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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E Consultancy Social Media Monetisation Case Study E Consultancy Social Media Monetisation Case Study Presentation Transcript

  • Monetising Social Media A case study in measuring the value of social media marketing online Ashley Friedlein CEO E-consultancy.com
  • “ 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 ”
  • What is ‘Social Media’?
    • Blogs
    • Discussion Boards & Communities
    • Product review sites
    • Media-sharing
    • Social Networking
    • Bookmarking / tagging
    • ‘ Social commerce’, ‘social news’ etc….
  • “ Internet-based tools and venues where anyone can communicate publicly”
  • Universal McCann Social Media Study
  • Great for PR BUT…
  • 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
  • Jerry Maguire, 1996
  • 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
  • Average Total Value / Visit = 62p
  • (but some visits are more valuable than others)
  • Direct Traffic Indirect Traffic (aka Google)
  • Top Referring Domains
  • 7,000 visits a day from Google = £4,340 a day…
  • How many more direct visits can we get? Can we get more Google love? from ‘social media marketing’
  • Question 1 Should we engage with sites that deliver VOLUME (REACH) or INFLUENCE?
  • Answer 1 Both… VOLUME = VOLUME INFLUENCE = SEO = VOLUME
  • Question 2 So which sites would deliver volume (and the right prospective customers) And which (SEO) influence?
  • Answer 2 VOLUME / REACH INFLUENCE
  • Lots of sites…
  • Prioritised + How to approach
  • Go engage!
  • Links via Online PR
  • BBC Internet Blog
  • Multilingual Search Community
  • BazaarVoice Blog
  • Internetworldstats.com
  • Facebook
  • Links via Answering Questions
  • Yahoo! Answers
  • LinkedIn Answers
  • WikiAnswers
  • Wikipedia
  • Links via Profiles / ‘Channels’
  • YouTube Channel
  • Twitter Channel
  • Slideshare Channel
  • Dailymotion
  • Veoh
  • Links via Bookmarking / Tagging
  • Digg
  • Del.icio.us
  • Was it worth it?
  • Scores on the doors…
  • Cost
    • Search Agency
      • £3,000
    • Data / Tools
      • Free (-ish)
    • Internal Time
      • 5 days worth of time
    Call it £10,000
  • Referred visits in last 6 weeks
    • Stumbleupon
    1,369 LinkedIn 669 Wikepedia 547 Del.icio.us 276 Twitter 106
  • Views = 1,746 No. referred visits = 5
  • No. referred visits = 77
  • Total no. ‘social media’ referred visits = 18,000
  • Value = 18,000 X 62p = £11.16k…
  • SEO impact?
  • Google Natural Search Referrals
  • Total no. incremental visits for SEO improvement = 72,000
  • Value = 72,000 X 62p = £44.64k…
  • ROI = (£11.16K + £44.64k) / £10k = 558%
  • BUT… (there’s always a but)
  • How many of these links came from this campaign ?
  • Do we really know the Google improvements came about from this campaign ?
  • (but some visits are more valuable than others) less
  • We assumed Average commerce value per visit = 50p
  • So how much did we actually sell?
  • £112k sold online in the period
  • ‘ Social media’ referred sales… £2.4k (2.1% of sales)
  • And EVERY SINGLE ONE of those... ALSO searched Google on us before buying
  • Other Benefits
    • Built PR contacts db
    • Found high-performing new affiliates
    • Found new partners (e.g. for contras, co-registration etc.)
  • Other Benefits
    • Built influence / credibility
  • 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…
  • 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/