E Consultancy Social Media Monetisation Case Study

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Monetising Social Media A case study in measuring the value of social media marketing online

Monetising Social Media A case study in measuring the value of social media marketing online

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  • 1. Monetising Social Media A case study in measuring the value of social media marketing online Ashley Friedlein CEO E-consultancy.com
  • 2. “ The future of the social web ” “ Harnessing Social Media for B2B and B2C marketing campaigns” “ How UK Government approaches the web and social media ” “ Social and Professional Networking how marketers and users navigate in the Web 2.0 world” “ The impact and ROI of social retail ”
  • 3. What is ‘Social Media’?
    • Blogs
    • Discussion Boards & Communities
    • Product review sites
    • Media-sharing
    • Social Networking
    • Bookmarking / tagging
    • ‘ Social commerce’, ‘social news’ etc….
  • 4. “ Internet-based tools and venues where anyone can communicate publicly”
  • 5.
  • 6. Universal McCann Social Media Study
  • 7. Great for PR BUT…
  • 8. Q: Has Second Life worked for you? A: “It’s a lot more hype than reality.” Chris Shimojima, VP, Nike.om Q: How did the YouTube clip help generate pledges? A: “…i t's not a top referring site … in terms of pledges and uptake of products, we're not seeing that come through. ” Rob Merrington, Head of Brand Advertising, EDF Energy
  • 9.
  • 10. Jerry Maguire, 1996
  • 11.
  • 12. How do we make money?
    • Advertising
      • Average £20 per thousand page views / 2 ads per page / 3 pages views per visit
      • Average advertising value per visit = 12p
    • Commerce (Subscriptions, Memberships, Events, Training etc.)
      • Conversion rate = 0.25%
      • Average order value = £200
      • Average commerce value per visit = 50p
  • 13. Average Total Value / Visit = 62p
  • 14. (but some visits are more valuable than others)
  • 15. Direct Traffic Indirect Traffic (aka Google)
  • 16. Top Referring Domains
  • 17. 7,000 visits a day from Google = £4,340 a day…
  • 18.
  • 19. How many more direct visits can we get? Can we get more Google love? from ‘social media marketing’
  • 20. Question 1 Should we engage with sites that deliver VOLUME (REACH) or INFLUENCE?
  • 21. Answer 1 Both… VOLUME = VOLUME INFLUENCE = SEO = VOLUME
  • 22. Question 2 So which sites would deliver volume (and the right prospective customers) And which (SEO) influence?
  • 23. Answer 2 VOLUME / REACH INFLUENCE
  • 24. Lots of sites…
  • 25. Prioritised + How to approach
  • 26. Go engage!
  • 27. Links via Online PR
  • 28. BBC Internet Blog
  • 29. Multilingual Search Community
  • 30. BazaarVoice Blog
  • 31. Internetworldstats.com
  • 32. Facebook
  • 33. Links via Answering Questions
  • 34. Yahoo! Answers
  • 35. LinkedIn Answers
  • 36. WikiAnswers
  • 37. Wikipedia
  • 38. Links via Profiles / ‘Channels’
  • 39. YouTube Channel
  • 40. Twitter Channel
  • 41. Slideshare Channel
  • 42.
  • 43. Dailymotion
  • 44. Veoh
  • 45. Links via Bookmarking / Tagging
  • 46. Digg
  • 47. Del.icio.us
  • 48. Was it worth it?
  • 49. Scores on the doors…
  • 50. Cost
    • Search Agency
      • £3,000
    • Data / Tools
      • Free (-ish)
    • Internal Time
      • 5 days worth of time
    Call it £10,000
  • 51. Referred visits in last 6 weeks
    • Stumbleupon
    1,369 LinkedIn 669 Wikepedia 547 Del.icio.us 276 Twitter 106
  • 52. Views = 1,746 No. referred visits = 5
  • 53. No. referred visits = 77
  • 54. Total no. ‘social media’ referred visits = 18,000
  • 55. Value = 18,000 X 62p = £11.16k…
  • 56.
  • 57. SEO impact?
  • 58. Google Natural Search Referrals
  • 59. Total no. incremental visits for SEO improvement = 72,000
  • 60. Value = 72,000 X 62p = £44.64k…
  • 61.
  • 62. ROI = (£11.16K + £44.64k) / £10k = 558%
  • 63. BUT… (there’s always a but)
  • 64. How many of these links came from this campaign ?
  • 65. Do we really know the Google improvements came about from this campaign ?
  • 66. (but some visits are more valuable than others) less
  • 67. We assumed Average commerce value per visit = 50p
  • 68. So how much did we actually sell?
  • 69. £112k sold online in the period
  • 70. ‘ Social media’ referred sales… £2.4k (2.1% of sales)
  • 71. And EVERY SINGLE ONE of those... ALSO searched Google on us before buying
  • 72. Other Benefits
    • Built PR contacts db
    • Found high-performing new affiliates
    • Found new partners (e.g. for contras, co-registration etc.)
  • 73. Other Benefits
    • Built influence / credibility
  • 74. Conclusion
    • Worth it but
      • Quite a bit of work
      • Value in tangential areas
    • Good-ish for traffic; less good for sales
    • Indirect traffic via search bigger than direct traffic (and higher value)
    • But mostly…
  • 75.
  • 76. Questions? E-consultancy Resources:
    • Online Measurement and Strategy Report 2008 (with Lynchpin)
    • http://www.e-consultancy.com/publications/online-measurement-and-strategy-report-2008/
    • Web Analytics Buyer’s Guide
    • http://www.e-consultancy.com/publications/web-analytics-buyers-guide-2007/
    • Web Analytics Request for Proposal Template
    • http://www.e-consultancy.com/publications/web-analytics-rfp-request-for-proposal/
    • Web Analytics Business Case
    • http://www.e-consultancy.com/publications/web-analytics-business-case
    • Measurement, Analytics and Optimisation Briefing
    • http://www.e-consultancy.com/publications/analytics-measurement-optimisation-briefing-march-2008/