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Demystifying theROI of Social Media                               Real Social Media                             Monitoring...
Agenda • Look at real case studies    • Calculate business impact & ROI            • Set-up a social media            meas...
Learning •is the desire to discover new thingsWe are amazed by new things…                                       @drnatalie
•And Social Media?                           It’s the                          new shiny                            object...
But the amount of     information  – can feel like aninsurmountable blur                       @drnatalie
@drnatalieIt can generally be useless
Today’s goal is to…                    Provide…                      • Marketers                      • Brand Managers    ...
Using context To TAKE   THE CHAOS    TO                     ssss ORDER        @drnatalie
Business As Usual   Executives want to know   what the business value      of social media is                  9          ...
Misconceptions                             http://www.flowtown.com/blog/what-is-the-roi-of-your-mom      of ROIYou may hav...
Misconceptions   of ROI“ROI is too difficult     because     I’m not a “math” person.”                  @drnatalie
Misconceptions           of ROI…There’s a change in metrics!!              • We have 500 more “Likes”      • 10X click-thr...
Real-worldExamples             @drnatalie
Case Study:             @drnatalie                      Major Insurer  Advertising Effectiveness & Competitor EvaluationRa...
Insurer Ad Effectiveness• Insurer’s ad campaign is liked• Didn’t generate conversation aboutbuying or switching insurers  ...
Insurer Ad Effectiveness                                       • Competitor ad campaign is more divisive• Insurer’s ad cam...
Insurer Ad Effectiveness                                           • Competitor ad campaign is more divisive• Insurer’s ad...
@drnatalie   Conclusion of social media monitoring• Both campaigns generatehealthy “buzz”   • But positive sentiment doesn...
ROI of social media monitoring     ROI = Benefits - Costs x 100 = Percentage Return on the Investment                Costs...
Case Study:                          @drnatalie              Craft Company     Product Development & MarketingWants to und...
Identified New Product Opportunities                              Consumers’ expressed strong                             ...
Conclusions of social media monitoring• In-house Research   • Quickly and cost effectively     identifies new product & ma...
ROI of social media monitoring       ROI = Benefits - Costs x 100 = Percentage Return on the Investment                  C...
Case Study:Medical Device for Diabetes & Insulin    Product Launch Marketing                 Wants to understand          ...
Consumers’ Concerns                   Top Conversations                    Lifestyle                   Treatment       Lif...
Conclusions of social media monitoringOpportunity for brand to: • Get more engaged • Become trusted-partner • Create a onl...
ROI of social media monitoring             ROI = Benefits - Costs x 100 = Percentage Return on the Investment             ...
Case Study:             Healthy Snacking & Kids  Campaign Planning: Product Launch & MarketingWanted to know the nature of...
“Healthy” in Kids Snack Foods:  More Effectively Resonate       with Consumers             Allergies          Top         ...
Conclusions of social media monitoringOpportunities for Brand:• Better launch messaging• Product packaging• On-going campa...
ROI of social media monitoring                     ROI xof social media Investment        ROI = Benefits - Costs 100 = Per...
How to Set-up A Social Media               Measurement Program1. Get executive buy-in & support2. Choose Staff3. Determine...
Wayne St. AmandVice President, Marketing
SOCIAL MEDIA IS EVERYWHERE,AND EVERYONE IS USING IT.WE ANSWER THE QUESTIONS.
250+ MILLIONPOSTS PER DAY            1.75 BILLION         POSTS PER WEEK                     100+ BILLION                 ...
MASSIVE OPPORTUNITY       NOT FULLY LEVERAGED BY MOST• Social media is the largest source of unfiltered information ever  ...
SOCIAL INTELLIGENCE CREATES ACTIONABLE                      INSIGHTSTrue Social Intelligence  Delivers• Consumer insights ...
MOST SOCIAL MEDIA MONITORING IS BROKEN                                   Keyword                       NLP    Manual-codin...
THE CRIMSON HEXAGON FORSIGHT® PLATFORM39
A REVOLUTIONARY APPROACHScalable                ContextAccurate                NuanceReplicable            Judgment
SENTIMENT ALONE IS INCOMPELTE                                       Major Automotive Brand                                ...
ANALYTICS BEYOND SOCIAL PROPRIETARY            ONLINECustomer Feedback       Social Web  Market Research       Facebook Pa...
GLOBAL CONVERSATIONboas                zdravstvuyte        早上好bonjour        namaskar      sawa dee-kaselamat pagi      Gr...
ADDITIONAL RESOURCES:Request an Online Demo: http://www.crimsonhexagon.com/products/request-a-live-demoCustomer Case Studi...
Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie
Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie
Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie
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Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie

