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WWT 2010: Social Media ROI
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WWT 2010: Social Media ROI

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Do you know what kind of an impact social media is having on your brand, mission, or bottom line? How do you put a monetary value on branding? This panel will discuss realistic metrics and benchmarks …

Do you know what kind of an impact social media is having on your brand, mission, or bottom line? How do you put a monetary value on branding? This panel will discuss realistic metrics and benchmarks any organization can use in their campaigns and ensure that your using the right strategies and tools to listen and engage your audiences on different social networks.

Panelists: Roz Lemieux, Fission Strategy, Beth Kanter, Blogger and Zoetica, Lauren Vargas, Radian6

Published in: Technology

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  • You will see me with a different hat at every event…I can’t let a virtual event be any different! My name is Lauren Vargas and I am the Sr. Community Manager at Radian6.
  • You will see me with a different hat at every event…I can’t let a virtual event be any different! My name is Lauren Vargas and I am the Sr. Community Manager at Radian6.
  • I wear many hats these days. I’m the CEO of Zoetica, write Beth’s Blog, and Visiting Scholar for Nonprofits and Social Media at the Packard Foundation
  • Insert polls:Do you work with a ..NonprofitFor-Profit/CorporationIndependent ConsultantOtherHow long has your organization been using social media to help reach communications, program, or sales objectives?Haven’t startedLess than six monthsSix months to a yearAt least a year or twoMore than two yearsHow much time do you spend working on social media?Full time jobPart time jobTen hours a weekLess than ten hours a weekHave you been asked by your boss, c-suite, or others in your organization to “prove” the value of social media?YesNo
  • http://www.flickr.com/photos/dougtone/3009783534/sizes/o/in/photostream/
  • http://www.flickr.com/photos/tracyhunter/
  • http://www.flickr.com/photos/sifter/282602167/Just gathering lots of eyeballs isn’t what actually matters, but rather gathering the right eyeballs and then driving them to some sort of action.Listening at the point of needShare of Voice vs. Share of Conversation: Old metric is looking at potential reach, not actual reach; New metric is how present and recognized you are among the conversations you want to be associated withCause and correlationDoes not mean you throw away old metrics! Improve upon what is existing.
  • http://www.flickr.com/photos/kdando/2323754696/sizes/l/in/photostream/
  • Keep your spreadsheets slim and trimOnly collect the data you can learn from and nothing moreIt shouldn’t take you more time to collect data than to do the projecthttp://beth.typepad.com/beths_blog/2010/04
  • Combine the qualitative and quantitative; data will not come from one tool or source. Incorporate data from across the enterprise (customer service, web analytics, sales/lead gen). Discover how your customers interact with your web presence (as a whole). Mesh the intent with the clicks to find actionable insights that drive meaningful changes to improve customer experience. Give examples of metrics that take more than one data source to analyze.
  • Need to understand statistics and not make decisions because of antidotal; all about trend lines.Correlation is not causation.
  • Here’s an example. I use my FB page as focus group to figure out what topics to write about … so my ultimate metric is the number of good blog posts that I’m able to glean from it.
  • Testing
  • http://www.flickr.com/photos/houseofsims/2887794002/sizes/o/in/photostream/
  • Listening and monitoring takes time. As you build traction in social media, the time it takes to listen well AND act onthe information you find is going to increase. Ideally, you want to be spending your time acting on the information you find rather than gathering it and doing the analysis manually. This is where a paid solution can come in handy, and there are many available spanning budgets and capabilities. If you’re spending more than an hour or so a day gathering and tracking results, and more thana couple of hours a week doing the analysis, you might be ready to consider a more robust platform to do your listening.Features you’ll want to look for:• Depth and Breadth of coverage: ensure you’re capturing all relevant posts from across the social web• Analytics and Metrics: What specific social media metrics can you track, filter, and report on?• Collaboration and Workflow: As you mature, you’ll want to be able to share data among your team• Engagement: Can you coordinate, track, and measure your outreach from the platform?• Scalability: How can you integrate your social media monitoring into other areas of your business?
  • http://www.flickr.com/photos/levork/2530374904/sizes/m/in/photostream/
  • Transcript

