ROI Of Social Media


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ROI Of Social Media

  1. 1. The ROI of Social Media March 9, 2011
  2. 3. What do you primarily use social media for personal, business, or both?
  3. 4. What social media tools do you use?
  4. 5. How would you rate your knowledge of social media? (one – highest, four – lowest)
  5. 6. Do you think social media is an important trend for your business?
  6. 8. Top 10 Most Visited Sites <ul><li>Google </li></ul><ul><li>Facebook </li></ul><ul><li>Yahoo! </li></ul><ul><li>YouTube </li></ul><ul><li>Amazon </li></ul><ul><li>Wikipedia </li></ul><ul><li>Twitter </li></ul><ul><li> </li></ul><ul><li>eBay </li></ul><ul><li>Craigslist </li></ul>
  7. 10. Facebook 3,774,716,112 Twitter 183,876,953
  8. 11. 1,238,702,433 56,542,414
  9. 12. 55 Minutes a day on Facebook 65M Access Facebook on Mobile Phones
  10. 13. 94% of people have turned their backs on traditional advertising.
  11. 14. 90% of consumers trust product recommendations from personal acquaintances
  12. 17. Marketing has changed more in the last 5 years than in the previous 100 combined
  13. 18. Age of Distraction
  14. 20. <ul><li>Is it over hyped? </li></ul><ul><li>Will something replace it? </li></ul><ul><li>Is it a big, fat waste of time? </li></ul>
  15. 21. SM for Business Use <ul><li>SEO </li></ul><ul><li>Create Brand Awareness </li></ul><ul><li>Reputation Management Tool </li></ul><ul><li>Customer Service and Support </li></ul><ul><li>Recruitment </li></ul><ul><li>Learn About New Technologies and Competitors </li></ul><ul><li>Lead Generation Tool </li></ul>
  16. 24. Three stages of the Social Media ROI cycle <ul><li>Setting up, running, and optimizing a social media campaign takes place in three stages: </li></ul><ul><li>Launch </li></ul><ul><li>Management </li></ul><ul><li>Optimization </li></ul>
  17. 25. Stage One: Launch Approach: Executional Focus: Long-term Objective: Social Media Presence Results: Negligible
  18. 26. Stage Two: Management Approach: Tactical Focus: Mid-term Objective: Customer engagements Results: Increased traffic
  19. 27. Stage Three: Optimization Approach: Strategic Focus: Long-term Objective: Social Media ROI Results: Revenue growth
  20. 29. Barriers to Results <ul><li>Takes TIME to get results </li></ul><ul><li>Takes UP time & Resources </li></ul><ul><li>Half-hearted attempts </li></ul>
  21. 30. Effective Social Media <ul><li>Not easy </li></ul><ul><li>Not quick </li></ul><ul><li>Not cheap </li></ul>
  22. 31. <ul><li>Focus </li></ul><ul><li>Grab Attention </li></ul><ul><li>Engage </li></ul><ul><li>Take Action </li></ul>
  23. 32. 12for12 Tweet-a-Thon <ul><li>$12k in 12 hours </li></ul><ul><li>Combat child hunger in the US </li></ul><ul><ul><li>Clear and achievable goal </li></ul></ul><ul><ul><li>Sense of urgency short deadline </li></ul></ul><ul><ul><li>Leverage existing networks </li></ul></ul><ul><ul><li>Easy to Donate </li></ul></ul><ul><ul><li>Clear Understanding of Where $$ Go </li></ul></ul><ul><ul><li>Donor Recognition </li></ul></ul>
  24. 33. How to define success?
  25. 34. Top Social Media Success Metrics Source: 2009, Inc
  26. 35. Engagement Clicked, bought, downloaded, retweeted, liked
  27. 36. Social Media Strategy
  28. 37. Social Media Strategy
  29. 38. How to Measure ROI <ul><li>Make goals specific and measurable </li></ul><ul><ul><li>Increase site traffic by 25% over 6 month </li></ul></ul><ul><ul><li>Decrease calls by 10% over 6 month </li></ul></ul>
  30. 39. Source: Beth Kanter, How Much Time Does it Take To Do Social Media?
  31. 40. Listen
  32. 42. Social Media <ul><li>Forums </li></ul><ul><li>Blogs </li></ul><ul><li>Microblogging </li></ul><ul><li>Wikis </li></ul><ul><li>Podcasts </li></ul><ul><li>Photos </li></ul><ul><li>Videos </li></ul><ul><li>Ratings </li></ul><ul><li>Reviews </li></ul><ul><li>Social Networking </li></ul>
  33. 43. 80% Strategy 20% Technology
  34. 48. Summary <ul><li>Return on Investment </li></ul><ul><ul><li>Become more strategic and focused </li></ul></ul><ul><ul><li>Set benchmarks </li></ul></ul><ul><ul><li>Tangible and Intangible goals </li></ul></ul><ul><li>Return on Conversation </li></ul><ul><li>Cost NOT to Participate </li></ul>
  35. 49. Summary <ul><li>Tangible (quantitative) </li></ul><ul><ul><li>Increased sales by 25% within 6 months </li></ul></ul><ul><ul><li>Decrease calls to customer support by 10% </li></ul></ul><ul><li>Intangible (qualitative) </li></ul><ul><ul><li>Word of mouth </li></ul></ul><ul><ul><li>Good comments </li></ul></ul>
  36. 50. Opportunities Galore <ul><li>Currently in early mode </li></ul><ul><li>Adopt what is successful </li></ul><ul><li>Another form of communication </li></ul><ul><li>Repurpose existing content to reach audiences in new ways </li></ul><ul><li>Know that change is inevitable </li></ul>
  37. 52. Action Items <ul><li>Listen </li></ul><ul><ul><li>Review Stats </li></ul></ul><ul><ul><li>Google Links </li></ul></ul><ul><ul><li>Google Alerts </li></ul></ul><ul><li>Assess Current Strategy </li></ul><ul><li>Focus / Be Creative / Experiment </li></ul>
  38. 55. Q & A
  39. 56. When the winds of change blow, some people build walls and others build windmills