A presentation on social media ROI. I tend to be quite visual with my presentations so you won't get a lot of the wordy content unless you're there listening to me! But anyway, it's roughly split into 3 parts:
1) Identifying why ROI from social media is difficult to measure.
2) Thinking about how to define new success metrics that make sense for your business.
3) Real-world campaigns and how you could measure their success.
Frances NanceIn this day and age where everyone is a social media expert, Yongfook slices to the point of social media - what is it you want to accomplish and how does that impact your bottom line? Great job...!2 years ago
Social Media ROI
Measuring the Unmeasurable?
with Yongfook of ~ a digital business incubator, based in Tokyo
“Social media is like teen sex”
Avinash Kaushik - Analytics Evangelist, Google
“Social media is like teen sex.
Everyone wants to do it.
Nobody knows how.
When it’s finally done there is
surprise it’s not better.”
Avinash Kaushik - Analytics Evangelist, Google
What “investment”?
What “investment”?
Is social media an extension of
business ethics? Should there
even be a “return”?
There seem to be a lot of qualitative benefits...
•Loyalty
•Trust
•Passion
•Interaction
• Brand Awareness
...but you’ll probably be told
that stuff is hard to measure lol
Fragmentation doesn’t make it much easier
It IS easy to measure, just not with conventional
success metrics...
...because it affects more of your organisation’s attributes than just boosting sales
Know which needles* you want
to move and how to keep track.
Know which needles* you want
to move and how to keep track.
*be strict and choose metrics
that actually translate into a
business context for your
organisation.
Ignore meaningless metrics like
“number of followers”.
A successful campaign is about
more than just getting attention.
Define your success metric
Number of people who filled in the “get more info” form
Number of new customers / sales
Reduction in support costs
Number of minutes a day we are nice to customers
Number of people who used a specific coupon that is associated with this campaign
Number of influential people who tweet something about us
Number of influential blogs that linked to us
Number of features suggested by users that we actually implement
Number of repeating, unique visitors
Increase in Pagerank
Number of people in a specific location / demographic who follow us on twitter
Number of new things we discovered about customers that we never knew before
Define your success metric
Number of people who filled in the “get more info” form
Number of new customers / sales
Reduction in support costs
Number of minutes a day we are nice to customers
Number of people who used a specific coupon that is associated with this campaign
Your marketing team / social media consultant
Number of influential people who tweet something about us
can help you define these.
Number of influential blogs that linked to us
Number of features suggested by users that we actually implement
Number of repeating, unique visitors
Increase in Pagerank
Number of people in a specific location / demographic who follow us on twitter
Number of new things we discovered about customers that we never knew before
• Define relevant success metrics that translate into
a business context.
• Quantitative - sales (obviously), new leads, new qualified
subscribers
• Qualitative - satisfaction, loyalty, authority, interaction, feedback
• For qualitative goals, use simple rules as metrics.
• Set campaign goals based on these metrics. Your
return is successfully meeting or exceeding these
goals.
• Implement campaign, review metrics and goals.
Filter out channels and strategies that don’t get
good returns. Repeat.
Measuring Qualitative Returns
A simple campaign to build Loyalty & Trust
Be nice to customers who mention your company / product name on Twitter.
Success Metrics Goal As implemented by...
N amount of positive
- Amount of positive
comments sent to customers conversations about your
per week within a given time company or product per week
ceiling
- Amount of conversations
that started from the
comment.
Measuring Qualitative Returns
A campaign to increase Satisfaction
Engage with customers / prospects using social media and ask what they
would like from you.
Success Metrics Goal As implemented by...
N amount of suggestions
- Amount of good suggestions
that your company hadn’t collected per month and N
thought of. amount that you actually
implement.
- Amount of the above that
your company actually
implements.
Measuring Qualitative Returns
A campaign to increase Authority
Start a blog on a topic that relates to your company and that you an expert on.
Focus on writing authoritative content first, promoting your company second.
Success Metrics Goal As implemented by...
N Pagerank by a certain date.
- Amount of influential blogs
linking to you.
Nth position in Pagerank
- Pagerank relative to that of relative to competitors by a
competitors. certain date.
- Amount of organic traffic per N% of organic traffic per
month. month.
- Amount of traffic that $N per month attributable to
converts to sales. referrals from blog.
Measuring Qualitative Returns
Measuring Quantitative Returns
A campaign to increase Offline Sales
Implement a promotion on a social media platform. Give participants a
printable campaign voucher so you can track where offline sales originated.
Success Metrics Goal As implemented by...
$N monthly sales
- monthly sales
- monthly store traffic N% increase in store traffic
over the pre-promotion
period.
Measuring Quantitative Returns
A campaign to increase Online Sales
Use Twitter to inform prospects about special promotions, capitalising on
Twitter’s real-time nature for exclusive, limited-customer / limited-period offers.
Success Metrics Goal As implemented by...
$N monthly sales
- monthly sales attributable
directly to Twitter
$N monthly sales directly
- new customers attributable attributable to Twitter
directly to Twitter
- monthly revenue generated
from customers originally from
Twitter (i.e. did the customer
go back later of their own
accord and buy more)
Measuring Quantitative Returns
Remember that driving targeted traffic from
social media sources is only half the
challenge if you’re trying to sell something.
Flawlessly-executed social
media campaign Is a door to... Your website
Learn about:
A/B and Multivariate Testing
Designing to sell
Get into the habit of:
Testing, testing, testing
Hire a:
Copywriter
Web designer who likes selling
Person who can manage all of the above
Dave McClure has a good
presentation online about metrics
and measurement:
http://www.slideshare.net/Startonomics/startup-metrics-for-pirates-presentation
AARRR
(this makes sense if you watch his presentation)
You can also ask me about this or
any of the other stuff I’ve talked
about. Happy to chat.
View / Download this presentation:
http://www.slideshare.net/yongfook
CEO of
http://www.yongfook.com
Digital Business Incubation
http://www.egg-co.com
http://www.opensourcefood.com
http://www.sweetcron.com
http://www.rippl3.com
Coming soon - an easy-to-use tool related to the stuff I talked about today...
http://www.rippl3.com
Thank You!
If you need to get in touch, for the rest of my trip I can be
found sitting in front of a bowl of this:
carynbrown
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