Understanding Social Media ROI

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There's no silver bullet. But with a little work and a new interpretation of "ROI," measuring the benefits of social media is possible. This presentation includes real-world case studies, tons of KPIs and some easy formulas for metrics to get you started.

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Understanding Social Media ROI

  1. 1. Understanding Social Media ROI Courtney Seiter | @RavenCourtsRaven Internet Marketing Tools |@raventools raventools.com/smx
  2. 2. Theres no silver bullet
  3. 3. • Only 20% of CMOs think social mediamarketing produces measurable ROI.• Only 19% of marketers feel confident inmeasuring social media ROI.• Only 13% say they are “very effective” atdetermining social success. Sources: Marketing Sherpa, Lenskold Group, Chief Marketer
  4. 4. Source: Wildfire
  5. 5. 1 weird old tip 3 weird old tips forunderstanding social media ROI: • Know your goals • Align social metrics • Break it down
  6. 6. Know Your Business Goals
  7. 7. Types of Social Media Goals• Brand Sentiment • Sales• Share of Voice • Customer Support• Reach • Product• Engagement Development• Brand Advocates • Marketing Insights• Brand Trust • Brand Loyalty
  8. 8. Gilt GroupeGoal: Solve shippingcosts barrier usinginsight from onlinecommunityResult: 10%increase in shoppingcart conversion Source: Communispace
  9. 9. AT&T Goal: Address negative sentiment and unresolved customer service issues on the social webResult: 21,000 customer issues resolved 37,500 customers served Source: Ants Eye View
  10. 10. LOreal Goal: Increase awareness and product sales at salonsResult: Participation by 6,000 salons, 21 million impressions, 2.2 million engagements Source: Forrester
  11. 11. Align Social Metrics with Goals Source: Awareness
  12. 12. Get More Specific!• Reduction in sales cycles• Reduction in customer support costs• Number of product improvement suggestions from [social network]• Increase in product reviews/ratings• Number of people in [specific location] who follow us on Twitter
  13. 13. Measuring Brand Sentiment
  14. 14. Measuring Customer Support Reduction Reduction Increase in Support in On-Site Resolution Costs Support Rate Improved Leads Customer Generated Happiness by Support
  15. 15. Measuring Product Innovation Number of new Number of new product ideas product ideas built Research time Traditional research saved cost savings
  16. 16. Break it Down• By goal• By campaign• By time period• By medium• Even by post
  17. 17. To measure Share of Voice comparebrand mentions to competitors. Source: Web Analytics Demystified & Altimeter Group
  18. 18. To measure Engagement, measureparticipation. [Social Network] Interactions Engagement = Engagement Total Views Source: Web Analytics Demystified & Altimeter Group
  19. 19. To measure Reach, compare audienceparticipation to your audience reach. Source: Web Analytics Demystified & Altimeter Group
  20. 20. Other KPIs to Consider• Volume of consumer- • Ranking created buzz improvements• Seasonality of buzz • Number of• Rate of virality interactions• Embeds/installs • Store locator views• Increases in searches • Registrations by channel
  21. 21. Use event tracking and campaignvariables in Google Analytics to assesscontent virality.
  22. 22. http://gaconfig.com
  23. 23. Thank You! Courtney Seiter Raven Internet Marketing Tools@RavenCourts | raventools.com/smx

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