SMCHI - Social Media Analytics Road Map

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Social media analytics and ROI is attainable. Here's a presentation I did at Social Media Club Hawaii (SMCHI) on the topic.

Social media analytics and ROI is attainable. Here's a presentation I did at Social Media Club Hawaii (SMCHI) on the topic.

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  • In depth discussion of Social Media ROI - Quantitative, KPI's

    If you want to learn about social media roi, metrics and measurements, this is a must watch presentation!
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  • Roadmap for SM Measurement. Many roads to travel and I will present my perspective from a marketing POV using standard marketin measuresures with SM tools & practices\n
  • what should you do before you measure? \n
  • First, understand the difference between ROI and metrics. You’ll want to measure for two different objectives: insight and ROI. And while they share a road….\n
  • They run on different fuel. Most businesses want the answers to both sets of questions - is it working and what’s the ROI? They have different fuels - one is KPI based, the other is Dollar based. We’ll first discuss Measurement of Metrics, then ROI. \n
  • We have to pack before we get on the road to social media success. Packing isn’t the fun part, but there are consequences for not packing. Some of what we need is general marketing, some is specific for social media. I encourage everyone to put social media measurement against measurement of other mkting objectives so you can see efficiencies and how things work together. \n
  • Baseline: use SM 3-6 mos before setting large strategic goals. Set realistic initial goals for audience building initially. \nGoals: KPI’s & ROI\nKey Tools: Get your house in order. Social CRM\n
  • Pack your suitcase before you get on the road. SMART=Specific. Measurable. Achievable. Realistic. Time Sensitive. IE “I want as many followers of Hawaiian Airlines” \n
  • Start with end in mind. Not always about sales. Like many marketing tools, the benefits can be long-term and impact other areas. Brand equity makes a lot of things easier. Trust increased. Lower costs in other areas. Really think about how social media can help you achieve various objectives. Be creative. There are lots of goals you could choose that SM can impact. \n
  • An exposure dashboard is great measurement for numerous goals. \n
  • Influence is important when your focusing on brand awareness or if you are a B2B or niche provider. Less relevant for consumer. \n
  • To me, in social media, engagement is the basis for all success. Without engagement, you won’t have action. The key is to determine what creates engagement in your audience. But you can quantify and track engagement with these metrics. You can track the relationship of engagement to sales, etc. \n
  • The easiest way to track action + conversions is to use digital metrics. This is one reason why there is such an emphasis on content creation. Content is a great carrot. Facebook, Website, Email all these things can be influenced by social activity. \n
  • But I know you all want to define how sales and SM are related. Keep in mind that this is hard to do because its impossible to know EXACTLY what pushed a customer to buy - you can track LAST TOUCH sales in Google Analytics. I wanted to give you some KPI’s to begin tracking it internally. These are of course, correlations. If you want to track direct causation, you’ll need to have a complete website funnel and throughly tested landing pages. Google Analytics will be your best friend. \n
  • Here you’re essentially measuring whether the SM customer is any better than that from marketing efforts. If you’re measuring this, you can take it to the next level of measuring sales from SM vs. sales from other sources. Keep in mind that a KPI like this is effected by total followers etc. as well as other marketing efforts. This kind of KPI may point to successes (or failures) of marketing tools that you didn’t expect to see. \n
  • Now the devil is in the details. Create a plan that reflects your goals, objectives and KPI’s. Choose the tools that are most helpful to you. You might start out with only one or two. You might use one for a campaign, then not again for awhile. \n
  • Now, lets look at ROI\n
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  • Measures increased web traffic as if you had to purchase it in a CPC circumstance. \n
  • Notice that the baseline measurements were taken so that the increases could be tracked. Clear goals were set, including increasing average check and increasing reservation rate. \n
  • Measures unpaide reviews in known & trackable media outlets, digital & print. # of articles, taking into account unique views + page views, audience value create a media weight in our case between .025-.10. Multiple weight X uniques. \n
  • Trust and relevance factors in my case are based on by McKinsey Research in 2010 about valuing WOM equity. Take in case of influencer program, reach, Klout and Peer Index are taken into account. You can read about weighting in the SM Analytics Book we’re giving away tonight. \n
  • You can measure revenue or other strategic objectives in ROI. The key is to put a dollar value to those objectives. \n
  • in 30 days, we’re not even measuring the long term return. We could continue to measure that. But this is a good example of an immediate return on a social campaign. \n
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Transcript

