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How To Measure ROI For Social Media


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How to define a good social media strategy with ROI.

Published in: Business, Technology
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How To Measure ROI For Social Media

  1. 1. How to measure ROI for Social Media ? Vanina Delobelle, Ph.D. July 2009
  2. 2. Business Goals
  3. 3. Define what is your Business Goal <ul><li>MARKETING </li></ul><ul><li>Increase traffic to your site </li></ul><ul><li>Improve brand positioning (have more people talk about the brand) </li></ul><ul><li>Reach a new customer segment </li></ul><ul><li>Set a new marketing message (new positioning, new marketing campaign) </li></ul><ul><li>Set a communication media with customers </li></ul>You can have one major goal or multiple goals depending on your business issues. Vanina Delobelle
  4. 4. Define what is your Business Goal <ul><li>PRODUCT </li></ul><ul><li>Gather customer feedback about products </li></ul><ul><li>Set up user testing </li></ul><ul><li>Build a customer service </li></ul><ul><li>Launch customer surveys </li></ul><ul><li>Do market research and competition analysis </li></ul>Vanina Delobelle
  5. 5. Define what is your Business Goal <ul><li>SALES </li></ul><ul><li>Increase customer satisfaction </li></ul><ul><li>Increase number of recurring sales </li></ul><ul><li>Increase lead generation </li></ul><ul><li>Open a new sales channel </li></ul><ul><li>Reach a new customer segment </li></ul>Vanina Delobelle
  6. 6. Define what is your Business Goal <ul><li>CORPORATE </li></ul><ul><li>Hire talents </li></ul><ul><li>Increase employee retention </li></ul><ul><li>Improve internal knowledge sharing </li></ul><ul><li>Increase internal communication </li></ul>Vanina Delobelle
  7. 7. Market Segmentation
  8. 8. Know who your customers are Segment precisely your customers as this is the beginning of successful ROI with Social Media. Because you will know your customer, you will be able to set up the most appropriate campaign and target the most relevant media. Vanina Delobelle
  9. 9. Know who your customers are <ul><li>Socio-demographics data </li></ul><ul><li>Usages (psychological data) </li></ul><ul><li>Communication channels </li></ul><ul><li>Expectations in term of sales and messages </li></ul><ul><li>How do they perceive ads </li></ul><ul><li>What are their social graphs (how do they link to each other) </li></ul><ul><li>Purchasing decision cycle </li></ul><ul><li>Who do they partner with </li></ul>Vanina Delobelle
  10. 10. Campaign Definition
  11. 11. Define the right campaign <ul><li>Define the messages </li></ul><ul><li>Define the tone </li></ul><ul><li>Define the formats (video, ads…) </li></ul><ul><li>Define the degree of virality (some formats will be more appropriate than others for a pure viral campaing) </li></ul><ul><li>Pick the partners you want to work with </li></ul><ul><li>Define your budget </li></ul><ul><li>Define your timeline </li></ul>Vanina Delobelle
  12. 12. Social Media Selection
  13. 13. Select the right media for you Not all the Social Media will be successful for you ! And one of the last thing you want to is be like everybody… Vanina Delobelle
  14. 14. Select the right media for you - Examples <ul><li>You want to launch a new fashion product targeting 20-35 years old women. Your business goal is to position the marketing message and trigger the first sales…which social media could you select ? </li></ul><ul><li>Blogs </li></ul><ul><li>YouTube </li></ul><ul><li>Viral campaign on Facebook with a social game </li></ul><ul><li>Twitt contests for the product on your current corporate account… </li></ul>Vanina Delobelle
  15. 15. Select the right media for you - Examples <ul><li>You offer a BtoB product targeting big corporations and you want to increase customer satisfaction and generate more sales with your installed base… which social media could you select ? </li></ul><ul><li>Webinars </li></ul><ul><li>Forums for tips </li></ul><ul><li>Online advisory boards </li></ul><ul><li>Virtual fairs where customers can meet and talk to each others </li></ul><ul><li>Slideshare to present new products… </li></ul>Vanina Delobelle
  16. 16. Select the right media for you - Examples <ul><li>You acquired a new company and you want to spread the message that you now have new offers in your porfolio… which social media could you select ? </li></ul><ul><li>Blogs </li></ul><ul><li>Twitter </li></ul><ul><li>Slideshare </li></ul><ul><li>Wikipedia… </li></ul>Vanina Delobelle
  17. 17. Allocate Resources
  18. 18. Allocate the right resources Social Media require resources to create the content and keep your communities active. Vanina Delobelle
  19. 19. Allocate the right resources <ul><li>Think thoroughly to build a team to deal with social media </li></ul><ul><li>Social Media does not happen by magic, it requires people who know what they are talking about and not only social media users </li></ul><ul><li>Identify internally who are already the best people to talk about your company and set up a pod gathering these people </li></ul><ul><li>Work with partners who can leverage your brand and others who can create valuable content </li></ul>Vanina Delobelle
  20. 20. Results Measurement
  21. 21. Measure the results Yes ROI exists for Social Media ! Depending on your business goal you can assess if you reached your target. Different measures will be used. Vanina Delobelle
  22. 22. Measure the results <ul><li>TRAFFIC </li></ul><ul><li>Number of views </li></ul><ul><li>Number of unique visitors </li></ul><ul><li>Number of returning visitors </li></ul><ul><li>Drop rate </li></ul><ul><li>Location of the users </li></ul><ul><li>Time spent on the site… </li></ul>Vanina Delobelle
  23. 23. Measure the results <ul><li>BRANDING </li></ul><ul><li>Number of external links </li></ul><ul><li>Number of conversations about the brand </li></ul><ul><li>Quality of the conversations </li></ul><ul><li>Number of active users in the community… </li></ul>Vanina Delobelle
  24. 24. Measure the results <ul><li>CUSTOMER SATISFACTION </li></ul><ul><li>Recurring sales </li></ul><ul><li>Number of customers willing to talk in your favor in conferences for example </li></ul><ul><li>Number of user feedbacks for new products generation and product testing </li></ul><ul><li>New revenues generated on a new segment… </li></ul>Vanina Delobelle
  25. 25. Measure the results <ul><li>INTERNAL PROCESSES </li></ul><ul><li>Number of qualified candidates you reached </li></ul><ul><li>Employees turnover </li></ul><ul><li>Employees satisfaction (do a survey to know about it) </li></ul><ul><li>Increase in productivity (timelines met, conflicts decreased…)… </li></ul>Vanina Delobelle
  26. 26. For more conversations…