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Social Media Marketing (b2b) ROI talk for CIM Humberside 2Feb2016

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The slides from my Chartered Institute of Marketing (CIM) talk at Hull University Business School on 2 February 2016, where we looked at social media marketing return on investment (ROI) and a seven step approach to better achieving it. Includes case studies on companies including Fisher Tank and Maersk.

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Social Media Marketing (b2b) ROI talk for CIM Humberside 2Feb2016

  1. 1. www.visionb2b.co.uk @visionb2b @renepower Guaranteeing a return online: ROI strategies for social media marketing René Power Founder, Vision B2B #CIMsocialmediaROI
  2. 2. www.visionb2b.co.uk @visionb2b @renepower Scale of the challenge Source: http://www.socialmediamodels.net/category/roi-models/
  3. 3. www.visionb2b.co.uk @visionb2b @renepower 7 steps to social media ROI www.visionb2b.co.uk @visionb2b @renepower 1. Strategy – what & who? 2. Visualising success 3. Tracking conversion 4. Assigning monetary value 5. Attributing channel / platform return 6. Determining total cost 7. Analysing results and improve
  4. 4. www.visionb2b.co.uk @visionb2b @renepower Client-side vs. agency? Responsibility for marketing? Running a website? Managing search? About you www.visionb2b.co.uk @visionb2b @renepower
  5. 5. www.visionb2b.co.uk @visionb2b @renepower About you Developing content? Using analytics? Responsibility for social media marketing? www.visionb2b.co.uk @visionb2b @renepower
  6. 6. www.visionb2b.co.uk @visionb2b @renepower About me 20 years in B2B marketing International business developer Respected blogger & author Self employed consultant and trainer 6 retained clients signed in three months Running content and social media programmes for paying clients www.visionb2b.co.uk @visionb2b @renepower
  7. 7. www.visionb2b.co.uk @visionb2b @renepower Offers to brilliant delegates Free slide download • Visit www.slideshare.net/renepo wer • 19 other slide sets available Prize draw • Business card draw* – 10 x PDF copies of Brilliant B2B Digital Marketing – All entrants receive a free business blogging guide PDF by email *Entry means you are opting in to my new email marketing tips. But do feel free to unsubscribe from first email. www.visionb2b.co.uk @visionb2b @renepower
  8. 8. www.visionb2b.co.uk @visionb2b @renepower Audience Content Balance of distribution Tone Frequency Refinement
  9. 9. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media?
  10. 10. www.visionb2b.co.uk @visionb2b @renepower How to suck at social media Make assumptions about customers (and treat them like idiots) Audiences haven’t evolved Aren’t sophisticated /moving online for information needs Don’t have confidence with digital tools and technology www.visionb2b.co.uk @visionb2b @renepower
  11. 11. www.visionb2b.co.uk @visionb2b @renepower Why do so many companies fail? They make assumptions Audiences haven’t evolved Haven’t moved online for information needs Don’t have confidence with digital tools and technology Not learning How to ask the right questions How to listen to the answers Don’t interact Don’t engage – its all about broadcast Don’t advise, help, inform – it’s all about selling Don’t entertain, develop relationships – it’s transactonal www.visionb2b.co.uk @visionb2b @renepower
  12. 12. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 1. Strategy: What are you doing and for who?
  13. 13. www.visionb2b.co.uk @visionb2b @renepower Know your audience • Who they are • Where they go • What’s being asked or discussed • What’s missing • Who’s helping • Who needs help www.visionb2b.co.uk @visionb2b @renepower
  14. 14. www.visionb2b.co.uk @visionb2b @renepower Persona clusters www.visionb2b.co.uk @visionb2b @renepower Pain Aspiration Switch Appeal Ops Pain Aspiration Switch Appeal R&D Pain Aspiration Switch Appeal Sales Pain Aspiration Switch Appeal Finance
  15. 15. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 2. What does social media success look like?
  16. 16. www.visionb2b.co.uk @visionb2b @renepower Setting conversion metrics Goals Possible Metrics Brand awareness Website traffic – Page views – Video views – Document views – Downloads – Social interaction – Referral links Engagement Blog comments – Likes – Shares – Tweets -+’s – Pins – Forwards – Inbound links Lead generation Downloads – Form completions – Email subscription – Blog subscription – Conversion rate Sales Online sales – Offline sales - Retention/loyalty % of content viewed by existing – Retention/renewal rates Upsell/cross-sell Sales for new products / services Source: Content Marketing Inst. The Complete Guide to Influencer Marketing Strategies
  17. 17. www.visionb2b.co.uk @visionb2b @renepower Set conversion goals • Make online purchase • Fill out contact form • Use online quote feature • Click on dealer website • Sign up for newsletter • Download PDF • Spend time on an important page • Engage on social media – follow specific accounts • Watch video • Use Live Talk / chat functionality
  18. 18. www.visionb2b.co.uk @visionb2b @renepower Goals in analytics
  19. 19. www.visionb2b.co.uk @visionb2b @renepower Goals in analytics
  20. 20. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 3. Tracking conversion (Five key things to track)
