sentiment to negative sentiment means people what to do business withyou. 3c: double check the reliability of automated systems with humans for a few months. Tool’s Margin of error should be 3% or less. Nonfinancial metrics
  • Nonfinancial metrics

Transcript

  • 1. Social Media ROI Managing and Measuring Social Media Efforts in Your Organization Presented By: Jake Hartvigsen Dominica Sliwa
  • 2.  
  • 3. Presentation Overview
      • About the Author 
      • Introductory exercise
      • Social Media Program Development
      • Integrating Social Media into your Organization
      • Social Media and Brand Management
      • Measuring Social Media ROI
  • 4. Olivier Blanchard
      • BA degree from Furman University
      • [email_address]
    •     Marketing
      • President@Red Chair Group
      •   Author of The BrandBuilder
    •      Blog
      • Twitter: TheBrandBuilder 
        • >37,400 followers
  • 5. Olivier Blanchard
      • Specialities:
        • Reputation Management
        • Consumer/Brand Insights Management
        • Social Media Program Management
        • Marketing Strategy
        • Corporate & Marketing Communications Management
  • 6. Social Media Program Development Getting Started
  • 7. Evolution of Brand Communications
      • Vertical Engagement: One-Directional
        • Organizations crafted a message, packaged it, and pushed it out to its audience
      • Vertical Engagement: Two-Directional
        • Internet allowed for blogs and comments on digital content
      • Lateral Engagement
        • Peer-to-Peer networks in which users create/share content at will
  • 8. Advantages of Lateral Engagement
      • Word-of-Mouth gets more recognition in comparison to ads
      • Social media multiplies the velocity and reach
      • No geographic barriers
      • Less costly
  • 9. Top Five Business Functions Enhanced by Social Media  Profit-seeking businesses
      • Sales Dep artment
        • Promote special sales/offers
      • Customer support
        • Constant real-time feedback
        • Ability to respond in real time
      • Human resources
        • Hiring practices
      • Public relations
        • Impove reputation
      • Business intelligence
  • 10. Top Five Business Functions Enhanced by Social Media:  Non-Profits
      • Outcomes
        • Low-cost
        • Global reach
      • Member support
        • Immediate feedback
      • Human resources
        • Volunteers
      • Public relations
      • Member loyalty
  • 11. Biggest Mistake in Social Media Development
    •  
    •   Choosing the platform ahead 
    • before the purpose
    • Solution??
    •  
    • Set Objectives First
    • Then 
    • Choose Platform to Meet Objectives
  • 12. Keys for Setting Objectives
      • Specific
        • Ask the 6 W's
      • Measurable
        • What criteria do you have to reach your goals?
      • Attainable
        • How to you plan on completing your objectives?
      • Realistic
        • Is it possible to meet your objectives?
      • Timeliness
        • What date are your objectives to be met?
  • 13. Integrating Social Media into Your Organization Putting the Puzzle Pieces Together
  • 14. 4 Phases of Social Media Adoption
      • Test Adoption
      • Focused Adoption
      • Operational Adoption
      • Operational Integration
  • 15. Phase 1: Test Adoption
      • Official company accounts established
      • Junior member of staff appointed to manage project
      • Efforts generally disconnected from business objectives
  • 16. Phase 2: Focused Adoption
      • Key functions within the organization begin to use social media
      • Marketing and PR are typically early adopters
      • Cross departmental collaboration emerges
  • 17. Phase 3: Operational Adoption
      • More departments come on board
      • Social media usage guidelines developed
      • Social media manager’s position upgraded to director level
  • 18. Phase 4: Operational Integration
      • Complete integration across the organization
      • Social media director’s position is upgraded to VP...