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Want to know more about social media monitoring as well as the ROI for using social media monitoring for your business? This presentation has several case studies and analyzes the benefits vs the costs. There case studies are based on the social media monitoring technology of Crimson Hexagon.

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https://www.facebook.com/natalie.petouhoff

www.Twitter.com/drnatalie

www.drnatalienews.com/blog

Published in: Business, News & Politics
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Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie

  1. 1. Demystifying theROI of Social Media Real Social Media Monitoring Case Studies By Dr. Natalie Petouhoff @drnataliewww.drnatalienews.com/blog
  2. 2. Agenda • Look at real case studies • Calculate business impact & ROI • Set-up a social media measurement program 2 @drnatalie
  3. 3. Learning •is the desire to discover new thingsWe are amazed by new things… @drnatalie
  4. 4. •And Social Media? It’s the new shiny object @drnatalie @drnatalie
  5. 5. But the amount of information – can feel like aninsurmountable blur @drnatalie
  6. 6. @drnatalieIt can generally be useless
  7. 7. Today’s goal is to… Provide… • Marketers • Brand Managers • Product Managers • Consumer Insights Teams & • Market Research Professionals w An understanding of the benefits of: • Having deep, real-time insights • Using insights to make business decisions & • Being able to be an invaluable @drnatalie resource to CEO- suite
  8. 8. Using context To TAKE THE CHAOS TO ssss ORDER @drnatalie
  9. 9. Business As Usual Executives want to know what the business value of social media is 9 @drnatalie
  10. 10. Misconceptions http://www.flowtown.com/blog/what-is-the-roi-of-your-mom of ROIYou may have heard… “Would you calculate the ROI of your mom or your pants? Then why would you calculate the ROI of social media? It’s obvious!”• That’s funny• But ROI is not obvious to everyone• And your boss would like a number @drnatalie @drnatalie
  11. 11. Misconceptions of ROI“ROI is too difficult because I’m not a “math” person.” @drnatalie
  12. 12. Misconceptions of ROI…There’s a change in metrics!! • We have 500 more “Likes” • 10X click-thru rate on “Buy Now” button • $5M in annual support savings & sales advocacy • Viral videos increased company sales +700%• Social microsites secured 1,000,000 fans and a 10% increase in same-store sales E I have an ROI!! e Note to self: Metrics are necessary… But they are not ROI @drnatalie
  13. 13. Real-worldExamples @drnatalie
  14. 14. Case Study: @drnatalie Major Insurer Advertising Effectiveness & Competitor EvaluationRan nat’l ad campaigns & wants to understand:• Effectiveness of messages and• Drivers of consumer purchase intent Analyzed online conversations: • Their brand • Key competitor
  15. 15. Insurer Ad Effectiveness• Insurer’s ad campaign is liked• Didn’t generate conversation aboutbuying or switching insurers @drnatalie
  16. 16. Insurer Ad Effectiveness • Competitor ad campaign is more divisive• Insurer’s ad campaign is liked• Didn’t generate conversation aboutbuying or switching insurers @drnatalie
  17. 17. Insurer Ad Effectiveness • Competitor ad campaign is more divisive• Insurer’s ad campaign is liked• Didn’t generate conversation aboutbuying or switching insurers • But spurs a conversation trend related to purchasing @drnatalie
  18. 18. @drnatalie Conclusion of social media monitoring• Both campaigns generatehealthy “buzz” • But positive sentiment doesn’t reflect intent to purchase • Using context avoids misinterpreting positive sentiment for a social buying gesture- intent to purchase
  19. 19. ROI of social media monitoring ROI = Benefits - Costs x 100 = Percentage Return on the Investment CostsWhat is the benefit? What is the cost?• If the commercial drove sales? • People- to do the analysis• Number of leads? • Process- process to compile the• What is a lead worth? information• Number of lead conversions? • Technology- social media monitoring tool• What’s a sale worth? @drnatalie
