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ROI - SoMeT

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Nov 2010 - Overview of measuring and reporting on social media efforts for the tourism industry.

Nov 2010 - Overview of measuring and reporting on social media efforts for the tourism industry.

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    ROI - SoMeT ROI - SoMeT Presentation Transcript

    • Measurable Results for Social Media Do they really exist?
    • 47% Not able to measure “Jury is still out” on their investment Econsultancy, Nov 2010
    • Results we’re reporting • We increased our Twitter followers from 200 to 2,000! • We increased our post-to-comment ratio 25% • We had 600 referrals to our website last month • We had 950 interactions this week: likes, comments and wall posts • We now have more than 10,000 friends on FourSquare
    • There’s no established way to measure the effectiveness of social media 37% of brand marketers 28% of ad agencies Social media is not a proven/ tested strategy 19% of brand marketers 31% of ad agencies
    • Where to start • Identify clear business objectives for each of your social media engagements/tactics • Start by measuring and reporting awareness • Report how awareness turns into action • Use awareness to take more action • Measure and report on action and actual spending (if goal)
    • The social game Why do you invest resources in social media? What channels are you using to accomplish that goal? Who is listening to your message? Who acts on your message? How will you measure and report success?
    • Identify your objectives • Travel to/within a destination • Event attendance • Room nights • Change/reinforce brand perception • Member/product awareness • Generate leads • Meet visitor expectations • Community engagement/pride • Industry/tourism engagement
    • Measure and report on awareness Popular awareness metrics 1. Potential reach 2. Subscribers to content 3. Sentiment 4. Resonance 5. Mentions per time period 6. Inbound links 7. Share of conversation
    • Measure and report on awareness Popular awareness monitoring and reporting tools 1. Facebook Insights 2. Swix 3. Raven 4. Twazzup 5. TwitterCounter 6. ScoutLabs 7. TweetStats 8. TweetReach 9. HootSuite 10. Social Mention
    • Where to start • Identify clear business objectives for each of your social media engagements/tactics • Start by measuring and reporting awareness • Report how awareness turns into action • Use awareness to take more action • Measure and report on action and actual spending (if goal)
    • Report awareness to action Inbound Links REFERRALS
    • Report awareness to action The challenge with referrals • Only counts referrals from open web pages • Doesn’t track mobile applications like HootSuite or Adium • No tracking beyond initial referral
    • Report awareness to action Campaign codes • Track source AND action on the website • Time on site • Pages viewed • Goal conversion • Cost per conversion • Allow you to measure conversion of social media channels and other marketing efforts Campaign codes: Your ROI unicorn!
    • Awareness: Inbound Links Campaign codes
    • Report awareness to action 1. Create a tracking code 2. Use a url shortener Web Address of Campaign Landing Page: www.mywebsite.com/campaign1 Web Address with Tracking Code: http://www.mywebsite.com/campaign1? utm_source=TwitterEvent01 URL Shortener: http://bit/ly/cIUCI3
    • Report awareness to action
    • Where to start • Identify clear business objectives for each of your social media engagements/tactics • Start by measuring and reporting awareness • Report how awareness turns into action • Use awareness to take more action • Measure and report on action and actual spending (if goal)
    • Use awareness to take action Share of voice New England 25% 22% Vermont New Hampshire 25% Maine Massachusetts 28%
    • Use awareness to take action Share of conversation New England: Fall Foliage 10% 36% Vermont 33% New Hampshire Maine Massachusetts 21%
    • Use awareness to take action Set SMART campaign goals • Specific • Measurable • Agreed upon • Relevant • Time-based
    • Where to start • Identify clear business objectives for each of your social media engagements/tactics • Start by measuring and reporting awareness • Report how awareness turns into action • Use awareness to take more action • Measure and report on action and actual spending (if goal)
    • Measure and report on action Value Events (Audience, SITs) - Scoring Estimate: actual, surrogate, research Mentions: ½ point (or $X) Tweet: 1 point New Fan/Follower: 2 points Repost/Re-Tweet: 4 points Landing Page/Website View: 5 points SIT: Email Subscriber: 7 points Specific SIT: Conversion/Booking: 10 points Measurable Agreed upon Relevant Time-based
    • Measure and report on action Calculate the number of meaningful actions and multiply them by a weighted value or typical monthly cost to generate a value of each campaign Benchmark improved performance over time Test to beat control/other campaigns
    • Measure and report on action Social Media Conversion Study • Conversion Study – intercept survey & follow up • Defines actual travel & influence of social media • Validated & values Signals of Intent to Travel • Travel generated: $99,404 Cost: $20,000 • ROI of Social Media Program: 4.97:1
    • Measure and report on action Hoot Suite • New paid version includes integration w/ Facebook Insights & Google Analytics Social Mention • Free, 80 channels monitored, daily alerts, four categories of brand awareness (strength, sentiment, passion, reach) Radian6 • Monitoring and detailed analytics; works with a variety of channels; integrated with WebTrends and Omniture BuzzLogic • Monitors where the conversation is taking place; reports conversation size and share of conversation; blog-focused Sysomos • Collection, analysis and stellar reporting; conversations are their expertise Trendrr • Dashboards allow multiple search tags for your “brand,” sort by location, gender, influence and sentiment; works with location-based channels
    • Measure and report on action Hoot Suite All in one; integrates with some analytics Social Mention Free; easy to use Radian6 Integrates with analytics; great dashboard feature Buzz Logic Best for blogger engagement and advertising Sysomos Best for strategy: trends and conversations; reporting Trendrr Best for engagement (listen, measure, respond)
    • Is social media worth it? Monitoring and measuring is easy and cheap Monitoring and measuring is not strategy and action Social media delivers the best strategic insight, but requires an investment of resources to maximize its potential
    • Questions? Karin Mast, Publisher karin.mast@milesmedia.com @MilesMedia