Social media roi tracking london 11-22-2010 - final


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4.20 pm How to Monitor and Measure Social Media ROI
Marshall Sponder, Senior Analyst – WCG

In this session Marshall will highlight what you need to do in order to measure your social media activities against your goals and how to translate this into ROI.

Published in: Technology, Business
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Social media roi tracking london 11-22-2010 - final

  1. 1. Finding Return on Investment and Reverse ROI In Social Media Marshall Sponder Monitoring Social Media 2010 London November 22, 2010 Social Media Analytics Book
  2. 2. A good place to Start: Situation Today: We’re capturing a fraction of the data needed to measure Social Media ROI
  3. 3. 1) Social Media is about beginning and deepening relationships over time. Friends, Likes, Shares, Tweets, ReTweets are qualitative ; the value is “soft” and can be estimated, but not known precisely. 2) “soft” values are difficult to plug into return on investment equations. 3) Formulas for ROI and Social Media Metrics are immature, need further research.
  4. 4. … before meeting the client for the first time
  5. 5. Once you access situation you have enough information to pose the right questions to clients and get answers you need to move forward measuring ROI and Reverse ROI. Reverse ROI are actions in Social Media that strengthen brands, need to listen to those conversations online when we find them.
  6. 6. Use Listening Systems to Find common ground between analysts and organization. a) Find voices of Clients on The Web. b) Find how clients searched the web. C) Analyze Clients website
  7. 7. Use Benchmarking Tools for initial Goal Setting How much traffic from Social Media should our business be getting? Traffic Dashboard, October 2010 for Industry Category: Entertainment Guide: Restaurants and Dining
  8. 8. Tried Listening for Social Media ROI and Reverse ROI at a popular NYC Restaurant Chain, Havana Central
  9. 9. Initial Ask from Havana Central was ROI related but Social Data , while promising, failed to produce any true ROI numbers
  10. 10. Found Metrics to use but were they the Right Ones? Average Opentable Reservation = 3.6 people Average Reservation yields $186.00 Average meal costs $51.66 cents EST Value of a tweet = $51.66 x 2
  11. 11. Tweet for a Drink?
  12. 12. ..and much of the data is “ultraviolet” In pulling metrics data, reports too often focus on the wrong “diagnostic” information instead of the insight derived from it
  13. 13. Once we learn to ask the right questions • We find out what the client really needs. • If ROI is desired, it’s important to level set expectations. • Still writing the book on how Social Media Builds Relationships, optimizing business communications, increases awareness of product and brand. • Knowledge to find ROI or Reverse ROI still in it’s infancy and fragmented, need to work together to share our insights and refine out analytics tracking.