4. It’s not just about Facebook likes or followers on Twitter
5. But they’re good for measuring “engagement” For example Shares Mentions (positive, negative or neutral) Blog comments Retweets @mentions email opens and click through rates “likes” of a Facebook page … That kind of stuff
6. It’s really about Lowered cost of new customer acquisition Reduction in average customer serving costs Increasing customer satisfaction
9. Social Media Objectives You must measure social media against your social media objectives What are they? - awareness? - lead generation? - more relationships?
10. Design landing pages on your website to capture prospects and help convert them into paying customers. The landing pages would be designed specifically around the social media campaign, and you would need Google Analytics etc installed to track traffic and conversions. The key point is that all of your social media programs (Facebook, Twitter, YouTube, etc.) should drive people to the landing page on your website where you can convert them from tire kickers (prospects) to paying customers. Test, test, test… The ROI
11. 3 categories of measurement Quantitative Metrics Qualitative Metrics ROI Metrics
12. #1 Quantitative Metrics These metrics are data-intensive and number-oriented. 3 categories of measurement
13. Good example Capitalizing on Twitter’s real-time nature for exclusive, limited – customer / limited-period offers
14. #2 Qualitative Metrics These metrics that have an emotional component to them. Here’s a campaign to increase Satisfaction 3 categories of measurement
15. Good example Users who are part of this network feel that they have some role in the decision making process of the company and it makes them feel a part of it.
16. #3 ROI Metrics In the world of social media, all roads should lead to ROI. Conversion rates 3 categories of measurement
21. Customer Retention It costs 3-5 times as much to acquire a new customer as it does to keep a current one.
22. Lead Generation Don’t sell online? Use social media to drive prospects to a website where they can download a whitepaper, listen to a podcast, or watch a video. Once you've captured the prospect's contact information, you can re-market to them via email, direct mail, etc
24. Customer Lifetime Value (CLV) It’s the most important formula in social media CLV is the amount of revenue a customer will bring to your company over the course of his/her lifetime with your brand.
25. Customer Lifetime Value (CLV) Example: Cable TV provider knows that a typical customer spends $80 per month and that the average customer stays with the company for three years. $80 x 12 months x 3 years = $2,880 (CLV)
26. Customer Lifetime Value (CLV) Once you know the CLV, you can decide how much $ you'd like to invest to acquire a customer (allowable cost per sale) Many people use 10% of their CLV as a starting point. In the cable TV example, the CLV is $2,880 and 10% of that is $288 (allowable cost per sale)
27. Applying ACPS to Social Media $288 is what it takes to get 1 customer. Let’s say you want to run a Social Media campaign to get 100 customers $288 x 100 = $ 28,800 campaign budget
28. What $28,800 can get you Create: Landing page? Mobile application? Monthly e-newsletter with cable TV tips to stay in front of prospects and new customers?
29. Pay off? More engagement with your customers. …listening, feedback, interactive, brand strength, and measurability! Thanks! Maria McGowan Internet & Marketing Specialist Greater Halifax Partnership @mariamcgowan @greater_halifax