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Measuring Social Media ROI in Plain English, followed by social media news for May10th

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In this video I offer a step-by-step guide for measuring social media ROI. I explain the definition of a number of terms commonly used in discussions around measuring ROI. I use specific examples for …

In this video I offer a step-by-step guide for measuring social media ROI. I explain the definition of a number of terms commonly used in discussions around measuring ROI. I use specific examples for going from business goals to measuring ROI, as well as tactics to move customers down the marketing funnel. After watching this, measuring social media ROI will not be a mystery anymore.

If you have any questions about this presentation or any topics about social media, please visit my website and send me a message through the contact page.

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  • 1. Open Social Media: Free and Open EducationMeasuring Social Media ROIin Plain EnglishSherry NourainiFounder/PresidentCaptive Touch
  • 2. Open Social Media: Free and Open EducationWhat kind of an impact do your activities onsocial media channels have on accomplishingyour business goals?• Let’s define some terms
  • 3. Open Social Media: Free and Open Education• Business goals/objective Specific, measurable, written down• Tactics Specific steps you take to get you closerto accomplishing your business goals• Key Performance Indicators Specific events you will track to judge ifyour tactics are driving the kind of behavioryou desire from your target market
  • 4. Open Social Media: Free and Open EducationHow do you decide what tactics to use and whatKPIs to measure?• The choice depends on your potentialcustomers: Where are they in their buyingjourney? Are you even on their radar?
  • 5. Open Social Media: Free and Open Education• What is a customer buying journey?• How do you define it? The most widely used means isthe marketing/sales funnel• See next slide.
  • 6. Open Social Media: Free and Open EducationCustomer buying journeyDetermine where your potential customers areDo they know you exist?Did they view your information?Did they ask for more information?BINGO!Are they satisfied with yourService/product?Are they referring you toOthers?
  • 7. Open Social Media: Free and Open EducationLet’s look at some hypothetical examplesIn Honor of Mother’s Day, I’ve chose a Flowerbusiness for our examples:• Example #1: Well established and widely knownbusiness in the flower industry- ProFlowers, 1-800-Flowers etc• Business goal: Increase their Mother’s DayFlower sale by 50%• Where are potential customer in the funnel?• What tactics should they use based on that?
  • 8. Open Social Media: Free and Open EducationMost peopleWhat tactics should they use?What would the KPIs be?
  • 9. Open Social Media: Free and Open EducationLet’s assume: 1/2 FB fans, Twitter and Pinterest followersbought last yearTactic:• 3 weeks before Mother’s Day announce daily limitededition deals on “Flowers for your mom”.• Share link to landing page showcasing the collection oflimited edition flowers on sale.• Assign a specific landing page and special promo codefor each social network.KPI:• Number of click through to the landing page• Number of flower orders with each promo code
  • 10. Open Social Media: Free and Open EducationCalculating ROI and effectiveness of Social MediaReturnDollar amount sold associated with social media specific promo codeInvestment:In this case would be mostly time spent by employees during the3 weeks of promotion:• Creating the landing page• Creating the images• Posting the updates on social networksGoal= Total Net sales this yearTotal Net sales last yearROI = Net Return-InvestmentInvestment
  • 11. Open Social Media: Free and Open Education• Example #2: New Flower business• Competitive Advantage: Online tool to helpcustomize a flower arrangement for your mom.• Business Goals: To gain 100 customers byMother’s Day• Where are potential customer in the funnel?• What tactics should they use based on that?
  • 12. Open Social Media: Free and Open EducationEveryone is here• Each step in the journey needsIt’s own goal, and and tactic.• Does not necessarily translateinto monetary measurementsof ROI, but they would assistreaching the business goal• Social media is the assistAssume 50% successAt each transition
  • 13. Open Social Media: Free and Open EducationStart in January in order to get sales in May (5 months)Awareness• Tactic: From Jan-March, find target market onTwitter, Google Plus, Pinterest, Facebook and engageat least 400 people on all of these platforms• KPI: Number of people who followed your brand pageon these social media networks Twitter, Pinterest and Google plus follower Facebook Fans• ROI: Keep track of all employee time and fees spentfor social media tools and services
  • 14. Open Social Media: Free and Open EducationInterest• Tactic: In month of April, start a contest and invitepeople to use your software to build a customflower arrangement for one of your employees.The employee would chose a winner, who willthen receive a free something.• KPI: Number of people who entered the contest andtried the software. During the contest you cancollect email addresses for additional touch points• ROI: Keep track of all employee time and fees spentfor tools for creating the contest and the moneyspent on the prize.
  • 15. Open Social Media: Free and Open EducationDesire and/or Action• Tactic:3 weeks before Mother’s Day announce dailydeals on custom-made “Flowers for your mom”.Share link to landing page as a gateway to yourthe deal. Assign a specific landing page and special promocode for each social network.• KPI Number of click through to the landing page Number of flower orders with each promo code
  • 16. Open Social Media: Free and Open EducationCalculating ROI and effectiveness of Social MediaReturnDollar amount sold associated with social media specific promo codeInvestment:Investment of employee time and fees paid for contests and specialPromotions.Goal= Total Net sales AchievedTotal Net sales expectedROI = Net Return-InvestmentInvestment
  • 17. Open Social Media: Free and Open EducationThank you for listeningAny questions?You can find me here:http://www.twitter.com/snourainihttp://www.facebook.com/captivetouchhttp://www.gplus.to/sherrynourainihttp://www.linkedin.com/in/sherrynouraini
  • 18. Open Social Media: Free and Open EducationWhat’s new in social mediaandWhat does this mean for you?May 10th, 2013Sherry NourainiFounder/PresidentCaptive Touch
  • 19. Open Social Media: Free and Open EducationGoogle Plus Hangouts• Viewers can now rewind a live broadcast if theyare late to a hangout on air• Producers/hosts need to keep in mind: There is about a one minute delay betweenthe live show and what the public sees (thosewho are not direct participants) It take about a minute from “Start broadcast” andability to actually go live. There’s a prep time now.
  • 20. Open Social Media: Free and Open EducationGoogle Plus Hangouts• Your connections do not have to have a Google plusaccount to hold a hangout with you.• This is great cause one barrier to entry is removed• You and your contact only need to install the Google Voiceand chat plug-ins• You can initiate hangouts right from your Gmail contact list