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Measuring Social Media ROI

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Hope you enjoy this deck on 'Measuring Social Media ROI'. Care about Social Media Marketing for incredible Business Growth? You may want to take advantage of our hands-on Advanced Facebook Marketing training. We are just a click away - http://www.42inception.com

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Measuring Social Media ROI

  1. 1. Measuring the ROI of Social Media www.42inception.com
  2. 2. Measuring Social Media ROI is Possible And Impossible at the same time www.42inception.com
  3. 3. Three Dimensions of Measurement Returns What “Returns” did you get? How much of “Returns” can be Attribution “Attributed” to the investment? Will you get “More Returns” in “Future”Future Potential for the current “Investment”? www.42inception.com
  4. 4. Types of Returns Returns A clear & direct metric Tangible Units Sold, Leads Generated, Total Registrations, Referral Traffic At most an indicative metric Intangible Brand Awareness, Reputation, Customer Satisfaction, Customer Loyalty www.42inception.com
  5. 5. Three Dimensions of Measurement Returns What “Returns” did you get? How much of “Returns” can be Attribution “Attributed” to the investment? Will you get “More Returns” in “Future”Future Potential for the current “Investment”? www.42inception.com
  6. 6. Attributing Returns to Investment AttributionEstablishing unbroken chain of events fromthe “investment” to the “return” www.42inception.com
  7. 7. Unbroken Chain of Events: e-commerce Attribution 1. You Post a Link of 2. Total 3500 people 3a. Total 17 of these your Product Page on visit product page buy the product in Facebook through that link first visit 3b. Total 250 people 4. In 15 days period, register for Free Trial 34 people upgrade to version paid from trialInvestment: Posting a link on Facebook Result: 51 product units sold www.42inception.com
  8. 8. Unbroken Chain of Events - Services Attribution 1. You see 38 tweets 2. You respond to all 3. Total 7 people by people looking for of them introducing interact with you for web design your services further details 4. You close business worth $7.5K with 3 of them.Investment: Listening on Twitter & Responding to prospects Result: $7.5K worth of Business www.42inception.com
  9. 9. Unbroken Chain of Events: CRM Attribution 1. You see a –ve 2. You interact with 3. Customer now tweet by a customer the customer & appreciates your about your product resolve the issue service on twitter 4. You get 6 more customers worth $9K through this referralInvestment: Customer service on Twitter Result: $9K worth of Business www.42inception.com
  10. 10. Attribution is a Hard Problem Attribution More often than not, it’s hard to Broken Chains establish a credible sequence of events. Not all the metrics are available or Missing Metrics captured automatically. Multiple marketing efforts with a single Mixed Influence outcome coincide with each other. www.42inception.com
  11. 11. What are Broken Chains of Events?Attribution – Broken Chains You Promote your product on LinkedIn You use a Blog for thought leadership You get $20K worth of Business with “unknown You interact with source”people on FB/Twitter You resolve people’s issues on FB/Twitter www.42inception.com
  12. 12. Fixing Broken ChainsAttribution – Broken Chains • Ask your customers where they came from “if you can” • Could be part of registration process or included at some other step • Not reliable but might provide indicators www.42inception.com
  13. 13. Attribution is a Hard Problem Attribution More often than not, it’s hard to Broken Chains establish a credible sequence of events. Not all the metrics are available or Missing Metrics captured automatically. Multiple marketing efforts with a single Mixed Influence outcome coincide with each other. www.42inception.com
  14. 14. Missing Metrics ExamplesAttribution – Missing Metrics How many issues were resolved on Twitter? How many $ were saved/earned by resolution of issues? Did you note down that FB was used for Market Research? And that lead came from an introduction over LinkedIn! www.42inception.com
  15. 15. Resolving Issues around Metrics Attribution – Missing Metrics Issue: All the metrics are not captured in a tool. E.g. if you resolved a customer issue on Twitter, which tool recorded this?Resolution: Needs deploying a tool or a simple manual capturing of the data in a document. The choice depends on the scale. www.42inception.com
  16. 16. Resolving Issues around Metrics Attribution – Missing Metrics Issue: All the metrics are not fully measurable. E.g. value of resolving a customer issue on Twitter. Is it $20 or $2K or $2M?Resolution: Needs a simple model to find approximate value. E.g. resolving a customer issue could be worth the business given by that customer. www.42inception.com
  17. 17. Attribution is a Hard Problem Attribution More often than not, it’s hard to Broken Chains establish a credible sequence of events. Not all the metrics are available or Missing Metrics captured automatically. Multiple marketing efforts with a single Mixed Influence outcome coincide with each other. www.42inception.com
  18. 18. The problem of Mixed InfluencesAttribution – Mixed Influence Social Media TV Online Reputation Print Impossible to measure influence of a Offline single campaign when everything is executed together www.42inception.com
  19. 19. Three Dimensions of Measurement Returns What “Returns” did you get? How much of “Returns” can be Attribution “Attributed” to the investment? Will you get “More Returns” in “Future”Future Potential for the current “Investment”? www.42inception.com
  20. 20. Measuring Potential ROIFuture PotentialQuestion: What’s the value of a Fan or a Follower? Answer: Default is $0. A fan or a follower is a relationship. The value depends on who the person is and how you extract value from the relationship. www.42inception.com
  21. 21. Summary• Measuring Social Media ROI is about – Measuring the returns – And attributing them appropriately to Social Media efforts• It can be simple or difficult depending on: – Type of return – Type of Social Media effort• The value of a fan or follower is only a potential value. www.42inception.com
  22. 22. Leverage Digital Marketing for Incredible Growth? Our Training is a click away! www.42inception.com www.42inception.com

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