ROI Of Social Media
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ROI Of Social Media

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ROI Of Social Media ROI Of Social Media Presentation Transcript

  • The ROI of Social Media March 9, 2011
  •  
  • What do you primarily use social media for personal, business, or both?
  • What social media tools do you use?
  • How would you rate your knowledge of social media? (one – highest, four – lowest)
  • Do you think social media is an important trend for your business?
  •  
  • Top 10 Most Visited Sites
    • Google
    • Facebook
    • Yahoo!
    • YouTube
    • Amazon
    • Wikipedia
    • Twitter
    • Blogger.com
    • eBay
    • Craigslist
  •  
  • Facebook 3,774,716,112 Twitter 183,876,953
  • Youtube.com 1,238,702,433 Linkedin.com 56,542,414
  • 55 Minutes a day on Facebook 65M Access Facebook on Mobile Phones
  • 94% of people have turned their backs on traditional advertising.
  • 90% of consumers trust product recommendations from personal acquaintances
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  • Marketing has changed more in the last 5 years than in the previous 100 combined
  • Age of Distraction
  •  
    • Is it over hyped?
    • Will something replace it?
    • Is it a big, fat waste of time?
  • SM for Business Use
    • SEO
    • Create Brand Awareness
    • Reputation Management Tool
    • Customer Service and Support
    • Recruitment
    • Learn About New Technologies and Competitors
    • Lead Generation Tool
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  • Three stages of the Social Media ROI cycle
    • Setting up, running, and optimizing a social media campaign takes place in three stages:
    • Launch
    • Management
    • Optimization
  • Stage One: Launch Approach: Executional Focus: Long-term Objective: Social Media Presence Results: Negligible
  • Stage Two: Management Approach: Tactical Focus: Mid-term Objective: Customer engagements Results: Increased traffic
  • Stage Three: Optimization Approach: Strategic Focus: Long-term Objective: Social Media ROI Results: Revenue growth
  •  
  • Barriers to Results
    • Takes TIME to get results
    • Takes UP time & Resources
    • Half-hearted attempts
  • Effective Social Media
    • Not easy
    • Not quick
    • Not cheap
    • Focus
    • Grab Attention
    • Engage
    • Take Action
  • 12for12 Tweet-a-Thon
    • $12k in 12 hours
    • Combat child hunger in the US
      • Clear and achievable goal
      • Sense of urgency short deadline
      • Leverage existing networks
      • Easy to Donate
      • Clear Understanding of Where $$ Go
      • Donor Recognition
  • How to define success?
  • Top Social Media Success Metrics Source: 2009 Business.com, Inc
  • Engagement Clicked, bought, downloaded, retweeted, liked
  • Social Media Strategy
  • Social Media Strategy
  • How to Measure ROI
    • Make goals specific and measurable
      • Increase site traffic by 25% over 6 month
      • Decrease calls by 10% over 6 month
  • Source: Beth Kanter, How Much Time Does it Take To Do Social Media?
  • Listen
  •  
  • Social Media
    • Forums
    • Blogs
    • Microblogging
    • Wikis
    • Podcasts
    • Photos
    • Videos
    • Ratings
    • Reviews
    • Social Networking
  • 80% Strategy 20% Technology
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  • Summary
    • Return on Investment
      • Become more strategic and focused
      • Set benchmarks
      • Tangible and Intangible goals
    • Return on Conversation
    • Cost NOT to Participate
  • Summary
    • Tangible (quantitative)
      • Increased sales by 25% within 6 months
      • Decrease calls to customer support by 10%
    • Intangible (qualitative)
      • Word of mouth
      • Good comments
  • Opportunities Galore
    • Currently in early mode
    • Adopt what is successful
    • Another form of communication
    • Repurpose existing content to reach audiences in new ways
    • Know that change is inevitable
  •  
  • Action Items
    • Listen
      • Review Stats
      • Google Links
      • Google Alerts
    • Assess Current Strategy
    • Focus / Be Creative / Experiment
  •  
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  • Q & A
  • When the winds of change blow, some people build walls and others build windmills