How to Set Social Media goals, KPIs and Calculate ROIPresentation Transcript
How to Set Social Media Goals &KPIsKathryn Gritzmacher5/30/2013
Agenda• Setting the right goals• KPIs for social media• Tracking KPIs and calculating ROI• Reporting• Bring it all together• Resources• Questions
KPIs• Key Performance Indicators –metrics thatevaluate success of a particular activities– Shows progress toward strategic goals– Set KPIs based on goals
Start with your strategic goals.
Look at department goals• Sales and marketing– Brand awareness– Increase sales– Customer retention• HR– reduce recruiting costs– increase talent pool• Customer service– reduce number of phone calls– Decrease negative sentiment• Research– Gain customer feedback to improve program– Crowd source a new product offering
Social media goals• Increase brand awareness• Increase leads and sales• Improve online reputation• Retain clients
Social Media Metrics• Community memberships• Engagement with content• Reputation• Social Conversions
Reach: community membership KPIs• Number of followers, likes and subscribers• Growth over time– Broad metric– Low business value– Early stages, branding– Foundation building
Mobility and Engagement KPIsAre you connecting?• Likes and shares• Tweets from content• Retweets• Pinterest re-pins• YouTube video likes, shares and embeds• LinkedIn post likes and shares• Compare to industry and competition
Market Reputation• Brand mentions in conversations• Competition• Industry• Sentiment– Positive– Negative– Neutral• Direct communication with your brand insocial spaces
Conversions = Value
Beyond clicks to your website• New visits• Repeat visits• Time on site• Conversions and source– Subscribe to newsletter– Fill out a form– Download some content– Watch a video– Contact you– Share your content from website– Buy something!
Measures of Success• Sales and marketing– Number of new customers– Positive mentions, shares and engagement growth– Retention• Customer service– Number of calls to customer service– Number of complaints handled online– Results of a customer satisfaction survey compared to previous years• HR– Leads acquired to number of hires– Reduction in employee acquisition costs– Quantity of qualified candidates• Research– Number of surveys completed– Ideas shared for improvement
So much to track!
How do I organize all these numbers?• Likes, subscribers, followers, retweets,comments• Brand mentions and conversations and bywho?• Relevant industry conversations• Social compared to other channels• Leads from social• Sales from social• Positive and negative mentions
Tools for Listening• Brandwatch ($)• SproutSocial ($)• Radian6 ($)• Social Mention• Google alerts
Tools to Track Conversions• Google Analytics– Plugins– Visitor flow– URL tracking• Marketing Software– Hubspot– Engage– awareness
Connect Data Sources!• CRM• Analytics tools• Listening tools• Marketing automation• Email systems• Social media management systems
Calculating SM Value and ROI• SOV = # brand conversations/# industryconversations• REACH = # of followers all platforms• GROWTH = month over month; Q over Q• ENGAGEMENT = # shares + likes + retweets +comments/ total number of posts/content• LEAD GENERATION = # new leads from socialchannels/ total # leads
• SOCIAL SALES EFFECTIVENESS = # sales fromsocial channels/ total sales• COMPLAINT VISIBILITY/FEEDBACK– Ability of staff to comment on social channles– Ability to identify issues– Sentiment shifts
ROI• Social Media vs. Paid Media– Calculate total impressions and actions– Sum the value of impressions and actions– Compare to total spend on social media• Qualified Lead value• E-Commerce– Google Analytics, number of transactions
Example: Local Restaurant• Mission– To have the best food in town• Goal – To increase sales• Department goal – Increase daily traffic at store• Social media goal – Grow audience andengagement• Social media tactic – create promotions anddistribute special offers to fans• Social Media Metric – Number of contestsubmissions, positive mentions, offerredemption, shares and engagement growth
Free Resources5 Essential Spreadsheets for Social MediaAnalytics*1. Fetch Twitter Search Results2. Count Facebook Likes and Shares3. Compare Facebook Pages4. Monitor Social Media Reputation5. Extract and Archive Your Followers*Credit Ann Smartyhttp://mashable.com/2012/02/09/social-media-analytics-spreadsheets/
Think Big PictureAnalyze all of your strategies together andhow results tie back to your company’smission, goals and overall business objectives.