Quantify Your Social Media Efforts To Measure ROI, Sarah McMaster

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10-Minute Lightening Round Slides from HighEdWeb New England's March 22, 2013 regional conference at Mount Holyoke College.

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Quantify Your Social Media Efforts To Measure ROI, Sarah McMaster

  1. 1. Quantify Your Social Media Efforts to Measure ROI Sarah McMaster March 22, 2013
  2. 2. Strategy:Creating the Path of Least Resistance Social Media Landing Page Visit Inquiry (Lead) Applicant (Conversion) Enrollee (ROI)
  3. 3. Strategy:Creating the Path of Least Resistance Social Media Engagement Connection to Resources More Engagement Student Retention & Success (ROI)
  4. 4. Measurement Tools & Tactics• HootSuite, Tweetdeck, CrowdBooster, Klout• Google Analytics – Event Tracking, Goal Setting• Facebook Insights• Spreadsheets• Online Forms• Vanity URLs and Landing Pages
  5. 5. Key Metrics• Social Media Amplification• Social Media Applause Rate• Conversion Rates• Cost Per Inquiry• Student Lifetime Value
  6. 6. Social Media Amplification 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑕𝑎𝑟𝑒𝑠 (𝑟𝑒𝑡𝑤𝑒𝑒𝑡𝑠, 𝑠𝑕𝑎𝑟𝑒𝑠, 𝑟𝑒𝑝𝑜𝑠𝑡𝑠) 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑠𝑡𝑠, 𝑇𝑤𝑒𝑒𝑡𝑠 If you have 70 shares for every 300 posts,your amplification is 23%.
  7. 7. Social Media Applause Rate 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐹𝑎𝑣𝑜𝑟𝑖𝑡𝑒𝑠, 𝐿𝑖𝑘𝑒𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑠𝑡𝑠If, for every 30 posts, 5 are liked, you have a 16% applause rate
  8. 8. Social Media Conversion Rate𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐴𝑢𝑑𝑖𝑒𝑛𝑐𝑒 𝐶𝑜𝑚𝑚𝑒𝑛𝑡𝑠 𝑜𝑟 𝑅𝑒𝑝𝑙𝑖𝑒𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑠𝑡𝑠 Engagement If, for every 70 posts, you receive 15 comments, you have a 21% social media conversion rate
  9. 9. Social Media Conversion Rate 2 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑜𝑐𝑖𝑎𝑙 𝑀𝑒𝑑𝑖𝑎 𝐿𝑖𝑛𝑘 𝐶𝑙𝑖𝑐𝑘𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑜𝑐𝑖𝑎𝑙 𝑀𝑒𝑑𝑖𝑎 𝐿𝑖𝑛𝑘 𝑉𝑖𝑒𝑤𝑠 If, for every 200 views, there are 5clicks, you have a 2.5% conversion rate
  10. 10. Landing Page Conversion Rate 𝐶𝑎𝑙𝑙 𝑡𝑜 𝐴𝑐𝑡𝑖𝑜𝑛 𝐶𝑜𝑚𝑝𝑙𝑒𝑡𝑖𝑜𝑛𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑎𝑔𝑒 𝑉𝑖𝑠𝑖𝑡𝑠If, for every 150 visits, 7 calls toaction are completed, you have a 4.6% conversion rate
  11. 11. Cost Per Inquiry𝑃𝑒𝑟𝑠𝑜𝑛𝑛𝑒𝑙 + 𝑅𝑒𝑐𝑟𝑢𝑖𝑡𝑚𝑒𝑛𝑡 𝑂𝑣𝑒𝑟𝑕𝑒𝑎𝑑 + 𝑀𝑎𝑟𝑘𝑒𝑡𝑖𝑛𝑔 𝐴𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐼𝑛𝑞𝑢𝑖𝑟𝑖𝑒𝑠Personnel = $30/hour x 15 hoursRecruitment Overhead= $170Marketing Activity= $1,500 Facebook ContestNumber of Inquiries = 260Cost of Inquiry = $8.15
  12. 12. Student Lifetime Value (SLV) 𝐶𝑜𝑠𝑡 𝑃𝑒𝑟 𝐶𝑟𝑒𝑑𝑖𝑡 𝐻𝑜𝑢𝑟 𝑥 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐶𝑜𝑢𝑟𝑠𝑒 𝐿𝑜𝑎𝑑 x 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑒𝑚𝑒𝑠𝑡𝑒𝑟𝑠($215 x 14) x 4 =$12,040 Student Lifetime Value (SLV)
  13. 13. Full Circle: ROI“Our March 2013 Facebook contestincreased online engagement by 7%,brought 3,027 visitors to our targetedlanding page, converted 9% intoadmissions leads and resulted in 7 newenrollments with a 400% ROI on theinitial investment, at a lower cost perinquiry than our concurrent direct mailcampaign”. -Fictional Marketing Superstar
  14. 14. Sarah McMaster Director of New MediaMount Wachusett Community College smcmaster@mwcc.mass.edu linkedin.com/in/sarahmcmaster/ @Sarah_Mc

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