Social Media Roi Slidesbk
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Social Media Roi Slidesbk
- 1. Women Who Tech Principles of Social Media ROI Lauren VargasBeth Kanter Roz Lemieux September 15, 2010
- 3. Icebreaker: What words come to mind when you think about social media ROI?
- 4. Assumption
- 5. 8 Principles of ROI
- 7. Lauren Vargas Radian6 PowerSHIFT Blog http://www.radian6.com/blog/ The Root Report http://www.rootreport.com/
- 9. Quick Polls Enough about us, what about you?
- 10. When you think about phrase “Social Media Return on Investment” what words comes to mind? Type these into the chat ….
- 11. Return on Investment (ROI) Created by DuPont and used by Alfred Sloan to make General Motors manageable.
- 12. Redefining ROI An analysis that looks at the benefits, costs, and value of a technology initiative over time.
- 13. A Few More ‘I’ Words …
- 14. Assumption: Set clear objectives and have identified audience
- 15. Anyone want to share their SMART objective for social media? Type into the chat.
- 17. Link metrics to goals
- 18. Mix Traditional and New Metrics
- 19. Track the Entire Funnel
- 21. Track Your Time: Don’t Waste It
- 22. Use Financial Formulas to Make Your Case
- 24. Tangible: Easily Converts to $ or Time Market Research Mainstream media mentionsInquiries for program Program IdeasIncreased Relevant Visitor TrafficIncreased Page Rankings Fundraising – reach new donors – both small and large’ DonationsLeadsSubscribersMembersSaved Time Saved CostsIncreased page rankIncreased media attention Signed petitionsCalls or emails to government officials
- 25. Intangible: Difficult to Translate, But Still Important Insights about what works Employee Social Graphs Interaction EngagementReputation Loyalty Satisfaction Sentiment Feedback
- 26. 2. Link Metrics linked to objectives
- 27. More Followers, they like me, they really like me! Metrics as therapy
- 28. Why was there a spike in Twitter followers? Metrics as detective work
- 30. Insights 21 9/3/2010 - Copyright © 2010 Radian6 The new product and announcement created a large amount buzz which directly contributed to a 30% increase in total post volume for the monitored topic profile of Brand X mentions. Overall the reaction to the new product release was positive in sentiment with no major issues reported expect for some minor troubleshooting issues that were resolved by technical support. The release of the new product and the positive reviews around that event cause a 11% shift in brand sentiment towards the positive. This 88.5% positive marked a record high for the past 3 months.
- 31. 3. Mix Traditional and New Metrics
- 32. Counting eyeballs to …
- 34. Share of Conversation 25 9/3/2010 - Copyright © 2010 Radian6 INDUSTRY 90% Brand X pulled in 10% of the industry share of conversation for the week representing a full 2% gain as compared to the previous week. BRANDX 10% INDUSTRY: Overall industry volume maintained at approximately the same levels as the previous week pulling in 9040 posts in total, a 1% drop as compared to the last week.
- 35. Top Influencers by Media Type 26 9/3/2010 - Copyright © 2010 Radian6 Micromedia recorded the most volume by media with blogs in second. Blogs 88: 9.8% 1. Micromedia Comments 37: 4.1% Blogs 2. 3. Comments Facebook 13: 1.4% 4. Facebook Forums 9: 0.1% 5. Forums Mainstream News 2: 0.3% 6. Mainstream News Micromedia 756: 83.8%
- 36. Conversation Breakdown 27 9/3/2010 - Copyright © 2010 Radian6 Product Review 202: 22.4% Company Content 47: 5.2% Product Inquiry 39: 4.3% Troubleshooting/Support 36: 3.9% Company Outreach 268: 29.7% Sales Lead 28: 3.1% General Product/Company Coverage 284: 31.4% The largest conversation area for the week was General Product and Company coverage which consisted of general mentions of the company and non-review mentions of the product X590.
- 37. Brand Overview Summary 28 9/3/2010 Volume Engagement Sentiment 904 posts ( 30% ) 29.1% ( 6.2% ) 88% positive ( 5% ) Share of Voice Trends Share of Conversation corporate blog product inquiry product release support questions 24% ( 11% ) 10% ( 2% ) 77% 14% 86% 23% 21% 51% 79% 49% The week centered around the product release of the X590 and the resulting buzz/troubleshooting issues. Overall it was a positive week with gains in all the main areas reported on.