      • ...or eliminated
  • 19. Choosing a Social Media  Management Model
      • Centralized
      • Decentralized
      • Both have advantages and disadvantages
  • 20. Centralized Management Advantages
      • Full control over messages
      • Full control over information
      • Full control over execution of the social media program
      • Full control over content
      • Full control over data management
  • 21. Centralized Management Disadvantages
      • Program has to be built from scratch
      • Program doesn’t scale well
      • Tendency to become bureaucratic
      • Tone can become corporate rather than social
  • 22. Decentralized Management Advantages
      • Foundation already in place
      • Localized messages are faster and with deeper insights
      • Competencies develop in areas with the most impact
  • 23. Decentralized Management Disadvantages
      • Less control = greater risk
      • Collaboration is more difficult
      • Inconsistent messages
      • Personality issues
  • 24. Establishing Rules and Guidelines
      • Goals
        • Create framework of use, internal and external
        • Clarify expectations of employee behavior, in office and at home
        • Create a resource for best practices
  • 25. Ten important items to include
      • Employee Bill of Rights
      • Internal Guidelines
      • External Guidelines
      • Employment Disclosure
      • Anti-Defamation Guidelines
      • Confidentiality and Non-Disclosure
      • Official versus Personal Communications
      • Employee Digital Citizenship Contract
      • Training Resources
      • Social Media Guidelines for Agency Partners and Contractors
  • 26. Social Media and Brand Management Using Social Media to Your Advantage
  • 27. How Social Media has Changed Brand Communications
      • Velocity has accelerated
        • 10 years ago companies had 1-2 days to react
        • Today, they have 10 minutes
      • Awareness is now active rather than passive
      • Every employee is now your “brand”
      • Tone and style are less corporate and more personal
      • Trust is the key
  • 28. Key Elements to Social Media  Brand Strategy
      • Listen before talking
      • Perform a social media audit (e.g, Google, Twitter, Facebook)
      • Systematize monitoring (e.g., HootSuite, Radian6)
      • Answer questions, don’t sell
      • Ask customers for feedback
      • Shift from marketing to communications
  • 29. Social Media Tools for Crisis Management
      • Acknowledge problem immediately
      • Buy time with updates
      • Create channels for dialogue
      • Explain what you’re doing to fix the problem
      • Go interactive - make customers part of the solution
      • Follow up after the event
  • 30. Social Media and  Conflict Resolution
      • 9 Rules
        • The customer is always right -- even if he/she isn’t
        • Treat every customer like royalty, regardless of how he/she behaves
        • Unreasonable customers are not the enemy
        • The most effective weapon against an angry customer is calm demeanor
        • The most effective weapon against a rude customer is politeness
        • Recruit customers into crafting the solution
        • Never, ever, ever get sucked into an argument with a customer
        • Don’t be afraid to apologize, even if you are in the right
        • If the customer makes an unreasonable request, explain why you can’t do it and offer an alternative
  • 31. Insourcing versus Outsourcing  Social Media
      • Social media is generally best done in house
      • When is it okay to outsource?
        • Monitoring
        • Measuring
        • Campaign management
  • 32. Measuring Social Media ROI What's important to C-levels
  • 33. What is ROI?
      • Return on Investment
      • ROI = (gain from investment – cost of investment) / cost of investment
      • Expressed as a ratio, percentage, or a relationship between investment and return.
        • i.e. The ROI on the campaign was 167%
        • Every resource you assign to a project has a monetary value
  • 34. Tying Social Media to the P&L
    • Show that it supports business objectives
    • Show how it helps drive business growth
    • Track sales derived from promo codes and links
  • 35. How to Measure ROI?
      • Step 1: Establish a Baseline
        • Baselines illustrate deltas
      • Step 2: Create Activity Timelines
        • Information compiled by all departments
        • One custodian to gather information
  • 36. How to Measure ROI?
      • Step 2: Create Activity Timelines
        • Information compiled by all departments
        • One custodian to gather information
  • 37. How to Measure ROI?
      • Step 3: Monitor the Volume of Mentions
        • Measure the volume of mentions around your company or brand
        • Measure the mix of sentiment from these mentions
        • Use of automated sentiment analysis
  • 38. How to Measure ROI?
      • Step 4: Measure Transactional Precursors
        • F.R.Y.
        • # of Twitter followers
        • # of comments per day
        • # of Facebook fans
        • Net negative mentions across channels
        • Net online transactions
        • Brick & Mortor store traffic
  • 39. How to Measure ROI?
      • Step 5: Look at Transactional Data (Sales Volume)
        • Total sales volume has increased by X%, the net number of transactions has increased by Y%.
          • Are loyal customers spending more money per transactions than before?
  • 40. How to Measure ROI?
      • Step 6: Overlay All Your Data onto a Single Timeline
        • Activities, social data, web data, loyalty metrics, nontransactional data, transactional/financial outcome data
  • 41. How to Measure ROI?
      • Step 7: Look for Patterns
  • 42. How to Measure ROI?
      • Step 8: Prove/Disprove Relationships
  • 43. How to Increase S ales?
      • Frequency
        • The Buy Rate
        • Transactional - how often someone transacts with your company
        • Interactional - does the # of interactions increase the frequency of transactions?
          • Can use social media to increase # of interactions
    •  
  • 44. How to Increase Sales?
      • Reach:
        • Net new customers
        • Effective reach = 100% conversion
        • Separate customers into groups
          • Calculate avg. frequency of transacting customer.  Expand x3
          • Net new transacting customer = revenue increases
  • 45. How to Increase Sales?
      • Yield:
        • Average sales per transactions
        • Objective - increase in revenue that outpaces increase in # of transactions
        • Ways in increase yield:
          • Raise prices
            • Do not do this is inelastic industry
          • Build value, reduce upgrade barrier, & give the customers a little push
        • How to track increase in yield:
          • promotional codes
  • 46. Conclusion
      • Know what your company's objectives are
      • Prove how social media can improve your organization meet these objectives
      • Use what you know to make your company better