Must know the numbers that matter to key players in your business
One tool or one data set will not give you your ROI
More followers does not directly translate into higher ROI People do not make buying decisions based on how many “likes” a brand has
All of the social media platforms have built-in analytics that provide the basis and obvious insights You must utilize third-party tools for deeper and more meaningful insights
Ask yourself and research: How are you measuring up to your competition? How do you fare against the industry in general?
Use qualitative data extracted from daily interactions with consumers (can be used as case studies)
Let the numbers dictate the course ahead Ask yourself: What worked? What didn’t? Why? What can we adjust to make it work next time?
Ask yourself: What does success look like? What are you trying to accomplish? What is the return you’re after?
Don’t just present data and numbers, make stories out of them (i.e. case studies) Identify relevant data points Account for them Shift strategy accordingly
Social Strategists & Community Managers Sheer numbers (fans, followers, visitors, interactions, sentiment, etc.) Marketing Executives Brand & Actions (awareness, purchase intent, lead generation, redemption) C-Level Executives Sales (conversions, lifetime value, revenues)
Utilize an assortment of methods to show effectiveness Some commonly used methods include: Traditional ROI % Facebook Fan Value Redemptions
Do not over-quantify and get persuaded into thinking you need to measure everything
Your social media strategy is far too complicated for software to analyze The analysis depends on your interpretation and how you define success
What measurable goals do you seek? Increase brand awareness Drive leads Drive traffic to website Reduce customer service cost Improve customer satisfaction Improve customer retention and loyalty Increase sales
Critical first step to understanding the starting line and how to measure any improvements Used to identify where you are and where you want to be Benchmarks need to align with campaign and may include content analysis or surveys
In order to see and measure results coming from a specific campaign, adding unique tracking is a must Tracking can take the form of a tracking code on a URL or a unique code required during in-store purchase
Make sure results using unique tracking is recorded Gather data and analyze results Compare results to benchmarks and goals Segment data to obtain different views To determine the real value of a fan/ follower, you must analyze: Whom they are What they consume How often they consume it
Cost is a big part of the ROI equation and goes well beyond hard media costs. To determine cost, look at these categories of costs: People: the number of people who contributed x the number of hours spent x their hourly rate (agencies too!) Technology: Any software or technology used in the campaign Process: Creative and production costs
If the appropriate tracking has been implemented, the return should be fairly easy to identify. Without the appropriate tracking, return becomes harder to isolate and attribute to social activities alone.
Here comes the fun part! Once you have each piece of the formula you can plug everything in and evaluate your ROI.
Social Media ROI in 7 Easy Steps
SOCIAL ROI IN 7EASY STEPSPRESENTED BYSERENA GOLDBERG, MANAGER OF ANALYTICSJENNA LEBEL, VP OF GLOBAL MARKETINGOCTOBER 24, 2012http://slideshare.com/likeablehttp://bit.ly/smroiwebinarhttp://likeableroi.com#likeable
TODAYS PRESENTERS Serena Goldberg Jenna Lebel Manager of Analytics VP of Global Marketing Likeable Media Likeable Media @SerenaGoldberg @JennaL15#likeable
WHATS INSIDEMeet Likeable 7 Easy Steps to Social ROIOverview of Social ROI A Likeable Case Study ExampleWhy You’re Not Seeing Results Q&A, Feedback & Grand PrizeDo’s & Don’ts#likeable
HAVE A QUESTION?Tweet questions to @LikeableMediaor use the hashtag #likeableAsk questions on our Facebook pageat fb.com/LikeableMediaUse the chat bar in GoToWebinar toask questions!#likeable
ROI IS A HIGHLYDEBATED TOPICIN SOCIAL MEDIA#likeable
SOCIAL ROI DEFINED “While the definition of ROI (revenue minus expenses / expenses) is fairly straightforward, ROI can only be defined when you understand “Marketers often frame this question as what results provide “value” to your brand.” What is the ROI of social media? but financial metrics are just one way of evaluating social media marketing Wildfire ROI White Paper programs. Social media marketing delivers a wide range of benefits to organizations that are beneficial in the “Social media is measurable. It can be done. short term and long term in ways both To say social media cant be measured is a quantitative and qualitative.” cop-out, and dangerous for anyone who works in an organization that, say, plans to make or raise money at some point in the future.” Forrester Report, The ROI of Social Marketing#likeable Altimeter Group#likeable
SOCIAL ROI STATS41% of marketers surveyed had no returnon investment figure for any of the moneythey had spent on social channels as ofOctober 2011.74% of CMOs believe they’ll tie socialmedia efforts to hard ROI this year.#likeable
SOCIAL ROIDO: OUTLINE GOALSIdentify SuccessBrainstorm ideal outcomes andreference points so you can measureagainst them#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDO: TELL A STORYSupplement your data with stories#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDO: DIFFERENTIATEKnow different metrics matter todifferent people#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDO: USE VARIOUSMETHODS#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDONT: MEASUREEVERYTHINGOnly measure what matters to yourbrand and what will move yourstrategy forward#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDONT: RELY ON TOOLS TOPROVIDE ANALYSISOnly use these tools to provide data,trends and themes#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDONT: MISTAKE ROIData, metrics and KPIs are not ROIData and metrics show the positiveand negative changes that haveoccurred in your business#likeableSAMPLE FACT SOME HASHTAG
SOCIAL ROIDO’S AND DONTSDo DontOutline Goals Measure EverythingTell A Story Rely On Tools To Provide AnalysisDifferentiate Mistake SM data, metrics, or KPIs for ROIUse Different Methods#likeableSAMPLE FACT SOME HASHTAG
STEP 7: CALCULATE AND EVALUATE BENEFITS – COSTS ROI = COSTS#likeable
PUTTING IT IN PRACTICE Our Case Study#likeable
PUTTING IT IN PRACTICE:OUR CASE STUDYClient: Things RememberedPromotion: Brides-to-BeWhat: Private event for Facebook fansonly that included a free personalized gift,private shopping and expert advice byshowing “engaged” status on Facebook#likeableSAMPLE FACT SOME HASHTAG
PUTTING IT IN PRACTICE:OUR CASE STUDYResults:53% of all stores had a transaction thatincluded the free gift23.6% saw revenue increase on this daycompared to the same day of last yearOverall 670% ROI#likeableSAMPLE FACT SOME HASHTAG
LIKEABLE CONTENT:EXCLUSIVE ACCESSSAMPLE FACT SOME HASHTAG#likeable
LIKEABLE BUSINESS:BONUS OFFERLikeable Business: Why Today’s Consumers Demand Moreand How Leaders Can Deliver is available for pre-order onAmazon.Want a free Likeable consulting session? Buy 10 books ofLikeable Business today! Email firstname.lastname@example.org formore information.Upcoming Likeable Business Events: • October 29th: Book launch party in NYC • Reserve your ticket today! • October 30th: Video chat book tour • RSVP today! • October 31st: Free webinar with Andy SernovitzSAMPLE FACT SOME HASHTAG • Why A Likeable Business Is the Best Word of Mouth • RSVP today: http://bit.ly/WJgAnD#likeable
THANK YOU!Questions? Feedback? Grand Prize!SERENA GOLDBERG, MANAGER OF ANALYTICSJENNA LEBEL, VP OF GLOBAL MARKETINGhttp://likeable.comhttp://FB.com/likeablemedia@likeablemedia
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