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Social for ROI, not just for the sake of it!
 

Social for ROI, not just for the sake of it!

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This presentation gives some insight as to how to can attribute revenue and success from Social.

This presentation gives some insight as to how to can attribute revenue and success from Social.

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  • Good afternoon Everyone. Thanks for coming to my talkIn hindsight I think I picked a pretty big topic to cover in 30 minutes, so I’m going to try and cover quite a bitHopefully there’s something here for everyone
  • I’ve broken this session into 5 areas.Starting with some statistics, some key elements of Social Media StrategyThen Moving onto some ways in which to make the most of socialI hear social doesn’t make money and a lot of people saying only 2% of likes on Facebook turn to transactions etc.. All doom and gloom for the Finance Director.In many cases, and how many implement social media that is true, however if we approach social in certain ways it can have a very positive ROI
  • Can I start with a show of hands…How many of you here are involved with Social Media in your business?How many of you consider yourselves pretty sociable?
  • Whilst you were waiting for this session to begin how many of you actually said “hello” to people around you?If you came in with that person, that doesn’t count by the way…So not many of you then.Still consider yourselves social?This is just my point Social Media in many businesses has turned into conversations about the tools, platform and functionalities, rather than about the communication.Social Media is about relationship building. Your customers building a conversational relationship with you as a brand Inclusivity and interaction are key to your social media plans. So think more about how you would communicate or interact without being guided by the social platform.
  • Here’s another one of the things I hear quite a bit.Social is free so lets just give it a go… Why pay a third party we can just try it ourselves.Don’t get me wrong… There’s a time and place to try things out especially if you’re a start up with a brand presence.So by all means create a strategy and later I’ll be giving you some easy steps and key elements to think about in your strategy and planning.However if you are a brand with a good brand equity, you shouldn’t rush into social media blind just because it seems free, cheap or because others are doing it.There are other complexities to Social media for a larger company such as customer service, complaints or internationalisation.Another thing to remember that is far more cost effective to pay to have help with a social strategy than to appoint someone for crisis management.Before I move on thing I want to clearly state I believe Social Media belongs in the hands of the business not a third party.I believe there are times when you want to appoint third parties to amplify your message such as a product launch, competition or PR.However everyday management certainly shouldn’t be outsourced. Where possible keep it within your organisation and ask for professional guidance where necessary.This will also give you better ROIOk enough about that lets move on.
  • Ok so let’s take a look at some stats.Marketing decision makers typically spend about an hour a day on average with social media activities. And we can see that 52% have increased time dedicated to managing social media40% of those surveyed don’t have a dedicated individual for social, nor do they expect to appoint oneThat’s hardly surprising as 90% of companies surveyed don’t effectively measure their ROI.Therefore it’s hard to put a business case in for a social media dedicated resource
  • As you can see from Econsultancy’s Social media statisitc report 83% spend less than 15% of their budget on social media.8.1% spending between 16-30%Then it really drops… although there is 4% which spends between 76-90% of their marketing budget. To me that would indicate a smaller or pure play business
  • When it comes to a dedicated social team the responsibilities mainly seem to be in:strategycommunity managementMonitoringcontent planningand customer supportAll these areas will impact revenue and ROI.
  • Here’s a chart I foundinterestingOf average social media usersageA couple to puil out are medianages for Facebook being 37Linkedinbeing the eldestwith a mediancommunityage of 39And twittercontributorsbeingalmost 6 yearsyounger
  • Again I don’t want to bore you with powerpoint, and whoever would like a copy of this presentation will be able to download it from our site in the next couple of days.Just come and see us at our stand. a215So I’ll pull out a couple of numbersSome of these will sound obvious but in B2C Facebook leads with a 97% adoption rate, Whilst in B2B Linkedin takes pole position and has an 88% adoption rate.Looking at the right bar chart, When asked which networks are the most usefulOverall Facebook led, then twitter followed closely by linkedin with Youtube trailing behind.Ok, so enough of the industry stats… How do we get more ROI from social?Well to answer that question we fist have to look at… How to measure Social Performance.
  • Now here is how a variety businesses measure social.As you can see what I consider to be the most important measurement, FinancialIs the the least Measured.
  • However when asked how measurement will be changing in the next 12 monthsYou’ll see that financial will be far more prominent…Good news all round.
  • Ok lets move onto some things to look out for and include in your social strategy
  • Know your Subject – Asos from retailer to fashionista and trend settingBe transparent – No one likes smoke and mirrors When you are communicating in social media say who you are and who you work for. Don’t try to be sneaky and plant comments, don’t hire people to go out and say nice things about you and stay away from ghost writing. Be genuine and be real..Be yourself – Social media is a conversation, no one like fakes and remember to stay true to your brand and consistent. Be passionate about what you do and let that show through your personality. Post Frequently – Communities need to look buzzing, there’s nothing worse that a social presence with the most recent activity being from the previous month, users want have a reason to get involved.Add Value – There’s no specific guidance here, one size doesn’t fit all just make the interaction or conversation memorable Share tips, tricks, and insightsand also if you follow these points you’ll be adding value anyway.Respond – Don’t forget social is just as much about monitoring and responding as posting and distributing your messages. This point in particular if not followed can impact your brand. Virgin in my opinion have a great response service level. Answer questions, thank people even if it’s just a few words. Make it a two way conversation.Listen to others - Appreciate suggestions and feedback, it will make what you do even better.Learn from Mistakes – don’t worry about making mistakes just correct them quickly and don’t make the same mistake twice.Be external – It doesn’t have to be all about you, Link to other blogs, videos, and news articles. Re-tweet what others have to say. Have Fun – If you aren’t enjoying your social activity, chances are other aren’t either. Make sure you stay engaged and try new things.

