Social Marketing Strategy for Equine Veterinarians - EBMS 2013


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Presentation on social media marketing strategy for equine veterinary practices, focusing on aligning goals with measurable results. Presented to the Equine Business Management Strategies conference on September 11, 2013

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Social Marketing Strategy for Equine Veterinarians - EBMS 2013

  1. 1. Social Marketing Strategy for Equine Veterinary Practices Aligning Goals with Measurable Results
  2. 2. About Me • Equine Legacy – Granddaughter of Dr. William R. McGee, DVM • Six years as HVMS administrator at Hagyard Equine Medical Institute
  3. 3. About Me • MBA Thesis research: Joining The Social Bandwagon: A Benchmark of Social Media Use Among Local Small and Medium Sized Businesses • Social Media Coaching • Equine Best Practices – Client Advocate
  4. 4. What We Will Cover • Social Media Marketing vs. Traditional Marketing • What Makes SM Hard for Small Businesses • Setting Yourself Up For Success – Strategy • Key Performance Indicators and ROI • Implementation and Tactics
  5. 5. What makes social media marketing so different than traditional marketing? • Traditional: – Fixed, unchangeable – One-way communication – Marketer-determined content and message
  6. 6. What makes social media marketing so different than traditional marketing? • Social Media Marketing: – Two-way interactions with consumers – Enables more accessibility and transparency – Customer influences the content and message – Inexpensive (free) PR and word-of-mouth – Manage customer satisfaction in real time
  7. 7. The Problem for Small Businesses & Social Media • Small Budgets and less time and/or human resources to commit • Untrained – don’t know how to best use social media • Just don’t understand it – “I don’t understand this “Tweeter” thing” • Don’t know how it is supposed to help business.
  8. 8. The Problem for Small Businesses & Social Media • Inconsistent advice from “experts” • Don’t want staff playing Facebook games all day. • Difficult to measure effectiveness without expensive software • Difficult to calculate ROI • Don’t believe there is any ROI
  9. 9. Discussion: What is the most difficult part of implementing a social media plan within your practice?
  10. 10. Setting Yourself Up for Success By defining the key components of your social media strategy, you will be able to get the most effective use of the time and resources you put into it.
  11. 11. Your Social Media Strategy: Components • Target Market Analysis – Who are your potential customers and where are they online? • Competitor Analysis – Who are your primary competitors and where do they have a social media presence? – Where are they absent? • Social Media SWOT Analysis
  12. 12. Your Social Media Strategy: Components • Identify your SMART goals and objectives – Financial and Nonfinancial • Controls – – What metrics will you use to define success? – KPI’s – Financial and Nonfinancial Returns • Detail your Grand Strategy – What you want to accomplish and why.
  13. 13. Your Social Media Strategy: Components • Implementation &Tactics – What social networks you will use – Types and frequency of content – Develop a content calendar and task list – Who is responsible? • Contingency Plan – What is the plan if your tactics do not produce desired results?
  14. 14. Target Market • Demographics • Recognized market trends and growth • Where are these people interacting with brands on social media? – This may take some sleuthing online
  15. 15. Competitor Analysis • Identify specific practices you compete with: – What social networks are they on? – What activity do they have? – types of content, frequency of original content. – What content gets the most engagement • Other sources of competition – Online pharmacies – Out-of-state equine clinics
  16. 16. Discussion / Brainstorm • How will you define your Target Market? – What are their interests? • Competition: – How can you use your competitor’s strengths and/or weaknesses to your advantage?
  17. 17. SWOT Analysis • Strengths (examples) – Human resource capabilities – Factors that differentiate your practice – Vocal clients who are your advocates – Already established a social media fan base – High motivation
  18. 18. SWOT Analysis • Weaknesses (Examples) – Not very tech savvy staff or owner – Low motivation
  19. 19. SWOT Analysis • Opportunities (Examples) – Any place your clients are online and you are not – Any place or online network your competitors are absent or weak – Great case studies to share
  20. 20. SWOT Analysis • Threats (Examples) – Competitor’s strong presence online – Economy – Any other online source of information (, non-competitor equine practices with great content) – Online vet pharmacies
  21. 21. Discussion / Brainstorm Identify the strengths, weaknesses, opportunities, and threats to your practice and brand on social media.
