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Social Media Measurement and ROI

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Social Media Measurement and ROI

  1. 1. Monitoring, measurement, analytics and ROI Measuring Your Way to SM Success 02/10/10
  2. 2. Social Media and Business <ul><li>250 million Facebook users </li></ul><ul><li>120 million login daily </li></ul><ul><li>18 million Twitter users </li></ul><ul><li>>1.5 million pieces of content are shared on Facebook DAILY </li></ul>02/10/10 Force to be reckoned with Fundamental shift in how we communicate Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/
  3. 3. Social Media and Business <ul><li>Over 200,000,000+ blogs </li></ul><ul><li>54% post content or tweet daily </li></ul><ul><li>34% of bloggers post opinions about products and brands </li></ul>02/10/10 Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/
  4. 4. Social Network Use Skyrockets 02/10/10
  5. 5. It’s All About Trust <ul><li>25% of search engine results are links to user generated content </li></ul><ul><li>78% consumers trust recommendations from their “social graph”, only 14 % trust ads </li></ul>02/10/10 Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/
  6. 6. The Question Is <ul><li>… But rather </li></ul><ul><li>How do I engage? </li></ul><ul><li>Where do I engage? </li></ul><ul><li>How do I know if it’s working? </li></ul><ul><li>What’s the impact on my business? What’s the ROI? </li></ul>02/10/10 … No longer “Should I engage?”
  7. 7. Social Media: Impact on Business <ul><li>+18% sales in companies with highest use of social media </li></ul><ul><li>-6% sales in companies with the least </li></ul><ul><li>18% of traditional TV ads generate positive ROI </li></ul>02/10/10 Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
  8. 8. Social Media: Impact on Business <ul><li>$20 mil reduction in call center activity </li></ul>02/10/10 Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
  9. 9. Social Media: Impact on Business <ul><li>24% of social media leads convert to sales opportunities </li></ul>02/10/10 Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
  10. 10. Social Media: Impact on Business <ul><li>37% of Gen Y were aware of Ford Fiesta (via social media) </li></ul><ul><li>in advance of its launch </li></ul>02/10/10 Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
  11. 11. How Do You Measure Success? 02/10/10 Traffic Lead Generation Links Awareness Social Media Coverage Signups Conversion Sales Profit Retention Customer Service
  12. 12. Let’s Talk About ROI, Baby… <ul><li>ROI = Return on Investment </li></ul><ul><li>You need to know: </li></ul><ul><li>Your investment in the program </li></ul><ul><li>Success metrics </li></ul><ul><li>How to tie your activities to these success metrics </li></ul>02/10/10
  13. 13. The Definition of ROI has Expanded <ul><li>Return on Engagement: measure of time spent interacting </li></ul><ul><li>Return on Participation / Involvement: measure & value time spent participating in conversations </li></ul><ul><li>Return on Attention: seize & hold attention, measure response </li></ul><ul><li>Return on Trust: measure of customer loyalty & likelihood for referrals </li></ul>02/10/10 Source: Brian Solis “The Maturation of Social Media” http://mashable.com/2010/01/26/maturation-social-media-roi/
  14. 14. Source: Jaime Shiller http://jamieshiller.com, http://www.marketextend.com
  15. 15. Step 1: Monitoring <ul><li>In social media, they will talk about you anyway </li></ul><ul><li>You need to: </li></ul><ul><li>Listen </li></ul><ul><li>Understand what customers want, top issues </li></ul><ul><li>Understand how they feel about you, your competitors </li></ul><ul><li>Sentiment, share of voice </li></ul><ul><li>After you have a handle on it, you can engage </li></ul>02/10/10
  16. 16. How Do You Monitor? 02/10/10 Share of voice How they feel Where to focus Where they are Source: Biz360 Community Insights
  17. 17. Step 2: Engagement <ul><li>Listening is no longer enough </li></ul><ul><li>But before you engage…. </li></ul><ul><li>… What is your purpose? </li></ul><ul><li>Outreach activities with “influencers” </li></ul><ul><li>Brand building, thought leadership </li></ul><ul><li>Convert the curious to leads </li></ul><ul><li>Customer service, neutralize problems </li></ul><ul><li>Quick sales lift - promotion </li></ul><ul><li>Knowing your purpose will help you measure </li></ul>02/10/10
  18. 18. Step 3: Social CRM <ul><li>Helps you organize and track your engagement activities: </li></ul><ul><li>Align your team </li></ul><ul><li>Bring all the functions together </li></ul><ul><li>Effective and efficient workflow </li></ul><ul><li>Allows you to track each lead as they become customer or not </li></ul>02/10/10
  19. 19. Step 4: Web Analytics <ul><li>What happens when a customer gets to your site </li></ul><ul><li>Understand where they came from </li></ul><ul><li>Conversion </li></ul><ul><li>Return visits </li></ul>02/10/10
  20. 20. Step 5: Retention <ul><li>How do you engage with existing customers </li></ul><ul><li>Customer service </li></ul><ul><li>Email marketing </li></ul><ul><li>Special programs </li></ul><ul><li>Offer something of value: webinars, white papers, upgrade paths </li></ul><ul><li>Measure and track back to original contact </li></ul>02/10/10
  21. 21. Free Report <ul><li>Measure social media coverage and buzz around Social Media Week with Community Insights tool from Biz360 </li></ul><ul><li>http://bit.ly/SMWreport </li></ul>02/10/10
  22. 22. Panelists <ul><li>Jamie Shiller: Principal Consultant, Market Extend </li></ul><ul><li>@jamieshiller </li></ul><ul><li>Sudha Jamthe: Social Media Strategist, Paypal X Platform </li></ul><ul><li>@sujamthe </li></ul><ul><li>Bliss Dake: VP, eCommerce & Operations, Mighty Leaf </li></ul><ul><li>@themaria </li></ul><ul><li>Maria Ogneva: Director, Social Media, Biz360 </li></ul><ul><li>@themaria @biz360 </li></ul>02/10/10

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