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Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
Brand vs Performance in Social Media Return on Investment
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Brand vs Performance in Social Media Return on Investment

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Dialogue Consulting director Hugh Stephens spoke at the 2nd annual Social Media in Government conference on 17th Feb 2014 in Canberra, Australia about how to measure social media return on investment …

Dialogue Consulting director Hugh Stephens spoke at the 2nd annual Social Media in Government conference on 17th Feb 2014 in Canberra, Australia about how to measure social media return on investment (ROI) and the role of brand activities compared to performance activities.

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  • How most of us approach strategy
  • Transcript

    • 1. Increasing social media ROI: Brand vs Performance Today’s slides are available at: #AkoSMG14 @HughStephens 19-Feb-14
    • 2. 2 Strategy // Risk // Advisory About Dialogue Consulting • • • Strategy – Communications – Social data – Digital channel integration Risk – Active / passive management – Review – Analytics Advisory – Analytics • Audits • Trend analytics • ROI 19-Feb-14
    • 3. 3
    • 4. 4 Questions & Tangents always welcome! Agenda • • • • ROI review Brand and performance Data > tools What to do about it – Evaluation periods / Audit – Interim monitoring – Make it part of planning 19-Feb-14
    • 5. 5 19-Feb-14
    • 6. √Σπμ (!!!11!!1!)
    • 7. 7 1 ROI: A rapid review. 19-Feb-14
    • 8. 8 You can measure anything. 19-Feb-14
    • 9. ROI is the balance between costs and revenues How ROI is defined mathematically • • To increase ROI: – Decrease costs (!!) – Increase revenues/return Or simply: – Bang for your buck. 19-Feb-14
    • 10. 10 What are your Value drivers? Adapted from Larson & Watson, 2011 19-Feb-14
    • 11. 11 You probably don‟t know the true costs of social. Costs of social • Social media costs more than most people think. • Key areas are: – Staff hours / resources – Training / education – Advertising (?pay to play) – Tools / management platforms – Technology / devices – (Evil) consultants 19-Feb-14
    • 12. 12 You can identify the „revenue‟ in many different ways Revenues of social • • eCommerce would be (is) a great place to be, but government ≠ eCommerce. Common models – Business strategy execution („them‟ vs „you‟) – “Value of a Follower” – net present value through discounting future returns (via user lifetime value) – Network analysis („them‟ vs „them‟) – Opportunity cost valuation • Compared to display ads? • Compared to telemarketing? • Compared to …? 19-Feb-14
    • 13. 16 Number line $$$$$$ $ 0 19-Feb-14
    • 14. 17 2 Brand vs Performance 19-Feb-14
    • 15. 18 It all starts with strategy. 19-Feb-14
    • 16. 19 It‟s impossible to measure something you don‟t understand A problem well stated is a problem half solved. - Charles Kettering 19-Feb-14
    • 17. 20 Are you focused on „brand‟ or „performance‟? (or „KPI‟?) Defining ‘brand’ and ‘performance’ • „Brand‟ activities are: – Usually long(er)-term – Usually related to equity, but can be internal (risk) • „Performance‟ metrics are: – Usually directly related to something – Often relate to a business strategy – Can be tangible (sales) or intangible (diversions for CS) – Usually easier to measure 19-Feb-14
    • 18. 21 SMROI helps identify where social media generates value Quantifying use • “Brand” Financial tangibility – is the return monetary (eg sales) or nonmonetary (eg brand equity)? • “Performance” Time – is the return made in the long or short term? p8 19-Feb-14
    • 19. 22 3 Data > tools 19-Feb-14
    • 20. “Likes”, “Virality” or “Engagement” is not ROI. Measuring your ROI • Most tools simplify things to the point of worthlessness – “Likes” } – “Virality” } Are these ‘ROI’? No. Do they drive it? Nope. – “Engagement” } • Don‟t create a Klout  small clean data > big dirty data, models require some expertise • What are you trying to measure? – Market research (formal/informal, social/nonsocial) – Analytics (FB/TW/GA/Omniture) • Often require planning (URL shortening?) – Outcome metrics (call volumes/sales/leads) • Focus on the data, not the tool. 19-Feb-14
    • 21. 24 Identifying what works is harder than just a tool. There are some handy tools though… • • Data collection – Volume data is easy to get – None of the „ready-made‟ tools probably understand your strategy – Detailed data much harder (Python , R  ) • http://dry-atoll-9855.herokuapp.com/ -- ~40 mins. Benchmark tools – NPS – Consumer surveys • Yours • Market – Competitor analytics • Be weary of market drivers 19-Feb-14
    • 22. 25 We use proxies when we can‟t measure real numbers Proxy measurements • • • • Engagement can be a proxy for? Clickthroughs can be a proxy for? Enquiries can be a proxy for? But proxies have limitations when you extrapolate. 19-Feb-14
    • 23. 26 4 What to do? 19-Feb-14
    • 24. Work out what you can and can‟t measure Where to get started • • • • • Go back to your strategy – what are you really trying to measure? – Brand or performance? – Short or long-term? Identify what data you have, and what you‟d like to collect. When can you do what? – What would you love to have access to if you had the time and budget? • What is a proxy for ^? – What is a proxy for ^? » What is a proxy for ^? – Rolling analytics are great, but sometimes you have to do a „deep dive‟ ROI your ROI… (#meta) Focus on the value drivers… 19-Feb-14
    • 25. 32 Dialogue recommends... 19-Feb-14
    • 26. 33 Recommendation 1 Identify and understand your strategic purposes of maintaining a social media presence 19-Feb-14
    • 27. 34 Recommendation 2 Social media presences should be evaluated regularly. Social media use should be justified, cost-effective and add value. 19-Feb-14
    • 28. 35 Recommendation 3 SMROI should be evaluated and help direct improvements to better extract value from social media. 19-Feb-14
    • 29. 36 Recommendation 4 SMROI should be undertaken carefully to ensure models, metrics and calculations are accurate. 19-Feb-14
    • 30. 37 Recommendation 5 To be valid and accurate, ROI models should remain fluid to reflect changes in social media platforms, uses and users. 19-Feb-14
    • 31. 39 Questions? 19-Feb-14

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