    • 1. Powered by:
      Principles of Social Media ROI
      Principles of Social Media ROI
      Perspectives from three women who lead the pack
      PANELISTS:
      Beth Kanter and Lauren Vargas
      MODERATOR:
      Roz Lemieux
      MODERATOR:
      Roz Lemieux
      PANALISTS:
      Beth Kanter and Lauren Vargas,
      Need Help?
      Call ReadyTalkSupport at 1-800-843-9166
      Need Help? Press *7 to un-mute phone lines orcall ReadyTalk Support at 1-800-843-9166
      www.womenwhotech.com
      1
    • 2.
      • For phone audio, please dial:
      800-701-9749 (toll-free)
      303-223-2684 (toll number)
      www.womenwhotech.com
    • 3. A little housekeeping:
      A little housekeeping:
      • The webinar will be recorded. A link to the recording and the slides from today’s presentation will be emailed to you later today.
      • 4. A post-webinar survey will open when you close out of the webinar, please help us better our programming by completing it.
      • 5. Phones will be muted.
      www.womenwhotech.com
    • 6. Stay engaged!
      Please ask questions and comment by:
      Typing in the chat box. We’ll respond via chat or over the phone when appropriate. If it is information to share with the whole audience, we’ll chat it to everyone.
      www.womenwhotech.com
    • 7. What we’re going to cover today …..
      • Welcome and Introduction
      • 8. Icebreaker: What words come to mind when you think about social media ROI?
      • 9. Assumption
      • 10. 8 Principles of ROI
      • 11. Q/A
    • Roz Lemieux
      Fission Strategy
      http://www.fissionstrategy.com
    • 12. Lauren Vargas
      Radian6 PowerSHIFT Blog
      http://www.radian6.com/blog/
      The Root Report
      http://www.rootreport.com/
    • 13. Beth Kanter
      http://www.bethkanter.org
    • 14. Quick Polls
      Enough about us, what about you?
    • 15. When you think about phrase “Social Media Return on Investment” what words comes to mind?
      Type these into the chat ….
    • 16. Return on Investment (ROI)
      Created by DuPont and used by Alfred Sloan to make General Motors manageable.
    • 17. Redefining ROI
      An analysis that looks at the benefits, costs, and value of a technology initiative over time.
    • 18. A Few More ‘I’ Words …
    • 19. Assumption: Set clear objectives and have identified audience
    • 20. Anyone want to share their SMART objective for social media?
      Type into the chat.
    • 21. Principles of Social Media ROI
      • Identify Benefits: Tangible/Intangible
      • 22. Link metrics to goals
      • 23. Mix Traditional and New Metrics
      • 24. Track the Entire Funnel
      • 25. Spreadsheet Aerobics
      • 26. Track Your Time: Don’t Waste It
      • 27. Use Financial Formulas to Make Your Case
      • 28. Communicating Results
    • 1. Identify Benefits: Tangible and Intangible
    • 29. Tangible: Easily Converts to $ or Time
      Market Research
      Mainstream media mentionsInquiries for program
      Program IdeasIncreased Relevant Visitor TrafficIncreased Page Rankings
      Fundraising – reach new donors – both small and large’ DonationsLeadsSubscribersMembersSaved Time
      Saved CostsIncreased page rankIncreased media attention
      Signed petitionsCalls or emails to government officials
    • 30. Intangible: Difficult to Translate, But Still Important
      Insights about what works
      Employee Social Graphs
      Interaction EngagementReputation
      Loyalty
      Satisfaction
      Sentiment
      Feedback
    • 31. 2. Link Metrics linked to objectives
    • 32. More Followers, they like me, they really like me!
      Metrics as therapy
    • 33. Why was there
      a spike in Twitter
      followers?
      Metrics as detective work
    • 34. Metrics and Measurement
    • 35. Insights
      24
      9/14/10
      - Copyright © 2010 Radian6
      The new product and announcement created a large amount buzz which directly contributed to a 30% increase in total post volume for the monitored topic profile of Brand X mentions.
