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Social media ROI
 

Social media ROI

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Is Social Media ROI a myth or a reality ? How can it be defined and is there a way to measure it.

Is Social Media ROI a myth or a reality ? How can it be defined and is there a way to measure it.

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    Social media ROI Social media ROI Presentation Transcript

    • Social Media ROI
      HareeshTibrewala
      hareesh@socialwavelength.com
    • Agenda
      Risk Of Inaction
      Return On Investment
      My ROI
    • Risk Of Inaction
    • Gap Logo Change
      More than 1000 posts on FB page lamblasting the new logo
      @Gaplogo twitter handle set up by irritated fan
      “All roads were leading us back to the old logo”
      Social Media saves the day for Gap
    • Kryptonite Disaster
      Lock is compromised by a Bic pen
      Brand caught unaware
      Poor response, plummeting sales
      Finally forced to withdraw the product, offer 100% replacement
      Social Media became their Waterloo
    • Return On Investment
    • Viral Videos
      Cost of creation : $1000
      Cost of promotion : $0
      Revenue growth
      5 times revenue growth in one year
    • Gary Vaynerchuck
      Wine selling
      $15,000 direct mail
      200 new customers
      $7,500 on billboards
      300 new customers
      $0 on twitter
      1800 new customers
      Grew his business from $4mn to $50mn using social media
    • Gary Vaynerchuck
      Daily video blog
      Tv.winelibrary.com
      800,000 Twitter followers
      50,000 FB fans
      Created a community
      1st time wine buyers
      Converted a “snooty” category into a “fun” category
    • New Orleans based Pizza outlet
      Found direct mailing option to be expensive
      Used Twitter to reach out to consumers
      Created its own “list” and community
      60% sales via Twitter
      “I am calling from Twitter”
    • Burger King Whopper Sacrifice on Facebook
      Costs
      Application : $25K
      Gratification : $75K
      ROI
      32 mn free media impressions :$2000K value
      New sales : $750 K
      Top of mind recall:$$$
    • Created peer-to-peer community support platform
      Studied consumer feedback
      Marketing. Sales, Product, Custserv
      Reduced laptop support cost by 20%
      Increased productivity for agents and NPS
    • Lead generation company
      Reports that 24% of social media leads convert into opportunities
    • Finance and accounts management software (Quickbooks)
      New product :Turbo Tax
      Used customers to create communities to test the product
      Got product feedback
      Increased sales by 30%
    • Barack Obama
      5mn fans on social media
      3 mn online donors gave $500 mn
      92% donations were in increments less than $100
    • My ROI
    • Identify Business Objective
      • Brand Building
      • Generating Sales
      • Customer Service
      • Reputation Management
      • Co creating products
      • Creating B2B relationships
    • Objective : Lead Generation
      Beginning of the Funnel : Awareness
      Fans, followers, blog views, connections
      Middle of the Funnel : Engagement
      Likes, comments, re-tweets, blog comments, participate in an engagement
      End of the Funnel : Conversion
      Call to action
    • Objective : Reputation Management
      Sourcing conversations
      Doing a sentiment analysis
      Generating a SIM score
      SIM Score : ((Positive+Neutral)-Negative)/Total
      Benchmark SIM Score sub-category wise
      Benchmark SIM Score over a period of time
      Benchmark SIM Score wrt competition
    • Key Takeaways
      Is there ROI in Social Media
      Yes there is (Risk of Inaction / Return on Investment)
      Key is to define your business objective
      For that objective, define metrics to benchmark
      Social Media involves investment of time and money.
      Social Media is evolutionary
      Initial ROI graph will be low, then it will scale up
    • Listen
    • Questions?
      If you need a copy of this presentation, please leave your business card. We will email it to you.
      Hareesh Tibrewala
      Jt. CEO, Social Wavelength.
      hareesh@socialwavelength.com
      Company blog: blog.socialwavelength.com
      LinkedIn: linkedin.com/in/hareeshtibrewala