From Social Media Benchmarks to ROI: How to Begin with the End on Mind
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Everybody wants to know - what's the social media ROI? Some claim there isn't a way to measure social media ROI. And others have redefined social media ROI to mean anything but return on investment. This presentation shows you how set up tracking, how to choose measurements based on the objectives you set and how to do the hardest thing of all - talk to your bosses about the fact that social media marketing just like any marketing is always a cost. Presented at Content Jam, Chicago, 2014.
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From Social Media Benchmarks to ROI: How to Begin with the End on Mind
- 1. FROM BENCHMARKS TO MEASUREMENT All You Need to Start with the End in Mind Mana Ionescu, Lightspan Digital LightspanDigital.com @manamica #ContentJam
- 2. WHAT’S A BENCHMARK? LightspanDigital.com @manamica #ContentJam
- 3. WHY BENCHMARK 1. Measure Quality 2. Set Goals You can’t benchmark without doing LightspanDigital.com @manamica #ContentJam
- 4. WHAT’S THIS R.O.I THING? LightspanDigital.com @manamica #ContentJam
- 5. REASONS WHY PEOPLE TALK ABOUT ROI #1 - TO IMPRESS A BOSS LightspanDigital.com @manamica #ContentJam
- 6. MORE REASONS WHY #2 Because it makes you look smart !& ! #3 May get you out of stinky situations LightspanDigital.com @manamica #ContentJam
- 7. AND OTHER ROIS Return on: ● Influence ● Engagement or... LightspanDigital.com @manamica #ContentJam
- 8. *From Urban Dictionary LightspanDigital.com @manamica #ContentJam
- 9. WHAT’S R.O.I? ROI = (Gain from Investment - Cost of Investment) divided by Cost of Investment LightspanDigital.com @manamica #ContentJam
- 10. IT MAY SEEM IMPOSSIBLE LightspanDigital.com @manamica #ContentJam
- 11. YOU CAN GET AND MEASURE RESULTS BUT ... LightspanDigital.com @manamica #ContentJam
- 12. STEP 1: REPEAT AFTER ME ! THERE IS NO FREE MARKETING Money often costs too much.” – Ralph Waldo Emerson LightspanDigital.com @manamica #ContentJam
- 13. STEP 2. DEFINE THE R = RETURN Patience is bitter, but its fruit is sweet. Jean-Jacques Rousseau LightspanDigital.com @manamica #ContentJam
- 14. What to Look For by Channel & Objective Email Marketing: Data Points What it Tells U Open Rate = Opens / Delivered Sender recognition and quality subject lin Click Through Rate = Clicks / Open Opportunities to click (links Conversion rate = Buys / Delivere How well your integrated marketing does - your messages have been cohesive and compellin LightspanDigital.com @manamica #ContentJam
- 15. WHAT TO LOOK FOR BY CHANNEL & OBJECTIVE Facebook Data Point What it Tells Us Page Likes 80% of page likes come from existing fans Reach Good calls to action Reader interest Opportunities to click (links) Engagement How well your integrated marketing does - your LightspanDigital.com @manamica #ContentJam messages have been cohesive and compelling
- 16. Data Points What it Means Traffic to the Unqualified website Leads Goal Conversion You got some Action! Per Session Value Your bang for the buck LightspanDigital.com @manamica #ContentJam
- 17. TWITTER DATA POINTS Data Point What it Tells Us Followers nothing Impressions if above average, your content is inviting shares, or your content was published at a peak hour, or both. Engagement Rate Your content was designed to drive action LightspanDigital.com @manamica #ContentJam
- 18. Data Point What it Tells Us Visits your tweets make readers want to read more Conversion rate your website does a good job at moving the twitter visitors to contact you LightspanDigital.com @manamica #ContentJam
- 19. YOUR NEW MANTRA LightspanDigital.com @manamica #ContentJam
- 20. LOOK FOR CHANGE LightspanDigital.com @manamica #ContentJam
- 21. BUILD A DASHBOARD LightspanDigital.com @manamica #ContentJam
- 22. NOW LightspanDigital.com @manamica #ContentJam
- 23. 1. How to get the most with the least effort 2. When and where it’s important to invest more 3. Which type of marketing you want to do really well on LightspanDigital.com @manamica #ContentJam
- 24. START WITH... From 0 to 500 From 1,000 to 2,000 From x to 10% above x LightspanDigital.com @manamica #ContentJam
- 25. WORK BACK FROM THE GOAL ! If you want 100K fans on Facebook, be prepared to invest $100K ! But first... ask “why” 5 times LightspanDigital.com @manamica #ContentJam
- 26. TEST AND LEARN LightspanDigital.com @manamica #ContentJam