  20. 20. Case Study: @drnatalie Craft Company Product Development & MarketingWants to understand:• What topics dominate craft-related conversations?• Is marketing having the desired effect?• What’s lacking in the product line and accessories? cccccccccc
  21. 21. Identified New Product Opportunities Consumers’ expressed strong desire for: • More & better supplies & accessories • Improved access to purchase those accessories Discovered opportunity to develop more male-centric product line & accessories @drnatalie
  22. 22. Conclusions of social media monitoring• In-house Research • Quickly and cost effectively identifies new product & market opportunities • Prompts development of new product accessories • Enables additional sales • Expands market share• Marketing • Gained increased confidence leveraging social-media • Confirmed effectiveness of current messaging and promotional approach @drnatalie
  23. 23. ROI of social media monitoring ROI = Benefits - Costs x 100 = Percentage Return on the Investment CostsWhat is the benefit? What is the cost?• What does it cost the company to go to market • People- to do the analysis with a product that isn’t what customers really wanted? • Process- process to compile the• What would this type of market research information normally cost the company?• How long would it normally take to get that kind • Technology- social media of feedback? What’s the general cost for product monitoring tool dev to launch a product?• What’s the value of finding a new product to provide their market?• What was the value in revenue of the new products/ accessories?• What’s the value of key messaging that works? Higher lead conversation rate? @drnatalie
  24. 24. Case Study:Medical Device for Diabetes & Insulin Product Launch Marketing Wants to understand diabetes & insulin: • What core messages will resonate most with these consumers? • How do patients discuss the complexities of treatment & control? • What is the significance for the new product launches? @drnatalie
  25. 25. Consumers’ Concerns Top Conversations Lifestyle Treatment Lifestyle Success Support Device comments? LOWER @drnatalie
  26. 26. Conclusions of social media monitoringOpportunity for brand to: • Get more engaged • Become trusted-partner • Create a online Community for • Advice • Recommendations • Shared-support @drnatalie
  27. 27. ROI of social media monitoring ROI = Benefits - Costs x 100 = Percentage Return on the Investment CostsWhat is the benefit? What is the cost?• What’s the value in knowing what to put the emphasis of content online? • People- to do the analysis • I.e.., to create an editorial calendar that has content that specifically addresses why people • Process- process to compile the might not use their medicine information • And which means that don’t feel as well and they don’t live as long or buy the medicine- which • Technology- social media affects sales• What is the value of becoming a trusted resource for monitoring tool patient concerns? Enhanced brand trust?• Did the online community: • Deflect any calls to the call center? • Increase the efficiency or effectiveness of the calls? • Did the company use the content in the community to update their FAQs or knowledge base which helped self-service? @drnatalie
  28. 28. Case Study: Healthy Snacking & Kids Campaign Planning: Product Launch & MarketingWanted to know the nature of online conversations:• Concerns parents have providing kids a healthy diet• What factors drive purchase decisions and habits? @drnatalie
  29. 29. “Healthy” in Kids Snack Foods: More Effectively Resonate with Consumers Allergies Top Conversations Nutrition Convenience Not as High Taste @drnatalie
