Understanding Social Media ROI
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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 ...

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 Understanding Social Media ROI Presentation Transcript

  • Understanding Social Media ROI Courtney Seiter | @RavenCourtsRaven Internet Marketing Tools |@raventools raventools.com/smx
  • Theres no silver bullet
  • • 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
  • Source: Wildfire
  • 1 weird old tip 3 weird old tips forunderstanding social media ROI: • Know your goals • Align social metrics • Break it down
  • Know Your Business Goals
  • 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
  • Gilt GroupeGoal: Solve shippingcosts barrier usinginsight from onlinecommunityResult: 10%increase in shoppingcart conversion Source: Communispace
  • 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
  • LOreal Goal: Increase awareness and product sales at salonsResult: Participation by 6,000 salons, 21 million impressions, 2.2 million engagements Source: Forrester
  • Align Social Metrics with Goals Source: Awareness
  • 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
  • Measuring Brand Sentiment
  • Measuring Customer Support Reduction Reduction Increase in Support in On-Site Resolution Costs Support Rate Improved Leads Customer Generated Happiness by Support
  • Measuring Product Innovation Number of new Number of new product ideas product ideas built Research time Traditional research saved cost savings
  • Break it Down• By goal• By campaign• By time period• By medium• Even by post
  • To measure Share of Voice comparebrand mentions to competitors. Source: Web Analytics Demystified & Altimeter Group
  • To measure Engagement, measureparticipation. [Social Network] Interactions Engagement = Engagement Total Views Source: Web Analytics Demystified & Altimeter Group
  • To measure Reach, compare audienceparticipation to your audience reach. Source: Web Analytics Demystified & Altimeter Group
  • 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
  • Use event tracking and campaignvariables in Google Analytics to assesscontent virality.
  • http://gaconfig.com
  • Thank You! Courtney Seiter Raven Internet Marketing Tools@RavenCourts | raventools.com/smx