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Marshall Sponder - How to Monitor and Measure Social Media ROI

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    Marshall Sponder - How to Monitor and Measure Social Media ROI Marshall Sponder - How to Monitor and Measure Social Media ROI Presentation Transcript

    • Finding Return on Investment and Reverse ROI In Social Media
      Marshall Sponder
      Social Media Analytics Book
      Monitoring Social Media 2010 London
      November 22, 2010
    • Situation Today: We’re capturing a fraction of the data needed to measure Social Media ROI
      A good place to Start:
      http://www.scribd.com/doc/38176762/Tracking-Social-Media-ROI-using-Spectrum-Analytics
    • 1) Social Media is about beginning and deepening relationships over time.
      Friends, Likes, Shares, Tweets, ReTweets are qualitative ; the value is “soft” and can be estimated, but not known precisely.
      ??
      3) Formulas for ROI and Social Media Metrics are immature, need further research.
      2) “soft” values are difficult to plug into return on investment equations.
    • Where to Start?
      Analysts begin with their own initial assessment of a situation using qualative and quantitative research in order to ask the right questions
      … before meeting the client for the first time
    • Once you access situation you have enough information to pose the right questions to clients and get answers you need to move forward measuring ROI and Reverse ROI.
      Reverse ROI are actions in Social Media that strengthen brands, need to listen to those conversations online when we find them.
    • Use Listening Systems to Find common ground between analysts and organization.
      a) Find voices of
      Clients on The
      Web.
      b) Find how clients
      searched the
      web.
      C) Analyze Clients
      website
    • Getting our Business and Measurement Metrics goals / tactics aligned
    • Use Benchmarking Tools for initial Goal Setting
      How much traffic from Social Media should our business be getting?
      Compete.com Traffic Dashboard, October 2010 for Industry Category: Entertainment Guide: Restaurants and Dining
    • Tried Listening for Social Media ROI and Reverse ROI at a popular NYC Restaurant Chain, Havana Central
    • Initial Ask from Havana Central was ROI related but Social Data , while promising, failed to produce any true ROI numbers
    • Found Metrics to use but were they the Right Ones?
      Average Opentable Reservation = 3.6 people
      Average Reservation yields $186.00
      Average meal costs $51.66 cents
      EST Value of a tweet = $51.66 x 2
    • Tweet for a Drink?
    • In pulling metrics data, reports too often focus on the wrong “diagnostic” information instead of the insight derived from it
      ..and much of the data is “ultraviolet”
    • Once we learn to ask the right questions
      We find out what the client really needs.
      If ROI is desired, it’s important to level set expectations.
      Still writing the book on how Social Media Builds Relationships, optimizing business communications, increases awareness of product and brand.
      Knowledge to find ROI or Reverse ROI still in it’s infancy and fragmented, need to work together to share our insights and refine out analytics tracking.
    • Marshall Sponder
      www.Webmetricsguru.com
      Now.seo@gmail.com
      @webmetricsguru