      Overall the reaction to the new product release was positive in sentiment with no major issues reported expect for some minor troubleshooting issues that were resolved by technical support.
      The release of the new product and the positive reviews around that event cause a 11% shift in brand sentiment towards the positive. This 88.5% positive marked a record high for the past 3 months.
    • 36. 3. Mix Traditional and New Metrics
    • 37. Counting eyeballs to …
    • 38. Share of conversation
    • 39. Share of Conversation
      28
      9/14/10
      - Copyright © 2010 Radian6
      INDUSTRY
      90%
      Brand X pulled in 10% of the industry share of conversation for the week representing a full 2% gain as compared to the previous week.
      BRANDX
      10%
      INDUSTRY: Overall industry volume maintained at approximately the same levels as the previous week pulling in 9040 posts in total, a 1% drop as compared to the last week.
    • 40. Top Influencers by Media Type
      29
      9/14/10
      - Copyright © 2010 Radian6
      Micromedia recorded the most volume by media with blogs in second.
      Blogs
      88: 9.8%
      1.
      Micromedia
      Comments
      37: 4.1%
      Blogs
      2.
      3.
      Comments
      Facebook
      13: 1.4%
      4.
      Facebook
      Forums
      9: 0.1%
      5.
      Forums
      Mainstream News
      2: 0.3%
      6.
      Mainstream News
      Micromedia
      756: 83.8%
    • 41. Conversation Breakdown
      30
      9/14/10
      - Copyright © 2010 Radian6
      Product Review
      202: 22.4%
      Company Content
      47: 5.2%
      Product Inquiry
      39: 4.3%
      Troubleshooting/Support
      36: 3.9%
      Company Outreach
      268: 29.7%
      Sales Lead
      28: 3.1%
      General Product/Company Coverage
      284: 31.4%
      The largest conversation area for the week was General Product and Company coverage which consisted of general mentions of the company and non-review mentions of the product X590.
    • 42. Brand Overview Summary
      31
      9/14/10
      Volume
      Engagement
      Sentiment
      904 posts
      ( 30% )
      29.1%
      ( 6.2% )
      88% positive
      ( 5% )
      Share of Voice
      Trends
      Share of
      Conversation
      corporate blog
      product inquiry
      product release
      support questions
      24%
      ( 11% )
      10%
      ( 2% )
      77%
      14%
      86%
      23%
      21%
      51%
      79%
      49%
      The week centered around the product release of the X590 and the resulting buzz/troubleshooting issues. Overall it was a positive week with gains in all the main areas reported on.
    • 43. 4. Track the Entire Funnel
    • 44. @seanpower - nonprofit metrics geek
    • 45.
    • 46. 5. Spreadsheet Aerobics
    • 47.
    • 48. Measure the What and Why
    • 49. Learn the Language of Data
    • 50. Testing, Testing, Testing
      http://www.flickr.com/photos/striatic
    • 51.
    • 52. Open-Ended Question
    • 53.
    • 54.
    • 55.
    • 56. 6. Track your time
    • 57. 6. Use Financial Formulas to Make Your Case
    • 58.
      • Compare the total costs
      • 59. of different solutions
      • 60. Compare the total costs
      • 61. with the benefits
      • 62. Compare the costs
      • 63. of not doing the project
      • 64. Identify pilot goal to identifycost/benefit
    • 7. Communicating Results
    • 65. ROI Storytelling Techniques
    • 66. Don’t show all, but have it ready
    • 67. What happens if ROI is negative?
    • 68. Go Beyond the Tool
    • 69. Principles of Social Media ROI
      • Identify Benefits: Tangible/Intangible
      • 70. Link metrics to goals
      • 71. Mix Traditional and New Metrics
      • 72. Track the Entire Funnel
      • 73. Spreadsheet Aerobics
      • 74. Track Your Time: Don’t Waste It
      • 75. Use Financial Formulas to Make Your Case
      • 76. Communicating Results
    • What small action will you put into practice about social media ROI after this session?
      Type into the chat.
    • 77. Thank you!
      http://socialmediametrics.wikispaces.com/WomenWhoTech