  22. 22. SMART Goals & Objectives • Common goals: – Brand Awareness and/or Loyalty – Better Customer Support – Increased Word-of-mouth – Increased referrals – Increased sales
  23. 23. SMART Goals & Objectives • S – Specific – Both financial and nonfinancial goals • M – Measureable – Make sure goals are tied to metrics that can be accessed • A – Achievable – Be realistic in time and scope
  24. 24. SMART Goals & Objectives • R – Relevant – Try to make goals that really do benefit the practice. – e.g. Klout score does not = $$$ • T – Time Bound – Decide how long it should take to see results – Note: the point of social media is building relationships and communities – these take time.
  25. 25. Nonfinancial Goals • • • • • • # Followers, Likes, Mentions, Shares, etc. Increase in Reach (Facebook) Klout Score Increase in website traffic Increase in phone inquiries Newsletter subscriptions
  26. 26. Financial Goals • % increase in online sales • Decrease in cost per new customer • Increase in sales due to a Facebook promotion • Increase in referral revenue that stemmed from a share or mention on Twitter.
  27. 27. Financial vs. Nonfinancial Goals • The investment, the gain, and the return must be measured in the same currency (Blanchard, 2011) Let’s take a look at what controls you should consider:
  28. 28. Controls How will you define “success”? Make sure your metrics match your goals. So, if your goal is to increase brand awareness and word-of-mouth, you should measure Facebook “Reach,” shares, and mentions.
  29. 29. Controls If your goal is to increase referrals, you need to develop a system to track the source of new business via survey or other means. For increased sales, you will have to have a direct way to track sales specifically from social media, such as promotions and coupon codes.
  30. 30. Discussion / Brainstorming • What are your financial goals for social media? • What are your non-financial goals? Think about the answers to these questions as we look at the metrics and tools that tell you if social media is benefitting you.
  31. 31. What is ROI exactly? • Return on Investment (gain from investment – cost of investment) cost of investment It’s not difficult to measure. It’s difficult to prove. (Blanchard, 2011)
  32. 32. Financial Returns: Five Marketing Metrics You Should Care About • • • • • Customer Acquisition Cost (CAC) Ratio of Customer Lifetime Value to CAC Time to Payback CAC Marketing Originating Customer % Marketing Influenced Customer %
  33. 33. Customer Acquisition Cost (CAC) • Total average cost to acquire a new customer in a specific period of time. • Sales and Marketing Cost (S&MC) = Program and advertising fees + salaries + commissions + overhead CAC = S&MC ÷ # New Customers
  34. 34. (CAC) Example Sales and Marketing Cost (S&MC) (this example looks at social media costs only) = Program and advertising fees = $200 +salaries = $520 ($13 x 10hr/wk x 4wks) +commissions = n/a +overhead = $500 (Internet, cell phones, paid marketing tools, etc) Total = $1220
  35. 35. (CAC) Example • Sales and Marketing Cost (S&MC) = $1220 • # New Customers = 4 CAC = S&MC ÷ # New Customers CAC = $1220 ÷ 4 CAC = $305
  36. 36. Ratio of Customer Lifetime Value to CAC • Estimate of the total value you derive from each customer compared with what you spend to acquire the customer Formula LTV:CAC
  37. 37. Customer Lifetime Value (LTV) • The total value you derive from a customer • Lifetime Value = (Revenue the customer pays in a period – Gross Margin) ÷ Estimated churn percentage for that customer.
