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ROI of Social Media
 

ROI of Social Media

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    ROI of Social Media ROI of Social Media Presentation Transcript

    • MEASURING THEROI OF SOCIAL MEDIA
    • Agenda•  Why should we care about ROI?•  Social Media ROI today•  Better ways to measure ROI?•  Class Exercise
    • Why is ROI important? •  If you can’t measure it, you can’t manage it. •  “82% of marketers say their executive management expects every campaign to be measured.” (source: ifbyphone 2011 State of Marketing Measurement Report) •  Marketing budgets are correlated to ROI.
    • Social Media ROI Today:What’s so hard about it? “ROI intrinsically implies that you want to take out more than you put in. Social Media is about freely sharing with no strings attached. It’s a paradoxical relationship...”! " " " "- Rob Kozinets, Jan 11, 2012! ROI = company gets more than company gives ≠ sharing freely = Social Media
    • Social Media ROI Today:The Stats•  Measuring ROI was the leading challenge for Social Media Marketers in 2010 & 2011.
    • Social Media ROI Today:Quotable Notables
    • Social Media ROI Today:Current Metrics Source: The ROI of Social Media, MDG Advertising
    • Social Media ROI Today:The big “But” Bu!. . . •  Short term vs. long term •  Quantitative benefits vs. qualitative benefits
    • Turn your thinking upside down Traditional ROI= (new sales) or (cost savings) ROI= (new fans) x (leap of faith) investment investment Problem: short term & incomplete. Problem: blatant ignoranceFodor, 2010 Hoffman & Company Returns = Customer Investments (behaviors + $) Customer Behaviors  Key Marketing Objectives Key Marketing Objectives  1) Awareness, 2) Engagement, 3) WOM
    • Determine your Objectives•  Know what you want out of a campaign before you try to measure it.
    • Key Marketing Objectives
    • From Fuzzy to Quantifiable Metrics•  Measure early•  Measure often•  Measure everything Source: Hoffman & Fodor, 2010
    • Measurement Tools Available
    • Estimating Metric Values•  Primary research (consumer panels, surveys)•  Traditional media benchmarks•  Historical performance
    • Case: Danone Facebook Campaign•  What was the marketing objective?•  What metrics would you use to measure it?•  How would you try to measure ROI? http://www.youtube.com/watch?v=R7F4zQWWaVs
    • Appendices
    • Relevant Metrics – Hoffman & Fodor