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How to Measure the ROI of your social media efforts

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Guy Alvarez
Guy Alvarez

The document discusses how to measure the return on investment (ROI) of social media efforts. It provides an agenda for the topic, including how to define success, key performance indicators (KPIs), measuring ROI, categories for measurement, and importance of social share of voice. Examples are given of how Cisco and law firms measure social media. The document also discusses tools that can be used to measure social media efforts, such as Google Analytics, Hootsuite, Simply Measured, and Curata CMP. It emphasizes measuring awareness, market share through social share of voice calculations, and using benchmarks to evaluate campaign effectiveness over time.

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”HOW TO MEASURE THE ROI OF YOUR SOCIAL MEDIA EFFORTS” MAY 5, 2015 Guy Alvarez Founder & Chief Engagement Officer Good2bSocial @guylaw1313
AGENDA Panel Introduction How do you measure social media success? What are KPI’s? How do you measure ROI? 5 categories of social media measurement The importance of social share of voice What tools can I use to measure? Panel Discussion Q&A
HOW DO YOU MEASURE SOCIAL MEDIA SUCCESS?
HOW DOES CISCO MEASURE THEIR SOCIAL MEDIA EFFORTS?
SOCIAL MEDIA ROI FOR LAW FIRMS TIME MONEY RETURN • AWARENESS • REFERRALS • LEADS • CLIENT SATISFACTION • REPEAT BUSINESS • NEW BUSINESS • THOUGHT LEADERSHIP • PRESS
5 CATEGORIES OF SOCIAL MEDIA MEASUREMENT
SOCIAL SHARE OF VOICE What is Social Share of Voice? • Share of Voice helps you understand how your firm is performing in comparison to your competitors. The metric details what percentage of mentions within your industry or space are about your brand and what percentage is about the competition. How do you measure Social Share of Voice? • To measure your Share of Voice, you first need to tally all of the mentions for your brand for a specific time table. Then, compile the mentions of each competitor in your industry for that same time period. To calculate Share of Voice, divide your mentions by the total number of mentions for the competition. Why does Social Share of Voice Matter? • It lets you evaluate awareness and market share. Share of Voice will show just how much (or how little) of an impact you’re making in an industry. • Calculate Share of Voice for more than just brand mentions—compare metrics around specific keywords or practice areas. • Competitive research. Calculate Share of Voice for a top competitor to evaluate its market share. Investigate the reasons for why it may be higher than yours and use them as inspiration when formulating ways to increase your share. • Measure effectiveness of campaigns and other efforts. Benchmark your Share of Voice before beginning a campaign so you can measure any increase. Continue to measure to see if the campaign has any long term effects on awareness.
SOCIAL SHARE OF VOICE 0 10 20 30 40 White & Case Sidley Hogan Lovells Jones Day Norton Rose Kirkland Skadden Latham Baker McKenzie DLA AmLaw 10 Reach Strength
SOCIAL MEDIA MEASUREMENT TOOLS
MY FAVORITE TOOLS: GOOGLE ANALYTICS
MY FAVORITE TOOLS: HOOTSUITE
MY FAVORITE TOOLS: SIMPLY MEASURED
MY FAVORITE TOOLS: CURATA CMP
THANK YOU! Guy Alvarez guy@good2bsocial.com http://good2bsocial.com @guylaw1313

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How to Measure the ROI of your social media efforts

  • 1. ”HOW TO MEASURE THE ROI OF YOUR SOCIAL MEDIA EFFORTS” MAY 5, 2015 Guy Alvarez Founder & Chief Engagement Officer Good2bSocial @guylaw1313
  • 2. AGENDA Panel Introduction How do you measure social media success? What are KPI’s? How do you measure ROI? 5 categories of social media measurement The importance of social share of voice What tools can I use to measure? Panel Discussion Q&A
  • 3. HOW DO YOU MEASURE SOCIAL MEDIA SUCCESS?
  • 4. HOW DOES CISCO MEASURE THEIR SOCIAL MEDIA EFFORTS?
  • 5. SOCIAL MEDIA ROI FOR LAW FIRMS TIME MONEY RETURN • AWARENESS • REFERRALS • LEADS • CLIENT SATISFACTION • REPEAT BUSINESS • NEW BUSINESS • THOUGHT LEADERSHIP • PRESS
  • 6. 5 CATEGORIES OF SOCIAL MEDIA MEASUREMENT
  • 7. SOCIAL SHARE OF VOICE What is Social Share of Voice? • Share of Voice helps you understand how your firm is performing in comparison to your competitors. The metric details what percentage of mentions within your industry or space are about your brand and what percentage is about the competition. How do you measure Social Share of Voice? • To measure your Share of Voice, you first need to tally all of the mentions for your brand for a specific time table. Then, compile the mentions of each competitor in your industry for that same time period. To calculate Share of Voice, divide your mentions by the total number of mentions for the competition. Why does Social Share of Voice Matter? • It lets you evaluate awareness and market share. Share of Voice will show just how much (or how little) of an impact you’re making in an industry. • Calculate Share of Voice for more than just brand mentions—compare metrics around specific keywords or practice areas. • Competitive research. Calculate Share of Voice for a top competitor to evaluate its market share. Investigate the reasons for why it may be higher than yours and use them as inspiration when formulating ways to increase your share. • Measure effectiveness of campaigns and other efforts. Benchmark your Share of Voice before beginning a campaign so you can measure any increase. Continue to measure to see if the campaign has any long term effects on awareness.
  • 8. SOCIAL SHARE OF VOICE 0 10 20 30 40 White & Case Sidley Hogan Lovells Jones Day Norton Rose Kirkland Skadden Latham Baker McKenzie DLA AmLaw 10 Reach Strength
  • 14.