ROI of Social Media

SHOW ME THE MONEY

Who Are You?
Mike Schaffer
Social Media and Online Marketing Manager
Background in Sports/Restaurant/Entertainment PR
PR and Social Media Blogger
Among PR Pros on Twitter: Top 100, Top 30, #21 Most Influential
Twitter: @mikeschaffer

…And What Do You Do?
Advertising agency with digital, branding and design teams
Offices in Washington, DC; Nashville, TN (HQ); Hawaii
Agency in-house resources
- Brand campaign development
- Online advertising
- Website development
- Social media management
- Photography and video production
- Custom publications
- Contact center
- Chats, comments, calls and emails with client prospects

Our Agenda
What is ROI for Social Media?
Four Truths About ROI
Solutions For Your Problems
Getting Social

If You’re Tweeting This Session…
My Twitter Name: @mikeschaffer
Hashtag: #NRAMEG10

What is Social Media?
Social media is a universe of online networks that allow people around the world to connect with each other every day.
Each network has different audiences and features.
“Social media…is a category of online media where people are talking, participating, sharing, networking, and bookmarking … [encouraging] discussion, feedback, voting, comments, and sharing of information from all interested parties.”
– Ron Jones, Search Engine Watch

Staggering Stats!
Over 600 million people access social media sites daily. (laptops, desktops, mobile)
Facebook alone has over 200 million unique visitors every day.
People will spend 700 BILLION minutes per month on Facebook.
51% of active Twitter users follow companies, brands or products on social networks.
Over 68,000 Tweets per minute (via tweespeed.com 11 OCT 2010)
LinkedIn: Growing at roughly one new member per second.
24 hours of video are uploaded to YouTube every minute, and YouTube clocks 2 billion views per day.
70,000 new blogs go onto the web every day.

Return on Investment

Types of Social Media ROI
Sales
Online Network Growth
Customer Loyalty
Increased Traffic (foot and web)
Brand Affinity
Brand Engagement
PR/Marketing/Advertising Support

A Note About Network Size…
“Quit counting fans, followers and blog subscribers like bottle caps. Think, instead, about what you’re hoping to achieve with and through the community that actually cares about what you’re doing.”
– Amber Naslund, Social Media Today

Social Media: Not the “Silver Bullet”
It is not the be-all and end-all of marketing in the year 2010 and beyond.
Social media should:
Be a part of your integrated marketing and
communications plans
Support your branding and advertising
Be supported by your branding and advertising

The Four Truths About ROI

#1 - ROI Starts With Strategy
What are you trying to accomplish?
Why is this something you need to do?
What is your time frame?
How will you go about achieving your goals in that time frame?
How and when will you measure effectiveness?

#2 - Location, Location, Location
With your goals set, find the right platform(s) to host your campaign!
Things to consider:
1) Where do you already have a presence?
2) What network will best help you achieve your goals? Remember
each network has itsown capabilities and demographics.
3) Can you leverage multiple platforms or digital entities? Email,
text, etc.

#3 - The Leaky Faucet
Do you pay attention to a faucet that drips once a day?

#4 – Choose the Right Yardsticks
www.omniture.com
www.raventools.com
www.wthashtag.com

Issues and Solutions

ISSUE #1: It Takes Too Much Time
Reduce your workload by utilizing a social media content calendar.
Content calendars improve:
Organization
Efficiency
Accountability
Record-Keeping
Advanced Planning
Internal Flexibility

Maximize Your Content Calendar
The BIG Question: What should you put on which networks when?
Step 1 – Gather content that relates to and promotes your brand/agency image.
Step 2 – Identify the right channels to distribute that content.
Step 3 – Try posting different content at different times (morning, midday, afternoon, evening) to see when your network responds.
Step 4 – Adjust as necessary: each network has unique standards and rhythm.

ISSUE #2: Who Should Own It?
Knowing how to tweet does not make you a social media expert.
Social media is a unique blend of advertising, marketing and PR that should be integrated into your overall communication strategy.
New form of market research
Scalable, cost-efficient
Controlled message
New business/member/donor generation
Strategy and execution can be different people.
ROI Tip: Use your customer service representatives to patrol social media. They are already trained to answer every question!

ISSUE #3: I’m Not Seeing Results
Step 1: Revisit your goals. Is your current strategy helping you work toward them?
Step 2: Identify the disconnect.
Content
Community Management
Network Selection
Step 3: Fix it or Drop it. Either way, learn from it.

Top 5 Simple ROI Metrics You Should Follow
1) Traffic to website via Google Analytics
2) Sources of traffic to website (referring domains)
3) Traffic trends to key pages (donation, membership, etc.)
4) Facebook “Like” growth
5) Email marketing trends (subscriber rates, click-through rates, conversions)

ISSUE #4: It’s Not Generating Revenue
Make it work for you!
Feature specific products you want to boost – you can even build campaigns around a product. (Burger sales slowing down? What about a video contest where customers discuss their favorite topping and the winner gets a $500 gift card?)
Attach a sales tool to social media:
Passwords
Coupons (active and bounceback)
Exclusive deals
Engage your network – ask them for feedback and suggestions. Let the customers contribute to the brand!

Let’s Get Social!
Mike Schaffer
michael.schaffer@iostudio.com
Twitter: @mikeschaffer
Website: www.iostudio.com

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ROI of Social Media

by Mike Schaffer on Oct 14, 2010

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ROI of Social Media — Presentation Transcript