Growth Without the Guesswork: Measuring ROI Beyond Commercial Sales
Some folks may think that an immediate bump in sales revenue is the only way to gauge the ROI of a marketing campaign. Of course, measuring the results of any campaign is more complex than simply tracking conversions. The real key to success lies in making sure to understand the value of less obvious metrics. How does one quantify brand awareness, brand purpose, influencer marketing or content marketing and do you even need to? Unfortunately, unlike other marketing techniques, there's no quick and simple way to gauge the success of such a marketing approach. The metrics involved in this new type of advertising are still mostly a mystery to many businesses. Without proper parameters, there's no way to tell how well a campaign did. This session will focus on the methods you can use to show the ROI of your work when it’s not as apparent to some. You'll learn: How to assess your ROI from a non-monetary perspective How to prove the value of influencer marketing How to set up hypotheses, test them and learn Watch On-Demand: https://www.falcon.io/cmp/roi-resources/
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Growth Without the Guesswork: Measuring ROI Beyond Commercial Sales
- 2. Growth Without the Guesswork: Measuring ROI Beyond Commercial Sales Welcome to: With: • Tom Phillips, Digital Marketing Manager, Paid Social at Noodle • Romina Marchetti, Strategist at Falcon.io
- 3. Our Agenda Covering today: • Poll-time • Measuring & ROI • The importance of measuring • Why do we measure ROI? • How to calculate ROI beyond Commercial Sales • In fl uencer Marketing • How to justify campaigns • Success Story: In fl uencer Campaign • How to measure success? • Q&A @Falcon.io @noodleeducation #MeasuringWhatMatters #growwithsocial
- 4. Your Takeaways You will learn: • How to assess your ROI from a non-monetary perspective, • How to prove the value of in fl uencer marketing, • How to set up hypotheses, test them, and learn.
- 5. Cast your vote on-screen. Q: Have you ever run an influencer marketing campaign?
- 6. If you can't measure it, then it doesn't exist. @Falcon.io @noodleeducation #MeasuringWhatMatters #growwithsocial
- 7. Why should we measure? • Understanding how Social Media fi ts in our business • Gauging individual campaign performance • Keeping our strategy updated • Adjusting our goals • Encouraging experimentation • Proving value
- 8. Why do we measure ROI? Source: LinkedIn 58% of digital marketers have to prove social media ROI to get approval for future budget requests. 37% of those were “very con fi dent” in their ROI metrics.
- 9. Measuring the ROI of social is about justifying past actions, but it can also help optimize your strategy going forward. @Falcon.io @noodleeducation #MeasuringWhatMatters #growwithsocial
- 11. ROI: 600€ 1000€ x100 ROI: 60% Conversion rate: 10% Avg. spent per customer: 200€ Facebook Ads spent: 1000€ Leads: 80 200€ * 0.1 = 20€ per lead 80 leads * 20€ = 1600€ 1600€ - 1000€ = 600€
- 12. But it’s not applicable in every scenario… Brand Awareness Brand Positioning Customer Retention @Falcon.io @noodleeducation #MeasuringWhatMatters #growwithsocial
- 13. In many cases, the outcomes from social media do not produce a pro fi t directly... …so the calculation is not that simple.
- 14. How do you justify campaigns without a direct tie to ROI? 1. Establish where social media plays a part in the marketing objective 2. Based on the goals, see what channels and programs will be best for the campaign 3. Make a compelling presentation based in data that will convince this marketer that…
- 15. Your boss when you suggest no tie to ROI… @Falcon.io @noodleeducation #MeasuringWhatMatters #growwithsocial
- 16. Kill them with data!
- 17. How did we do it?
- 18. Activate Nano & Microin fl uencers 1M+ 500K - 1M 500K - 1M 10K - 50K 1K - 10K MEGA MACRO MID-TIER MICRO NANO @Falcon.io @noodleeducation #MeasuringWhatMatters #growwithsocial
- 19. Activate their content again in Paid Social
- 20. 1. Focus on things you can measure as primary KPIs (Reach, Engagement Rate) 2. Have a secondary KPI that can help further the story of success 3. Communicate how in fl uencers helped Paid Social reach the overall campaign goals Measuring Success