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Social media ROI

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How to understand the return on your investment in social media.

How to understand the return on your investment in social media.

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    • 1. Social Media ROI Sherrilynne Starkie, MCIPR, ABCS 12 March 2010
    • 2. Agenda Feedback on feedback Understanding metrics Tools of the trade Connecting the dots Calculating ROI
    • 3. Pounds & Pennies
    • 4. No premature evaluation
    • 5. What accountants measure Number of transactions Number of customers Number of new customers Revenue Profit
    • 6. What media & marketers measure Website visitors Leads & enquiries Retweets Clicks, hits, referrals Facebook fans Blog comments Social mentions/links Satisfaction indicators
    • 7. Find connections Linking social media to hard goals
    • 8. SM Metrics Tools (free or cheap) Google Analytics Social Mention Addictomatic TwitterSearch Backbyte Facebook analytics Trackur PostRank
    • 9. SM Metrics Tools (paid for) Vocus Radian6 ScoutLabs Cymphony Lots more
    • 10. Evaluate your cost Social media myths It's free! It's easy! Anyone can do it!
    • 11. Resources = Costs
      • People
        • Dep't staff, Outside specialists, customer services, sales, PR/advertising
      • Time
        • Day job?
      • Technology
        • Software, hardware, access, bandwidth, training
    • 12. What media & marketers measure Website visitors Leads & enquiries Retweets Clicks, hits, referrals Facebook fans Blog comments Social mentions/links Satisfaction indicators
    • 13. Making a connection
      • Establish baseline metrics
        • Monthly sales (three month history)
        • Monthly profits
        • Footfall, transactions, other metrics
      • Ongoing measurement
        • Before SM campaign/ after campaign
    • 14. 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.
    • 15. 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
    • 16. 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
    • 17. 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
    • 18. Questions?

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