Social for ROI, not just for the sake of it! Social for ROI, not just for the sake of it! Presentation Transcript

  • Social
for
ROI
…
 Not
just
for
the
sake
of
it!
 George
Ioannou
 Head
of
Agency


  • What
we’re
going
to
cover…
 •  Just
how
social
are
we?
 •  Importance
of
Social
Media
 •  Key
elements
of
a
Social
Strategy
 •  How
to
moneHse
your
social
acHvity
 •  Tools
which
can
help

  • Just
how
Social
are
we?
 [Taken
from
a
talk
by
Dorothea
Bozicolona‐Volpe]


  • No.1
Myth 

 Social
Media
 is
FREE

  • StaHsHcs
around
Social
Media
 [Source:
Econsultancy:
UK
Social
Media
StaHsHcs,
May
2013]


  • %
of
MarkeHng
Budget
Commi^ed
to
 Social
Media
 [Source:
Econsultancy:
UK
Social
Media
StaHsHcs,
May
2013]


  • Dedicated
Social
Team
ResponsibiliHes
 [Source:
Econsultancy:
UK
Social
Media
StaHsHcs,
May
2013]


  • StaHsHcs
around
Social
Media
 [Source:
Econsultancy:
UK
Social
Media
StaHsHcs,
May
2013]


  • A
look
at
the
Networks
 [Source:
Nick
Johnson,
The
State
of
Corporate
Social
Media]


  • How
do
you
Measure
Social
Media
 Performance?
 [Source:
Econsultancy:
UK
Social
Media
StaHsHcs,
May
2013]


  • How
do
you
see
these
Measures
 Changing
in
the
next
12
months?
 [Source:
Econsultancy:
UK
Social
Media
StaHsHcs,
May
2013]


  • KEY
ELEMENTS
OF
A
SOCIAL
 STRATEGY
 [Image
Source:
h^p://www.keytrader.co.uk/]


  • Spectrum
of
Online
Friendship
 [Source:
Mike
Arauz]


  • Key
Elements
of
a
Social
Strategy

 1.  Know
your
subject
 2.  Be
transparent
 3.  Be
yourself
 4.  Post
frequently
 5.  Add
value
 6.  Respond
 7.  Listen
to
others