  30. 30. Conclusions of social media monitoringOpportunities for Brand:• Better launch messaging• Product packaging• On-going campaign messaging @drnatalie
  31. 31. ROI of social media monitoring ROI xof social media Investment ROI = Benefits - Costs 100 = Percentage Return on the ROI = Benefits - Costs x 100 = Percentage Return on the Investment Costs CostsWhat is the benefit? What is the cost?• What’s the cost of market research? • People- to do the analysis• Focus group of 12 people = 15K • Process- process to compile the• How many would you need to do to get information the same volume of content?• 12 x $15K = $180,000 • Technology- social media monitoring tool• What’s the value of targeting the message for a campaign?• What’s the value of being able to run an AB test of taste vs. allergies to see which one really gets the most responses? @drnatalie
  32. 32. How to Set-up A Social Media Measurement Program1. Get executive buy-in & support2. Choose Staff3. Determine your business goals • Product Development • Product Launch • Product Marketing…4. Choose a social media monitoring system5. Start listening to online conversations 6. Hone the analysis / teach the system 7. Analyze the information 8. Create appealing presentation of data 9. Present information to stakeholders How to Monetize Facebook 10. Take action on the data & repeat! With Social Commerce By Dr. Natalie @drnatalie
  33. 33. Wayne St. AmandVice President, Marketing
  34. 34. SOCIAL MEDIA IS EVERYWHERE,AND EVERYONE IS USING IT.WE ANSWER THE QUESTIONS.
  35. 35. 250+ MILLIONPOSTS PER DAY 1.75 BILLION POSTS PER WEEK 100+ BILLION POSTS TO DATE
  36. 36. MASSIVE OPPORTUNITY NOT FULLY LEVERAGED BY MOST• Social media is the largest source of unfiltered information ever available about how consumers truly think and feel• The vast majority of companies have yet to take advantage of this intelligence to influence their business decisions Achieving Social Intelligence The management and analysis of customer data from social sources, used to activate and recalibrate marketing and business programs.
  37. 37. SOCIAL INTELLIGENCE CREATES ACTIONABLE INSIGHTSTrue Social Intelligence Delivers• Consumer insights to drive business success – Greater marketing effectiveness – On-target product planning – Deeper competitive insights – Understand purchase triggersHowever, most of today’s tools do a terrible jobof helping you achieve true Social Intelligence
  38. 38. MOST SOCIAL MEDIA MONITORING IS BROKEN Keyword NLP Manual-coding Sentiment Semantic Monitoring SearchKeywords and semantics don’t work well in social media• Traditional tools lack the ability to understand context• A computer cannot replace human judgment• Human analysts cannot scale or provide consistency• Predefined rules cannot support the dynamic nature of the social media conversation• Surface-level monitoring lacks accuracy and deep insight
  39. 39. THE CRIMSON HEXAGON FORSIGHT® PLATFORM39
  40. 40. A REVOLUTIONARY APPROACHScalable ContextAccurate NuanceReplicable Judgment
  41. 41. SENTIMENT ALONE IS INCOMPELTE Major Automotive Brand 102,784 mentions Positive Negative Neutral 66% 23% 11% 18% 12% 11% 11% 11% 11% 9% 9% 8%Love Chevy Legendary Want One Looks & Performance Great Business Maintenance Prefers Asking advice Design Competitor
  42. 42. ANALYTICS BEYOND SOCIAL PROPRIETARY ONLINECustomer Feedback Social Web Market Research Facebook Pages
  43. 43. GLOBAL CONVERSATIONboas zdravstvuyte 早上好bonjour namaskar sawa dee-kaselamat pagi Grüßgott konbanwa Γεια σου안녕하세요 hej merhaba selam
  44. 44. ADDITIONAL RESOURCES:Request an Online Demo: http://www.crimsonhexagon.com/products/request-a-live-demoCustomer Case Studies: http://www.crimsonhexagon.com/customers/#casestudiesOverview Video: http://www.crimsonhexagon.com/products/overview-video/Data Sheets & White Papers: http://www.crimsonhexagon.com/products/whitepapers/

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