BuzzNumbers Social Media ROI Workbook V1

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BuzzNumbers provides you with a basic guide to getting your Social Media ROI squared away.

The secret - it isn't that hard (and you probably already know what you're doing!)

Keen on some more information? Why not touch base with us today: jess@buzznumbershq.com

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BuzzNumbers Social Media ROI Workbook V1

  1. 1. Social Media ROI - WORKBOOK 1 -  
  2. 2. ABOUT BuzzNumbersFounded in Sydney back in 2007, BuzzNumbers has quickly become Australia’stop social media monitoring, information and insights company.Social Media isn’t for kids anymore! We are constantly being asked how SocialMedia relates to business and how to commercialise it.Our range of tools provides our clients with the education to get their companyon-side, insights to make strategic decisions and the monitoring platform tokeep abreast of what is going on across the country and around the world.Monitoring:BuzzNumbers is an intuitive web based platform that allows you to track,report on, target and engage in social media.Identify key trends, set strategies based on relevant metrics and maximize youropportunities online quickly and efficiently.Industry Reports:Industry Reports offer powerful and focused social media reports, packed withcommentary from a top industry expert.Become your company’s social visionary, armed with key trends from yourindustry, understanding of what your competitors are doing or what ishappening specifically with your brand in the social space.Influencer Reports:Influencer Reports provide you with a straightforward way to get in contactwith THE most influential bloggers in your industry.You will get ‘a little black book’ that provides you the contact details andstatistics around the online personalities that have the biggest reputations onthe web.Education & Training:Valuable sessions offer an exciting opportunity for an individual, departmenteven your entire company to understand what the social eco-system looks liketoday, where it is headed and how it applies to you and your differentdepartments.Chaired and facilitated by a BuzzNumbers social media expert, you will exploreinsights, examine risks and push your organizations social maturity to the nextlevel.  
  3. 3. OVERVIEWIf you’ve already launched your company’s presence and socialmedia personas OR if you are considering doing it in the short,medium or even long term – you can get some things squared awayto maximize your results (and allow you to brag about them to therest of your company). 1. BENCHMARK • Know your industry – understand the lay of the land and the big picture trends because a small change can have dramatic impacts. • Know your competition – who they are, what they are doing online and what is working (or not) for them. Keep your friends close and enemies closer. • Know your audience - who they are, what they are saying and where they are saying it because you want to join the cool kids! 2. SET YOUR GOALS • Business Goals – your KPIs and the corporate plan should be very specific so how you integrate any program into your delivery of these should be clear. While some Social Media activities might be one or two steps removed from the articulated goal – it is critical to map this out to allow for better buy-in. • Be Realistic – armed with your benchmarking, you will know what you can achieve. Under promise and over deliver (always).  
  4. 4. 3. STAY ON MESSAGE (kind’a sort’a) • Don’t be a slave – to tradition and dedicate your Social Media campaigns to simply regurgitating ‘brand speak.’ While it is critical to understand what you are trying to say across Social Media platforms – how you say it can vary because you are having a conversation. • Be REAL - because is often more important than being ‘on message.’ Don’t stray too far from your core words/phrases and overall ‘vibe’ because you are still a business.4. MEASURE & MEASURE (THEN MEASURE SOME MORE!) • Track EVERYTHING – the new Social Media adage is ‘track everything, let marketing sort it out.” Since there is a huge weight of information behind every online action and interaction you can gain all sorts of insight (if you are monitoring it!)  
  5. 5. STEP 1: BIG PICTUREThis might seem like a very basic step, but write down some of theessential pieces of information about your company, what you sell,for how much along with your target market. It will be a refreshbut also be useful later on in the document.Your KPIs / What you are measured against____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Your Company’s Vision & Mission____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Description of Business Revenue Model____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Products, Services and Relative Contribution to Revenue Model PRODUCT / SERVICE RELATIVE CONTRIBUTION TARGET MARKET (proportion/percentage/rank) Example Product 1 50% New mothers in NSW  
  6. 6. STEP 2: HOW YOU SELLUnless you operate a government organisation (which you couldargue also fit into the following model) you are seeking to increasesales in some way, shape or form. There are four generallyrecognized approaches:A: Old Products to Old Customers:Contacting existing clients or ‘old’ accounts and selling moreexisting product. Low risk, but also low potential sales, can bedifficult in demographically small markets.B: New Products to Old Customers:Contacting existing clients or ‘old’ accounts and selling newproducts. Low risk (you are known to the customer and customersare known to you), high potential sales if the right new product(s) is(are) introduced. What are they getting somewhere else, or notgetting at all, that they could buy from you?C: Old Product to New Customers:Professional sales people call this “prospecting.” There are morerisks of rejection here as neither you nor your product is known tothis group, can also be difficult in demographically small markets.D: New Products to New Customers:Also known as; ‘needs anticipation.’ Highest risk, sales difficult topredict. Better when used AFTER Strategy B to extend what waslearned with old customers to new-customer space.  
  7. 7. STEP 3: BRING IT TOGETHER Now you just need to combine the elements you’ve articulated on the previous page into a holistic view of your company, your goal, how you fit into it and how you plan to deliver (traditionally and socially): Example #1 Company X is keen to become the leader in their sector – adhesive tape. It is four-horse race and everyone is battling to win the hearts of consumers while also attempting to gain the minds of the resellers who place the orders and assist in selling the product in stores. Here is an example of how they set a traditional campaign into a basic ROI table along with a social media example, what they measured and they focused on. Measure Traditional Program Social Program Be biggest provider of adhesive Be biggest provider of adhesive Mission / Vision tape in APAC by REV tape in APAC by REV Increase sales by 10% through KPI Increase website visitation by 200% reseller XYZ Achieve +10% sales through Measure of success Increase website visitation by 200% reseller XYZ $200,000 $50,000 What did it cost? (POS & sales training) (Viral video series using adhesive products) X XHow much did you save? A A /B / C Sales Technique Brand visibility/talk-ability through increase in tweets & Sales profits less costs YouTube views ROI Sales lift over period videos released vs. MOM rev figures.  
  8. 8. Your Turn: Choose a program that you’ve run in the past and back out the elements, applying them in the template below. If you’ve not run a social media program or you have, but it doesn’t have a traditional equivalent… make one up! You might be onto a winner!My Program 1: _______________________ Measure Traditional Program Social Program Mission / Vision KPI Measure of success What did it cost? How much did you save? Sales Technique ROI  
  9. 9. STEP 4: Rinse & RepeatYou can apply the ROI template to a range of different businessactions to compare traditional and Social Media tools. Remember the steps: 1. BENCHMARK 2. SET YOUR GOALS 3. STAY ON MESSAGE 4. MEASURECONCLUSIONSometimes the obvious answer is the best one! This workbook hasbeen put together in order to demonstrate that you already havethe information (or can easily acquire the information) needed todeliver high performance social media campaigns and measure ROI.BuzzNumbers can help you build your benchmark, understand thesocial media lay of the land and then deliver insights to ensure youlook like the Social Media ROCKSTAR you are!  

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