  38. 38. Churn Rate/Percentage • Churn ~ lost customer • Churn Rate = measurement of the likelihood of your customer to become an ex-customer (opposite of growth rate) (# of churns during period) ÷ (# of customers at beginning of period)
  39. 39. Ratio of Customer Lifetime Value to CAC (LTV:CAC) • The higher the LTV:CAC ratio, the more ROI your marketing is delivering to your bottom line. • Spending more on marketing may lower the ratio but also speeds growth
  40. 40. LTV:CAC Example • • • • • Churn Rate = 3% (may be an estimate) Avg customer pays per month = $120 Gross Margin = 30% LTV = 120 x 0.30 ÷ 0.03 LTV = $1200 LTV:CAC = 3.93:1
  41. 41. Time to Payback CAC • Shows the number of months it takes to earn back a customer’s CAC • Margin Adjusted Revenue (MAR) = How much client pays on average per month Time to Payback CAC = CAC ÷ MAR
  42. 42. Time to Payback CAC (Example) • This should ideally come out to be less than 12 months • The less time it takes to pack back the CAC, the sooner you are making a profit with a new customer. Time to Payback CAC = $305 ÷ $120 = 2.54 Months
  43. 43. Marketing Originated Customer % • A ratio that shows how much new business derives from marketing efforts • Requires a system that identifies the source of the new customer. Formula: (New customers that started as a marketing lead) ÷ (New customers in a month)
  44. 44. Marketing Originated Customer % • In our example, we are looking at the ROI of social media investment only • In order to determine if a new customer came from your social media efforts, you can – Ask how they found out about you and your practice – See if they follow or like your social media pages and profiles
  45. 45. Marketing Originated Customer % Formula: (New customers that started as a marketing lead) ÷ (New customers in a month) 1 of 4 new customers started as a social media lead = 25%
  46. 46. Marketing Influenced Customer % • Similar to the previous metric but includes new customers that had any interaction with marketing efforts. Formula: (New customers that interacted with marketing efforts) ÷ (Total new customers)
  47. 47. Marketing Influenced Customer % • If a new customer heard about you through a friend or saw your booth at an event, but then checked out your Facebook page, that would fall under this category Formula: (3 New customers interacted with social media efforts) ÷ 4 75%
  48. 48. Tracking Marketing Metrics • Track the previous 5 metrics over time to see trends in your marketing and social media efforts and to determine if social media is playing an increasing part in attracting new business.
  49. 49. Other Ways to Measure Financial ROI • Coupons • Promotions • Tie social media to metrics you can or already do measure – For example, if you sell products online, you are probably already using Google Analytics. Use it to see what percent of online visits stem from social media sites.
  50. 50. Google Analytics: • Standard Reports – Traffic Sources • Social – Overview
  51. 51. Google Analytics: • Standard Reports – Traffic Sources • Social – Network Referrals
  52. 52. Google Analytics:
  53. 53. Google Analytics: Goals and Conversions You must define Goals in Google Analytics in order to track Goal conversions. Goal conversions are the primary metric for measuring how well your site fulfills business objectives. A Goal conversion occurs once a visitor completes a desired action on your site, such as a registration or download. If you set a monetary value for each Goal, you'll also see the value of your conversions.
  54. 54. Macroconversions You'll need to track actual Ecommerce in order to analyze online sales effectiveness. Ecommerce tracking is Javascript code on your shopping cart or site that collects information about each transaction as it occurs. Coordinate with your website programmer or host to set up ecommerce tracking.
  55. 55. Microconversions Micro conversions are activities that visitors frequently engage in before purchasing. Sites commonly have several kinds of micro conversions, so it's likely that you'll want to set up at least two or three goals. Examples of goals that you may want to set up include:
  56. 56. Microconversions •Email signup: Create a URL Destination goal and define your “Thank you for signing up” page as the goal page. Establish a value for this goal. This value will be used to calculate Avg Visit Value in your reports. To determine a value, evaluate how often the visitors who reach the goal become customers. For example, if 10% of email signups eventually result in a purchase, and your average transaction is $50, you might assign $5 (i.e. 10% of $50) to your "Signed up for email" goal.
  57. 57. Microconversions •Created account: Create a URL Destination goal and define your “Account setup completed” page as the goal page. Create a funnel for the goal. Add a funnel step for each step in the account creation process. •Browsed site extensively: Create a Pages/Visit goal. The number of pages that you set as a threshold for this goal will depend upon your site and what you consider to be extensive browsing. Ask yourself how many pages eventual customers view before purchase and set that number as your threshold.
  58. 58. Microconversions •PDF Download: You'll need to track each download as a Google Analytics event. Edit your site code and add an onClick event to the download link. The onClick event needs to call_trackEvent so that it triggers a Google Analytics event.
  59. 59. Google Analytics Resources • How to Track Social Media Traffic with Google Analytics: • Google Analytics Campaigns for Beginners: ng-started-with-analytics.html
  60. 60. Google Analytics Resources • Google Analytics Videos: ics/videos • Google Analytics Support:
  61. 61. Tools to Discover Nonfinancial ROI • • • • • • • • Facebook Insights Simply Measured – Free Reports Hootsuite Analytics ( Stats Google Analytics Google Alerts, Talkwalker Alerts (Pinterest “Klout”)
  62. 62. Tools to Discover Nonfinancial ROI • Agora Pulse Barometer – Compare your Facebook page to others. • – get your Facebook page “score” • Many more choices with paid services.
  63. 63. Facebook Insights (Demo) Facebook rolled out new Insights in August 2013.