 8.  Learn
from
mistakes
 9.  Be
external
 10.  Have
fun
 [Image
Source:
h^p://www.socialsearchmobile.org]


  • Quick
Guide
 1.  CompeHtor
Analysis
 2.  Know
your
Vision/Mission
 3.  Create
Social
Personas
 4.  Create
your
Goals,
Develop
your
 TacHcs

 5.  Ensure
you
have
Resource
to
 Achieve
your
Goals
 6.  Plan
and
Create
your
Content
 7.  Publish
and
Promote
the
Content
 to
your
Users
Plakorms
 8.  Listen
to
your
community
 9.  Measure
and
Monitor
the
results
 10.  Modify
and
Repeat

  • 5
WAYS
TO
MONETISE
YOUR
 SOCIAL
ACTIVITY
 [Image
Source:
h^p://www.mortgageblogger.co.uk/]


  • MoneHse
your
Social
AcHvity
 Monitor
conversa?ons
with
 relevant
phrases
/
Key
 words.
 
 Join
conversa?ons
and
 inform
users
of
products/ services
if
appropriate
 
 Track
and
ask
whether
the
 user
acted
on
your
 suggesHon.
 [Image
Source:
h^p://www.sproutsocial.com]


  • MoneHse
your
Social
AcHvity
 Use
Paid
Adver?sing.
This
 can
be
found
on
social
 plakorms
in
the
form
of
 Promoted
Tweets,
Facebook
 Ads
and
Adsense
to
name
a
 few
popular
methods.
 
 Helps
reach
out
to
more
 audience
and
gives
you
an
 opportunity
to
diversify
the
 offering.
 
 [Image
Source:
h^p://www.digitalfire.co.za/]


  • MoneHse
your
Social
AcHvity
 Offer
Special
Promo?ons
 
 Boost
interest
and
sales
by
 offering
the
promoHons
 across
social
media
channels
 
 Media
codes
and
urls
are
 also
so
easily
shareable.
 
 Try
Call
Tracking
phone
 numbers
too
 
 [Image
Source:
h^p://www.igd.com]


  • MoneHse
your
Social
AcHvity
 Create
amazing
shareable
 content
 
 ArHcles
 Interviews
 Infographics
 Videos
 Games
 
 
[Image
Source
h^p://bigideasblog.infusionson.com/]


  • MoneHse
your
Social
AcHvity
 Use
social
as
a
reten?on
 tool
 
 High
cost
of
acquisiHon
 Value
in
increasing
AOV
 Social
as
a
customer
 Service
Tool
 [Image
Source:
h^p://www.photos‐public‐domain.com/]


  • Hootsuite
 •  Manage
your
social
 networks
in
one
tool
 •  Team
management
 •  Message
management
 •  Ow.ly
Click
Stats
 •  Facebook
Insights
 •  Twi^er
Profile
Stats
 •  Create
custom
analyHcs
 reports

  • Measuring
Social
Impact
 with
Google
AnalyHcs
 •  Google
AnalyHcs
now
 has
Social
Reports
 •  Social
Conversions
 •  Social
Sources
 •  Social
Sharing

  • Mapping
business
objecHves
to
social
 media
KPIs

 [Image
Source:
h^p://www.econsultancy.com/]


  • Mapping
business
objecHves
to
social
 media
KPIs

 [Image
Source:
h^p://www.econsultancy.com/]


  • Mapping
business
objecHves
to
social
 media
KPIs

 [Image
Source:
h^p://www.econsultancy.com/]


  • Next
Steps…
 Follow
us
@digitalandwise
 Read
our
blogs
at
www.digitalandwise.com
 Email
us
at
info@digitalandwise.com
 
 Even
be^er
come
and
visit
us
on
stand
A215
 
 
 Thank
you
for
listening
 @georgeioannou
 hSp://www.linkedin.com/in/georgeioannou