Measuring Social Media ROI in 4 Steps
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The document discusses measuring the return on investment (ROI) of social media activities. It recommends developing a clear business case by understanding what is being measured and how it ties into overall strategy. Measurable social media should be strategy-led, sustainable, and integrated. The document then provides steps to build a business case, including understanding online conversations, defining objectives, experimenting with engagement, and rigorously tracking metrics.
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Measuring Social Media ROI in 4 Steps
- 1. www.freshnetworks.com Social Media strategy and ROI Cost-effective ways to measure social media activities Matt Rhodes, FreshNetworks 13th October2010 @mattrhodes Diagram 1 info@freshnetworks.com | +44 (0)20 7692 4376 | @freshnetworks 1
- 3. www.freshnetworks.com How do you measure if you don’t know what you are measuring • Build a clear business case • Understand what you are Diagram measuring and why • Make sure you are tied into overall strategy 1 3
- 4. www.freshnetworks.com Measurable use of social media is: 1. Strategy-led, not tools-led 2. Sustainable, not one-off 3. Integrated, not stand-alone Diagram But let’s start by going back to basics 1 4
- 5. www.freshnetworks.com Social media at its most simple Online tools that help people interact, collaborate and share content Location Based Blogging Services Media Micro Sharing Blogging Social Podcasts Diagram media RSS tools Message Widgets Boards Product Social Reviews Networking 1 5
- 6. www.freshnetworks.com Amazon reviews This is social media Diagram 1 6
- 7. www.freshnetworks.com Bulletin boards And this is social media Diagram 1 7 7
- 8. www.freshnetworks.com Social Media is not all about viral videos Diagram 1 8
- 9. www.freshnetworks.com Buzz or sustained? Diagram 1 9
- 10. www.freshnetworks.com An ongoing conversation Diagram 1 1 0
- 11. www.freshnetworks.com Social Network or Online Community? Social Networks Online Communities Diagram “it’s all about me” “it’s all about us” 1 1 1
- 12. www.freshnetworks.com Four steps to get a business case together Diagram 1 1 2
- 13. www.freshnetworks.com Step 1: Do you know what people are saying about you online? • Who is talking about you online? Diagram • What are they saying? • Where are they saying it? 1 1 3
- 14. www.freshnetworks.com Step 2: What you are trying to achieve? • What is your overall business and brand strategy? • Where Diagram can social media add value? • How will you measure if this is working? 1 1 4
- 15. www.freshnetworks.com Step 3: Experiment with social media in a sustainable way • Which tools will help you achieve your aims? • How would your target audience want to get Diagram involved? • Work hard to engage them 1 1 5
- 16. www.freshnetworks.com Step 4: Ruthlessly track and measure the impact you are having • Have clear business metrics in place • Make sure you are tracking the numbers that Diagram matter (not just the easy ones!) • Refine and adapt your strategy 1 1 6
- 17. Summary of what to do next www.freshnetworks.com 1. Find out who is saying what and where they are saying it. 2. Work out what you are trying to achieve and how you will measure your impact. 3. Experiment with social networks and work hard to get successful engagement. Diagram 4. Have a clear process to measure your impact and refine your strategy. 1 1 7
- 18. www.freshnetworks.com That’s it! Diagram Matt Rhodes @mattrhodes 020 7692 4199 © Copyright FreshNetworks 2010 1 1 8