  • 1. UnderstandingSocial Media Measurement: A Road Map Tara Coomans @TaraCoomans #akamaimkting
  • 2. • How to measure Social Media• What to measure in Social Media• A sample ROI model
  • 3. ROIData
  • 4. Measurement: ROI: KPIs DollarsAre your tactics working? Are dollars well spent?Are you spending time in Should you spend morethe right place? or less? P R E P
  • 5. The Marketing Bus P Social Media R E P
  • 6. Baseline Goals•Competency •Key Performance Indicators•Measurements •ROI Key Tools •Website •Google Analytics •Email List •Content •Audience Reach P R E P
  • 7. Biz Goal Identify the business objectives: SMART Social How does social media marketing GOAL support objectives? KPI’s How you will measure success or failure of initiatives?Execution Which social platforms support your P R goals? E P
  • 8. What You Measure, Depends on Your Destination. B I Z G O A L SGrow brand awareness Reduce Cust. Serv. CostsCreate community Increase web trafficIncrease reach Increase sales
  • 9. Loyalty S Brand Increased leads M Community Awareness G O A L S Visits, Views, Followers, Fans,Exposure Subscribers, Reach, Mentions
  • 10. S Brand M Awareness G O A L SInfluence Share of voice, Sentiment, Key Influencers, Klout, Peer Index
  • 11. Increased Increased Cust Serv web traffic Community Cost sales S M G O A Clicks, RT, Shares, @Replies, LEngagement Comments, Likes, Photo Views S
  • 12. Increased Increased sales leads S M G Downloads, Webinar O Action/ A Attendees, Lead Generation LConversion Forms, Call to Action S
  • 13. revenue INCREASED per SALES follower#followers + #fans + #subscribers revenue K P I
  • 14. conversion of INCREASEDsm followers SALES #downloads + #webinars + lead generation from SM #downloads + #webinars +lead generation from other sources K P I
  • 15. Brand Awareness, Conversions,Reach, LeadsCommunity, Engagement, Reach,Leads, Web TrafficCommunity, Engagement, Leads, eInfluence x e c uCommunity, Engagement, t iAwareness o n
  • 16. Data ROI
  • 17. ROI SAMPLE CASE STUDY: Menu Launch• Invite 10 Food Bloggers, local and national to review• Choose variety of writers and photographers, write a minimum of 2 posts.• Articles are written about the menu launch in local pubs as a result of blogger attention.• Bloggers also post on Facebook & Twitter
  • 18. ROI: Influencer Program CostsSet Up Social Media Assets Market ValueInstall & Customize of Platforms (blog, Twitter, Facebook, $5,000Flickr, gmail)Training of Personnel $3,150Social Media Monitoring $4,375Social Media Consulting / Campaign Strategy / Producer $10,000CostsFinal Report and Data Analysis $2,500Cost of Content Creation $10,000Cost of brand-owned content creation $5,000 $40,025
  • 19. ROI: Incoming Clicks EXAMPLE: •2500 New Visitors •500 Using Desired Keyword Term • Average CPC . 35 CPC Value: $875
  • 20. ROI: Increased RevenuesEXAMPLE:•Average check increase of $2.00/check•Increased traffic by 10 people/day•Reservation rate up 20%•Reservations spend up to 10% more•Revenue Increase: $5,000 during 30 day campaign
  • 21. ROI: PR ValueEXAMPLE:•25 Blog Posts, local & regional•1 Article in NonStop Honolulu•1 Article in Honolulu Weekly PR Value: $39, 750
  • 22. ROI: Word-of-Mouth ValueMeasuring:Value of conversation & actions, reach insocial outlets from food blogger fans Based on: •Trust Factor •Relevance Factor •Quantity WOM Value: $55,750
  • 23. ROI Cost of Social Media Program Value of Incoming Traffic+ PR Value + Word of Mouth Value + Product Development (savings) + Customer Service (savings) +Increase in Revenue (or other strategic goals) during campaign
  • 24. TOTAL ROI$40,025 = 39%$101,375
  • 25. Social Media Metrics & ROI are different:• Done for different reasons• Run on different “fuels” kKeys for tracking social media success: e y•Preparation t a•Creating KPI’s that suit Business Goals k e a w a y s
  • 26. Social Media ROIModels should •Public Relationsrepresent the various •Word-of-Mouthbusiness areas that •Salesare impacted by •Customer Service k esocial media. •Product Development y t a k e a w a y s
  • 27. Thank You!Join me online for more resources and conversation: www.akamai-marketing.com @taracoomans facebook.com/AkamaiMarketing