- 38. 4. Track the Entire Funnel
- 39. @seanpower - nonprofit metrics geek
- 41. 5. Spreadsheet Aerobics
- 43. Measure the What and Why
- 44. Learn the Language of Data
- 45. Testing, Testing, Testing http://www.flickr.com/photos/striatic
- 51. 6. Track your time
- 52. 6. Use Financial Formulas to Make Your Case
- 55. Compare the total costs
- 58. of not doing the project
- 61. Don’t show all, but have it ready
- 62. What happens if ROI is negative?
- 63. Go Beyond the Tool
- 65. Link metrics to goals
- 66. Mix Traditional and New Metrics
- 67. Track the Entire Funnel
- 69. Track Your Time: Don’t Waste It
- 70. Use Financial Formulas to Make Your Case
- 72. Thank you! http://socialmediametrics.wikispaces.com/WomenWhoTech
Editor's Notes
- You will see me with a different hat at every event…I can’t let a virtual event be any different! My name is Lauren Vargas and I am the Sr. Community Manager at Radian6.
- I wear many hats these days. I’m the CEO of Zoetica, write Beth’s Blog, and Visiting Scholar for Nonprofits and Social Media at the Packard Foundation
- Insert polls:Do you work with a ..NonprofitFor-Profit/CorporationIndependent ConsultantOtherHow long has your organization been using social media to help reach communications, program, or sales objectives?Haven’t startedLess than six monthsSix months to a yearAt least a year or twoMore than two yearsHow much time do you spend working on social media?Full time jobPart time jobTen hours a weekLess than ten hours a weekHave you been asked by your boss, c-suite, or others in your organization to “prove” the value of social media?YesNo
- http://www.flickr.com/photos/dougtone/3009783534/sizes/o/in/photostream/
- http://www.flickr.com/photos/tracyhunter/
- http://www.flickr.com/photos/sifter/282602167/Just gathering lots of eyeballs isn’t what actually matters, but rather gathering the right eyeballs and then driving them to some sort of action.Listening at the point of needShare of Voice vs. Share of Conversation: Old metric is looking at potential reach, not actual reach; New metric is how present and recognized you are among the conversations you want to be associated withCause and correlationDoes not mean you throw away old metrics! Improve upon what is existing.
- http://www.flickr.com/photos/kdando/2323754696/sizes/l/in/photostream/
- Keep your spreadsheets slim and trimOnly collect the data you can learn from and nothing moreIt shouldn’t take you more time to collect data than to do the projecthttp://beth.typepad.com/beths_blog/2010/04
- Combine the qualitative and quantitative; data will not come from one tool or source. Incorporate data from across the enterprise (customer service, web analytics, sales/lead gen). Discover how your customers interact with your web presence (as a whole). Mesh the intent with the clicks to find actionable insights that drive meaningful changes to improve customer experience. Give examples of metrics that take more than one data source to analyze.
- Need to understand statistics and not make decisions because of antidotal; all about trend lines.Correlation is not causation.
- Here’s an example. I use my FB page as focus group to figure out what topics to write about … so my ultimate metric is the number of good blog posts that I’m able to glean from it.
- Testing
- http://www.flickr.com/photos/houseofsims/2887794002/sizes/o/in/photostream/
- Listening and monitoring takes time. As you build traction in social media, the time it takes to listen well AND act onthe information you find is going to increase. Ideally, you want to be spending your time acting on the information you find rather than gathering it and doing the analysis manually. This is where a paid solution can come in handy, and there are many available spanning budgets and capabilities. If you’re spending more than an hour or so a day gathering and tracking results, and more thana couple of hours a week doing the analysis, you might be ready to consider a more robust platform to do your listening.Features you’ll want to look for:• Depth and Breadth of coverage: ensure you’re capturing all relevant posts from across the social web• Analytics and Metrics: What specific social media metrics can you track, filter, and report on?• Collaboration and Workflow: As you mature, you’ll want to be able to share data among your team• Engagement: Can you coordinate, track, and measure your outreach from the platform?• Scalability: How can you integrate your social media monitoring into other areas of your business?
- http://www.flickr.com/photos/levork/2530374904/sizes/m/in/photostream/