  64. 64. Grand Strategy Discussion Knowing your target market, competition, SWOT analysis, how to set goals, and methods of measuring social media success, how will social media fit into your overall business strategy? What would you like it to accomplish?
  65. 65. Implementation & Tactics • Create a content calendar to plan out the tactics you want to use • Assign responsibilities and deadlines • Schedule content in advance whenever possible to save time later.
  66. 66. Implementation & Tactics • Which social media sites will help you to reach your goals most efficiently? • What types of content will you need to use to connect with your target market? • Do you plan to use promotions, coupons, or contests? • Will you invest in paid advertising?
  67. 67. Social media success will come to those who “fully leverage it for identifying, acquiring, retaining, and growing quality customers” - Hamill Associates Ltd.
  68. 68. Social Media Marketing Trends • Content Marketing – Visual Content – Images, Video • Inbound Marketing – Ebooks, White Papers – Slideshare • Conversion to email subscriptions • Podcasts
  69. 69. Social Media Best Practices • Include links to your social media profiles in your email signature • Engage in communities • Use Calls-to-action • The Platinum Rule – Give others what they want, not what you would want. • Highlight your fans – they like attention too
  70. 70. Social Media Best Practices 4-1-1 Rule For every one post of self-promotion, post one piece of original content and share 4 things from other sources.
  71. 71. Social Media Best Practices • Use an encompassing platform such as Hootsuite for – Monitoring all accounts and key words in one place – Posting content to more than one account at a time – Has its own URL shortener – Built in analytics • Please contact Ali if interested in trying – 1 Free month Hootsuite Pro and – 1 Free month Hootsuite University
  72. 72. Contingency Plan • If you have not met your goals by the prescribed time in your social media marketing strategy, regroup and change your tactics. • Use your non-financial metric tools to look back and see what worked and what didn’t.
  73. 73. Social Network Information General Information and Tips for Using the Most Common Social Networks
  74. 74. About LinkedIn • Oldest of the popular social networks • Used by professionals for networking and job searches • Newsfeed like Facebook • Friends are called “Connections”
  75. 75. LinkedIn Advice • • • • • Take advantage of LinkedIn Groups Be helpful Fill every piece of your profile - SEO Get a premium account – See who’s viewed your profile. • Personalize connection requests
  76. 76. LinkedIn Advice • How to send a request to someone without their email address – Use groups in common. • Business pages – Have one for SEO, but spend more time on personal connections.
  77. 77. About Facebook • FB “is” social media to most people. • By far the largest social network • On the forefront of social media marketing. • Facebook terms: “Likes,” “Friends,” “Fans” • New analytics (Insights) features in August 2013
  78. 78. Facebook Ninja Tricks • Graph Search – “Pages that people who like [insert name of clinic] like” – “People who like [insert name of clinic] who are attending [insert name of event]” – “People who like [insert name of competitor] who checked in at [insert name of location]” • Interest Lists – create your own and follow others.
  79. 79. Facebook Ninja Tricks • Scheduling Posts • Switching from personal account to professional page – Liking other pages • How to use Insights
  80. 80. About Twitter • • • • Microblogging Site 140 characters & spaces per “tweet” Mostly public accounts. Tweets are archived at the Library of Congress • You can pay for promoted tweets • Terms: “Tweets,” “Retweets,” “Followers,” @ Mentions, # Hashtags
  81. 81. Twitter Tips • Twitter Lists – create and subscribe – Allowed 500 lists w/ up to 5000 accounts • Don’t be vague with links in tweets – Tell us what we are clicking on. • • • • Use link shorteners –, Advanced search Saved searches
  82. 82. About Pinterest • One of the newest social networks • Users “pin” pictures and video to pin “boards” of different themes • Followers may “like,” “comment,” or “repin.” • Recently created business pages with analytics
  83. 83. Pinterest Secrets • Now allows business pages with some analytics • Post original images – link to your website • It’s ok to go off topic, have fun • Follow boards, not people • Fact: Pins have a longer “shelf life” than content on any other social network.
  84. 84. About Google+ • • • • • • Friends organized into “Circles” Giving a “+” is the same as a Like Activity is similar to Facebook Latest layout modeled after Pinterest SEO Advantages Google Hangouts
  85. 85. How to Contact Ali • • • • • • Email: Facebook: Twitter: LinkedIn: Phone: Address: (859) 396-2208 875 E. High St. Suite 130 Lexington, KY 40502