Quantify Your Social Media Efforts To Measure ROI, Sarah McMaster
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10-Minute Lightening Round Slides from HighEdWeb New England's March 22, 2013 regional conference at Mount Holyoke College.
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Quantify Your Social Media Efforts To Measure ROI, Sarah McMaster
- 1. Quantify Your Social Media Efforts to Measure ROI Sarah McMaster March 22, 2013
- 2. Strategy: Creating the Path of Least Resistance Social Media Landing Page Visit Inquiry (Lead) Applicant (Conversion) Enrollee (ROI)
- 3. Strategy: Creating the Path of Least Resistance Social Media Engagement Connection to Resources More Engagement Student Retention & Success (ROI)
- 4. Measurement Tools & Tactics • HootSuite, Tweetdeck, CrowdBooster, Klout • Google Analytics – Event Tracking, Goal Setting • Facebook Insights • Spreadsheets • Online Forms • Vanity URLs and Landing Pages
- 5. Key Metrics • Social Media Amplification • Social Media Applause Rate • Conversion Rates • Cost Per Inquiry • Student Lifetime Value
- 6. Social Media Amplification 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑎𝑟𝑒𝑠 (𝑟𝑒𝑡𝑤𝑒𝑒𝑡𝑠, 𝑠𝑎𝑟𝑒𝑠, 𝑟𝑒𝑝𝑜𝑠𝑡𝑠) 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑠𝑡𝑠, 𝑇𝑤𝑒𝑒𝑡𝑠 If you have 70 shares for every 300 posts, your amplification is 23%.
- 7. Social Media Applause Rate 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐹𝑎𝑣𝑜𝑟𝑖𝑡𝑒𝑠, 𝐿𝑖𝑘𝑒𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑠𝑡𝑠 If, for every 30 posts, 5 are liked, you have a 16% applause rate
- 8. Social Media Conversion Rate 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐴𝑢𝑑𝑖𝑒𝑛𝑐𝑒 𝐶𝑜𝑚𝑚𝑒𝑛𝑡𝑠 𝑜𝑟 𝑅𝑒𝑝𝑙𝑖𝑒𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑠𝑡𝑠 Engagement If, for every 70 posts, you receive 15 comments, you have a 21% social media conversion rate
- 9. Social Media Conversion Rate 2 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑜𝑐𝑖𝑎𝑙 𝑀𝑒𝑑𝑖𝑎 𝐿𝑖𝑛𝑘 𝐶𝑙𝑖𝑐𝑘𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑜𝑐𝑖𝑎𝑙 𝑀𝑒𝑑𝑖𝑎 𝐿𝑖𝑛𝑘 𝑉𝑖𝑒𝑤𝑠 If, for every 200 views, there are 5 clicks, you have a 2.5% conversion rate
- 10. Landing Page Conversion Rate 𝐶𝑎𝑙𝑙 𝑡𝑜 𝐴𝑐𝑡𝑖𝑜𝑛 𝐶𝑜𝑚𝑝𝑙𝑒𝑡𝑖𝑜𝑛𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑎𝑔𝑒 𝑉𝑖𝑠𝑖𝑡𝑠 If, for every 150 visits, 7 calls to action are completed, you have a 4.6% conversion rate
- 11. Cost Per Inquiry 𝑃𝑒𝑟𝑠𝑜𝑛𝑛𝑒𝑙 + 𝑅𝑒𝑐𝑟𝑢𝑖𝑡𝑚𝑒𝑛𝑡 𝑂𝑣𝑒𝑟𝑒𝑎𝑑 + 𝑀𝑎𝑟𝑘𝑒𝑡𝑖𝑛𝑔 𝐴𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝐼𝑛𝑞𝑢𝑖𝑟𝑖𝑒𝑠 Personnel = $30/hour x 15 hours Recruitment Overhead= $170 Marketing Activity= $1,500 Facebook Contest Number of Inquiries = 260 Cost of Inquiry = $8.15
- 12. Student Lifetime Value (SLV) 𝐶𝑜𝑠𝑡 𝑃𝑒𝑟 𝐶𝑟𝑒𝑑𝑖𝑡 𝐻𝑜𝑢𝑟 𝑥 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐶𝑜𝑢𝑟𝑠𝑒 𝐿𝑜𝑎𝑑 x 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆𝑒𝑚𝑒𝑠𝑡𝑒𝑟𝑠 ($215 x 14) x 4 = $12,040 Student Lifetime Value (SLV)
- 13. Full Circle: ROI “Our March 2013 Facebook contest increased online engagement by 7%, brought 3,027 visitors to our targeted landing page, converted 9% into admissions leads and resulted in 7 new enrollments with a 400% ROI on the initial investment, at a lower cost per inquiry than our concurrent direct mail campaign”. -Fictional Marketing Superstar
- 14. Sarah McMaster Director of New Media Mount Wachusett Community College smcmaster@mwcc.mass.edu linkedin.com/in/sarahmcmaster/ @Sarah_Mc