Finding the ROI in Social Media Renee Menkova, Director of Internet Strategy Rasmussen College

Agenda Start with Goals Talk with your customers Set up metrics Evaluating your progress Committing time to the initiative Case study – PB Loco Setting up continuous feedback loops Wrap up

Start with Goals

Talk with your customers

Set up metrics

Evaluating your progress

Committing time to the initiative

Case study – PB Loco

Setting up continuous feedback loops

Wrap up

" Social Media Marketing: The Latest Buzz on Word of Mouth ," more than one-third (34 %) of all companies indicated that a primary reason that they don't currently engage in social media marketing activities is because they lack suitable performance metrics for evaluating the results.

" Social Media Marketing: The Latest Buzz on Word of Mouth ," more than one-third (34 %) of all companies indicated that a primary reason that they don't currently engage in social media marketing activities is because they lack suitable performance metrics for evaluating the results.

What are your Goals? Not all of your goals will have a monetary value. What actions are customers taking as a result of reading or engaging with you? Are customers buying your products? Are customers telling you about their needs? Are customers requesting to speak with someone from your company? Are customers willing to provide testimonials and referrals to you? Ambassadors? This information can be invaluable to your business!

Not all of your goals will have a monetary value.

What actions are customers taking as a result of reading or engaging with you?

Are customers buying your products?

Are customers telling you about their needs?

Are customers requesting to speak with someone from your company?

Are customers willing to provide testimonials and referrals to you? Ambassadors?

This information can be invaluable to your business!

How will you Measure? There are several tools that measure different things: Traffic (Google Analytics or some other system) -- here you may look at new vs. returning visitors, time spent on the site, number of pages viewed and learn if your social media site is sticky. Influence as in reach (FeedBurner RSS -- important enough to be considered separately as they go beyond reach, they show the reader is vested in some way with the content). Influence as in volume (all the social networks, Technorati, company articles submitted to social bookmarking like Digg, del.icio.us, etc.) -- you may know that the inbound links Technorati counts expire every six months. To be counter properly you also need to make sure your domain is mapped correctly. Influence (Google Alerts) -- mentioned elsewhere but not linked

There are several tools that measure different things:

Traffic (Google Analytics or some other system) -- here you may look at new vs. returning visitors, time spent on the site, number of pages viewed and learn if your social media site is sticky.

Influence as in reach (FeedBurner RSS -- important enough to be considered separately as they go beyond reach, they show the reader is vested in some way with the content).

Influence as in volume (all the social networks, Technorati, company articles submitted to social bookmarking like Digg, del.icio.us, etc.) -- you may know that the inbound links Technorati counts expire every six months. To be counter properly you also need to make sure your domain is mapped correctly.

Influence (Google Alerts) -- mentioned elsewhere but not linked

Metrics Examples I recommend you pick 3-4 different key performance indicators. Here are some examples of metrics for a blog: 25.6% returning visitors and 74.4% new; 3:25 avg. time on the site 30,520 visits in the last 4 months 989 RSS subscribers 25 live hits in between 7-12 minutes PR6 -- Google PageRank 1,904 comments on 375 posts -- 5:1 ratio 99 trackbacks 568 authority or links back to the site in the last six months (Technorati) Between 40-45% of visitors find this blog through organic searches and an average of 34% come here from other sites.

I recommend you pick 3-4 different key performance indicators.

Here are some examples of metrics for a blog:

25.6% returning visitors and 74.4% new;

3:25 avg. time on the site

30,520 visits in the last 4 months

989 RSS subscribers

25 live hits in between 7-12 minutes

PR6 -- Google PageRank

1,904 comments on 375 posts -- 5:1 ratio

99 trackbacks

568 authority or links back to the site in the last six months (Technorati)

Between 40-45% of visitors find this blog through organic searches and an average of 34% come here from other sites.

Most Commonly Used Metrics There are a number of social media opportunities. Here are some of the most comment ways to track increases in customer engagement, usually calculated in terms of: Click-throughs Opt-ins Content downloads Registrations And, various other calls to actions

There are a number of social media opportunities. Here are some of the most comment ways to track increases in customer engagement, usually calculated in terms of:

Click-throughs

Opt-ins

Content downloads

Registrations

And, various other calls to actions

Case Study P.B. Loco Peanut Butter P.B.Loco brand engagement program included community building through Facebook, MySpace, YouTube, Flickr and Twitter as well as blog outreach. Active engagement and brand mentions have significantly increased since the inception of the social media optimization campaign.

P.B.Loco brand engagement program included community building through Facebook, MySpace, YouTube, Flickr and Twitter as well as blog outreach.

Active engagement and brand mentions have significantly increased since the inception of the social media optimization campaign.

Blog Outreach Program

Facebook & MySpace Presence

Twitter Presence & Dialogue with Customers

Drum roll please, and the Results are… Dramatic increase in: Awareness Coupon redemption SALES! !!

Dramatic increase in:

Awareness

Coupon redemption

SALES! !!

Where to Start? Listen to your employees and staff Find out what people are saying about you Find out where your customers go online Ask your customers for recommendations Identify goals Set up metrics Get started Track progress

Listen to your employees and staff

Find out what people are saying about you

Find out where your customers go online

Ask your customers for recommendations

Identify goals

Set up metrics

Get started

Track progress

Thank you for your time today. Renee Menkova 407-618-5363 [email_address] http://www.linkedin.com/in/reneemenkova Twitter: www.twitter.com/renee_m Questions??? & Thank You’s…

Thank you for your time today.

Renee Menkova

407-618-5363

[email_address]

http://www.linkedin.com/in/reneemenkova

Twitter: www.twitter.com/renee_m