ROI of Social Media

ROI of Social Media Clo Willaerts Digital Marketing First 28 Oct 2010

About.me/clo

Return on Investment ROI = ( Profit - Investment ) / Profit

1. Investment Overheard at an advertising agency: “So this marketing manager tells me we should do a Fanpage on Facebook. And he tells me not to ask for extra budget “because he KNOWS Facebook is free!””

Budget 1. Marketing budget 2. Extra budget 1. Separate project budget, tied to a specific project or custom media programme. 2. Moved from an other budget 1. Agency fees 2. Media budgets for mainstream media 3. Advertising budgets

2. Return • More revenue • Saving costs Establish clear marketing goals + how you will measure success

1/5 Technology

Is this your target group?

2/5. Brand perception & awareness 1. Hear what they are talking about (= listening & monitoring) ? 2. Give them something to talk about Objective: reflect your brand and its values in all of your social media assets.

Is yours a t-shirt brand?

3/5. Traffic & audience • if – your own website (on your own domain) = your web publishing home base – your social media real estate = satellites of this home base • then – how do you use social media to drive traffic to your site(s)?

Why would they leave?

4/5 Relationship marketing “As defined by the dictionary, a relationship is “an emotional or other connection between people.” Not between a person and a company avatar. Not between a person and an automated response. People to people.” Humanizing the organization, Lauren Vargas, Radian6

Objectives • to establish a closer relationship with your customers/prospects • to identify new customers and prospects • to increase customer retention • to be more able to receive customer feedback

5/5 Sales and lead generation (aka conversion)

Objectives • lead generation • to increase sales of existing products • to introduce new products • to enter new geographic markets

Accessing coupons posted on Facebook often require that you become a fan of the company by pressing their "Like" button.

3. The Real Return “Being open should not be a mantra or philosophy, but a considered, rigorous approach to strategy and leadership that yields real results."

Innovation vs IT It means your staff are going to be coming up with solutions on their own. [...] The technology doesn’t come from the information technology department; IT’s new job is to support and encourage employees."

Innovation vs customer care “To succeed with empowered customers, you must empower your employees to solve customer problems.”

Every employee is first line “Companies are unable to scale to keep up with the social phenomenon. We know that customers are using these social technologies to share their voices, and companies are having a very difficult time to keep up. [...] Customers don’t care what department you’re in they just want their problem fixed.” March 2010 Altimeter report

Innovation vs recruiting

Innovation vs CRM

Innovation vs Sales “Cold calling [...] will become less prominent. Rather than pick up the telephone and call someone we have never contacted, we will pick up the telephone and call someone with whom we have had an established relationship via Twitter or Linkedln.” (“The New Handshake”, by Joan C. Curtis, Barbara Giamanco 2010)

Social Media are changing the way we live our lives and do business

Thank you c.willaerts@sanoma-magazines.be http://www.conversity.be

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ROI of Social Media

by Clo Willaerts

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