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Understanding Social Media ROI

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There's no silver bullet. But with a little work and a new interpretation of "ROI," measuring the benefits of social media is possible. This presentation includes real-world case studies, tons of KPIs and some easy formulas for metrics to get you started.

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Understanding Social Media ROI

  1. 1. Understanding Social Media ROI Courtney Seiter | @RavenCourts Raven Internet Marketing Tools |@raventools raventools.com/smx
  2. 2. There's no silver bullet
  3. 3. • Only 20% of CMOs think social media marketing produces measurable ROI. • Only 19% of marketers feel confident in measuring social media ROI. • Only 13% say they are “very effective” at determining social success. Sources: Marketing Sherpa, Lenskold Group, Chief Marketer
  4. 4. Source: Wildfire
  5. 5. 1 weird old tip 3 weird old tips for understanding social media ROI: • Know your goals • Align social metrics • Break it down
  6. 6. Know Your Business' Goals
  7. 7. Types of Social Media Goals • Brand Sentiment • Sales • Share of Voice • Customer Support • Reach • Product • Engagement Development • Brand Advocates • Marketing Insights • Brand Trust • Brand Loyalty
  8. 8. Gilt Groupe Goal: Solve shipping costs barrier using insight from online community Result: 10% increase in shopping cart conversion Source: Communispace
  9. 9. AT&T Goal: Address negative sentiment and unresolved customer service issues on the social web Result: 21,000 customer issues resolved 37,500 customers served Source: Ant's Eye View
  10. 10. L'Oreal Goal: Increase awareness and product sales at salons Result: Participation by 6,000 salons, 21 million impressions, 2.2 million engagements Source: Forrester
  11. 11. Align Social Metrics with Goals Source: Awareness
  12. 12. Get More Specific! • Reduction in sales cycles • Reduction in customer support costs • Number of product improvement suggestions from [social network] • Increase in product reviews/ratings • Number of people in [specific location] who follow us on Twitter
  13. 13. Measuring Brand Sentiment
  14. 14. Measuring Customer Support Reduction Reduction Increase in Support in On-Site Resolution Costs Support Rate Improved Leads Customer Generated Happiness by Support
  15. 15. Measuring Product Innovation Number of new Number of new product ideas product ideas built Research time Traditional research saved cost savings
  16. 16. Break it Down • By goal • By campaign • By time period • By medium • Even by post
  17. 17. To measure Share of Voice compare brand mentions to competitors. Source: Web Analytics Demystified & Altimeter Group
  18. 18. To measure Engagement, measure participation. [Social Network] Interactions Engagement = Engagement Total Views Source: Web Analytics Demystified & Altimeter Group
  19. 19. To measure Reach, compare audience participation to your audience reach. Source: Web Analytics Demystified & Altimeter Group
  20. 20. Other KPIs to Consider • Volume of consumer- • Ranking created buzz improvements • Seasonality of buzz • Number of • Rate of virality interactions • Embeds/installs • Store locator views • Increases in searches • Registrations by channel
  21. 21. Use event tracking and campaign variables in Google Analytics to assess content virality.
  22. 22. http://gaconfig.com
  23. 23. Thank You! Courtney Seiter Raven Internet Marketing Tools @RavenCourts | raventools.com/smx

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