  21. 21. www.visionb2b.co.uk @visionb2b @renepower Reach • The more followers, fans and connections you have across platforms, the greater ROI your campaigns. • Use platforms like Hootsuite Pro ($8/month), Buffer and native analytics to track uplift and engagement.
  22. 22. www.visionb2b.co.uk @visionb2b @renepower Hootsuite Pro
  23. 23. www.visionb2b.co.uk @visionb2b @renepower Hootsuite Pro
  24. 24. www.visionb2b.co.uk @visionb2b @renepower Traffic • Getting visitors to your website or another URL, where conversion happens. • A major objective of all social media activity. • Every update should contain an image, a link to more in-depth content and #####.
  25. 25. www.visionb2b.co.uk @visionb2b @renepower Leads • Track all incoming leads and measure where they are coming from (referral). • Continue to invest in channels that work and run down those that don’t.
  26. 26. www.visionb2b.co.uk @visionb2b @renepower Customers • Track the number and social-media generated leads that become actual customers. • Once attribution has been allocated to social media, make sure this is logged on the customer record in your CRM of choice.
  27. 27. www.visionb2b.co.uk @visionb2b @renepower Conversion rate • Track % of visitors by social media platform or piece of content. • Provides insight into what content works and what doesn’t.
  28. 28. www.visionb2b.co.uk @visionb2b @renepower Example: Fisher Tank http://www.fishertank.com/blog • Web traffic up 199% • Social media traffic 0% to 4800% • Lead conversion up 3900% • Quote requests up 500% • $3.4m qualified sales
  29. 29. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 4. Assign monetary value
  30. 30. www.visionb2b.co.uk @visionb2b @renepower Translating actions into pounds • Methods – Historical data – Guestimating = CPA = Average order value = ROI
  31. 31. www.visionb2b.co.uk @visionb2b @renepower Making a calculation Ebook downloaders becoming customers = 1 in 10 Average LTV = £150 Value per download = £15.00
  32. 32. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 5. Attribute return to channels
  33. 33. www.visionb2b.co.uk @visionb2b @renepower Channel attribution Source Downloads £ Total downloads (£15 x total downloads) Facebook 3,000 £45,000 Linkedin 600 £9,000 Twitter 200 £3,000 Instagram 110 £1,650 = 3,910 £58,650 revenue
  34. 34. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 6. Determine total costs
  35. 35. www.visionb2b.co.uk @visionb2b @renepower Establishing costs (example) Fees Labour (hours) Cost per channel @ £50/hr Channel £500 400 £20,500 Facebook £135 500 £25,135 Linkedin - 150 £7,500 Twitter - 300 £15,000 Instagram £635 1,350 £68,135 =
  36. 36. www.visionb2b.co.uk @visionb2b @renepower Why do companies suck at social media? www.visionb2b.co.uk @visionb2b @renepower 7. Analyse and improve
  37. 37. www.visionb2b.co.uk @visionb2b @renepower Making a calculation ROI = Revenue – Costs x 100 = % ROI on costs Costs
  38. 38. www.visionb2b.co.uk @visionb2b @renepower Establishing real-world ROI Source Revenue Cost ROI Facebook £45,000 £20,500 +119% Linkedin £9,000 £25,135 -64% Twitter £3,000 £7,500 -60% Instagram £1,650 £15,000 -89% = £58,650 £68,135 -13% Corrective action • Invest more in Facebook • Strip Instagram out to reduce cost and make a +7% ROI • Refine Linkedin targeting
  39. 39. www.visionb2b.co.uk @visionb2b @renepower Buzz by no of posts buzz by impressions shift in buzz channel buzz asset popularity buzz by customer type mainstream media mentions growth rate of fans follows friends contacts no of pass alongs recommends embeds bookmarks subscriptions page views clickthroughs changes in search ranking type reach channel geography volume of posts impressions time spent clicks contributions by bloggers chatrooms wikis online sales offline sales savings change in share AEV event response email open rate by time / region event attendance buazz by time of day seasonal buzz competitive buzz category/topic buzz buzz by stage in DM process mainstream media mentions installs downloads uploads favourites likes comments ratings increase in searches %of buzz with links no of views/interactions polls virtual gifts tags popularity contest entries leads generated products sampled store visits trials customer acquisition & retention complaint handling cost per click satisfaction feedback dwell time on site bounce rate cost per customer Vanity vs. sanity
  40. 40. www.visionb2b.co.uk @visionb2b @renepower Example: Maersk http://www.maersk.com/en/social
  41. 41. www.visionb2b.co.uk @visionb2b @renepower • Set strategy (who and what) • Quantify success upfront (goals) • Track the right things • Assign monetary value • Attribute channel return • Understand your costs • Monitor and use analytics Summary: 7 steps to brilliant social media ROI
  42. 42. www.visionb2b.co.uk @visionb2b @renepower Marketing Plan In A Day offer A one day in-company, facilitated company and marketing plan audit. Aligns marketing with company sales objectives. Asks critical questions to hone marketing. Sets foundation for inbound marketing led approach to customer retention and growth. http://visionb2b.co.uk/go/marketing-plan- review/
  43. 43. www.visionb2b.co.uk @visionb2b @renepower Vision B2B referral offer Give a referral that becomes a client and (minimum three month contract) with Vision B2B before 31st March and receive either - 10% referral fee (first month) - 10% off your own bill - Equivalent value as charity donation www.visionb2b.co.uk/referral
  44. 44. www.visionb2b.co.uk @visionb2b @renepower Thanks Questions? René Power Founder, Vision B2B

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