Social Media and ROI: B2B Roundtable Slides Apr 24 2010

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B2B Social Media Roundtable
Social Media and ROI
Dare We Talk About It?

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With You Today
Aaron Pearson
Email:apearson@webershandwick.com
Twitter:@apearson
Email:andy.keith@webershandwick.com
Twitter:@andykeith
www.socialstudiesblog.com

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What you told us …
2 out of 3 respondents are measuring mar-com ROI

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More than 3 out of 4 are using social media to some extent

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Fewer than half are measuring ROI for social media

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All agree ROI measurement is important to some degree

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Biggest challenge: What to measure? Where to begin?

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Connecting the dots to results
“My favorite social media metric
has a dollar sign in front of it.”
-- Chris Brogan

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What Senior Marketers say vs what they actually measure

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Slide 10 – March 23, 2010
2009/2010 = Transformational time
Economy : Cold
Measurement : Hot
Critical to Measure What You Treasure

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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

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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

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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

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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)

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How to choose?
Know your target audience decision-making process flow

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

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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?

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What leads to “True ROI?”

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Is increase in online activity a precursor to corresponding change in sales volume or other ROI metric?

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Interacting with social brands strongly correlates to positive view
http://www.emarketer.com/Article.aspx?R=1007419

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Social Media and ROI: B2B Roundtable Slides Apr 24 2010

by Aaron Pearson on Apr 27, 2010

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Social Media and ROI: B2B Roundtable Slides Apr 24 2010 — Presentation Transcript