Social media ROI

Social Media ROI Sherrilynne Starkie, MCIPR, ABCS 12 March 2010

Agenda Feedback on feedback Understanding metrics Tools of the trade Connecting the dots Calculating ROI

Pounds & Pennies

No premature evaluation

What accountants measure Number of transactions Number of customers Number of new customers Revenue Profit

What media & marketers measure Website visitors Leads & enquiries Retweets Clicks, hits, referrals Facebook fans Blog comments Social mentions/links Satisfaction indicators

Find connections Linking social media to hard goals

SM Metrics Tools (free or cheap) Google Analytics Social Mention Addictomatic TwitterSearch Backbyte Facebook analytics Trackur PostRank

SM Metrics Tools (paid for) Vocus Radian6 ScoutLabs Cymphony Lots more

Evaluate your cost Social media myths It's free! It's easy! Anyone can do it!

Resources = Costs
People
Dep't staff, Outside specialists, customer services, sales, PR/advertising
Time
Day job?
Technology
Software, hardware, access, bandwidth, training

What media & marketers measure Website visitors Leads & enquiries Retweets Clicks, hits, referrals Facebook fans Blog comments Social mentions/links Satisfaction indicators

Making a connection
Establish baseline metrics
Monthly sales (three month history)
Monthly profits
Footfall, transactions, other metrics
Ongoing measurement
Before SM campaign/ after campaign

Making a connection
Create activity timelines
Diarise what happened when
Who did what
Compare timeline against business metrics
Activity v Sales
Activity v Transactions
Activity v Footfall,
etc.

Making a connection
Create SM metric timelines
Facebook Fan/ Twitter follower acquisition
Twitter buzz
Website visitors
Mentions, trackbacks, bookmarks etc
Compare timeline against business metrics
Follower acquistion v Sales
Retweets v Transactions
Website visitors v Footfall

Making a connection
Look for patterns
Sales up or down
More visitors to the museum
More new business start ups
Votes in favour
Then look at how each pattern is touched by SM
Analytics
Surveys & Questionnaires
Other insight

ROI
Look at current revenues
Subtract baseline
The result = change
Subtract your SM costs from 'change'
The result = net benefit
Divide 'net benefit' by SM costs = ROI

Questions?

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Social media ROI

by Sherrilynne Starkie on Apr 04, 2010

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Social media ROI — Presentation Transcript