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Social Media and ROI: B2B Roundtable Slides Apr 24 2010
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Social Media and ROI: B2B Roundtable Slides Apr 24 2010

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Slides used to complement Weber Shandwick Minneapolis B2B social media roundtable discussion on the ROI and social media question.

Slides used to complement Weber Shandwick Minneapolis B2B social media roundtable discussion on the ROI and social media question.

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  • Few business units can directly correlate their activities to a sale or cost savings but does that mean they should do social media? I don't buy the definition that it's only a valuable measurement if it can be tied to a dollar figure. So many business use thought leadership as reason alone to participate but where is the $ in that? How is thought leadership measured and how do you know you've made a positive change? Just because you can show a white paper was downloaded 3x more after a given social media campaign, you can not tie that to a sale. I'm still waiting to see this same analysis done on traditional media - yet we don't question its value or require a proof that spending $40K on a banner ad equated to 2x sales increase.
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  • Other:“We haven't implemented social media at our organization yet. ““Equally the following:Lack of budget or staff resourcesNot knowing the best tools, and most affordable, measurement toolsTranslating numbers into concrete return”

Transcript

  • 1. 1
    B2B Social Media Roundtable
    Social Media and ROI
    Dare We Talk About It?
  • 2. 2
    With You Today
    Aaron Pearson
    Email:apearson@webershandwick.com
    Twitter:@apearson
    Email:andy.keith@webershandwick.com
    Twitter:@andykeith
    www.socialstudiesblog.com
  • 3. 3
    What you told us …
    2 out of 3 respondents are measuring mar-com ROI
  • 4. 4
    More than 3 out of 4 are using social media to some extent
  • 5. 5
    Fewer than half are measuring ROI for social media
  • 6. 6
    All agree ROI measurement is important to some degree
  • 7. 7
    Biggest challenge: What to measure? Where to begin?
  • 8. 8
    Connecting the dots to results
    “My favorite social media metric
    has a dollar sign in front of it.”
    -- Chris Brogan
  • 9. 9
    What Senior Marketers say vs what they actually measure
  • 10. 10
    Slide 10 – March 23, 2010
    2009/2010 = Transformational time
    Economy : Cold
    Measurement : Hot
    Critical to Measure What You Treasure
  • 11. 11
    Putting the data into context:An integrated measurement model
    activities
    reach
    relevance
    outcomes
    worth
    What activitieswere performedto achieveresults?
    Did you reachyour audience?How manyimpressions,web visits,reports,attendees, etc. weregenerated?
    Were yourelevant to youraudience? Were you credible? Did your ideas and messages resonate? Did you drive conversation?
    What business results did you achieve? Awareness? Engagement?
    Reputation? Leads? Sales? Loyalty?
    Advocacy?
    What is the estimated dollar value of your communication efforts? What was the ROI?
    Quantity/Output  Quality/Outtakes  Business Impact  Value/Efficiency
    Communications Team  Marketing Team  Executive Team
    Source: Weber Shandwick Measurement & Strategy practice, “ARROW” measurement model
  • 12. 12
    What can we measure? What is most important?
    Cost per customer interaction (e.g. call center vs Twitter or other online channel)
    Leads generated
    Increase in followers, fans or “Likes” for my Facebook page or Twitter profile
    Qualified job candidates
    Increase in site traffic
    Revenue generated
    Views of a specific landing page, blog post or message
    Increase in time spent on site
    Customer retention rate / cost
    Click-throughs on a specific link
    Customer acquisition rate /cost
    Increase in positive sentiment
    Increase in Share of Voice
  • 13. 13
    What can we measure? What is most important?
    ROI
    Precursors to ROI
    Revenue generated
    Leads generated
    Customer acquisition rate /cost
    Customer retention rate / cost
    Cost per customer interaction (e.g. call center vs Twitter or other online channel)
    Increase in site traffic
    Increase in time spent on site
    Qualified job candidates
    Views of a specific landing page, blog post or message
    Click-throughs on a specific link
    Increase in followers, fans or “Likes” for my Facebook page or Twitter profile
    Increase in positive sentiment
    Increase in Share of Voice
  • 14. 14
    How can we measure it?
    Google Alerts
    Blog searches (Google, Technorati, BlogPulse, IceRocket)
    Track mentions in specific blogs via RSS feeds
    TweetDeck, HootSuite, Seesmic or other tracking dashboard
    Paid tools (Radian6, Nielsen BuzzMetrics, Sysomos)
  • 15. 15
    How to choose?
    Know your target audience decision-making process flow
  • 16. Proving communications value:Focus on outcomes
    Start by defining clear, precise, measurable goals
    Even if you don’t think you can measure PR’s impact on the outcome, start with the assumption that you can – and then work backwards to figure out how to measure it
    Anecdotal evidence
    Data-based evidence
    Correlation
    Contribution
    Causation
    Read and internalizeoutcomes definitionsfrom PRSA and IPR’sMeasurementCommission
    Slide 16 -- March 23, 2010
    http://comprehension.prsa.org/?p=628
  • 17. 17
    Two ways to look at ROI
    Direct
    Inferential
    Online conversion, e.g. e-commerce sale, lead form, download of white paper
    Identifiable campaign or source tags used consistently in all links
    Tracking known customers and leads via Social CRM to determine if their activity is resulting in referrals, leads or sales
    Social media related questions in customer surveys
    Identify one or more ROI metrics
    Increased Sales volume
    Lower customer acquisition cost
    Shortened sales cycle
    Reduction on support cost
    Is there any correlation with increased social media activity?
    Increase in fans/followers
    Increase in volume of interactions or level of engagement
    Increase in Share of Conversation
    Are there any other corollaries?
  • 18. 18
    What leads to “True ROI?”
  • 19. 19
    Is increase in online activity a precursor to corresponding change in sales volume or other ROI metric?
  • 20. 20
    Interacting with social brands strongly correlates to positive view
    http://www.emarketer.com/Article.aspx?R=1007419