Social media for retirement homes: Calculating return on investment (ROI)
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Transcript of Social media for retirement homes: Calculating return on investment (ROI)
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SOCIAL MEDIA FOR RETIREMENT CARE: Calculating return on investment (ROI) Agnes Stawicki, @ComfortLife
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overview
! What does social media ROI look like?!! Measuring social media ROI!! Case study!! Problems with ROI calculations!! Summary!
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Social media ROI?
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what is it? What does social media ROI look like?!!• 3 out of 4 marketing experts admit they
can’t measure social media ROI!!• Social media ROI is what you get back
from all the time, effort and resources you commit to social.!
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what is it? 1. Identify your monetary investment in social
media!!2. Attach a dollar amount to your social
media goals!
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How to measure ROI? “Social Media first and foremost is branding—and it’s difficult to measure branding as a direct conversion.”
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how to measure?
ROI =! (gain – investment)
investment!
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how to measure: gain
1 What is the goal you want to achieve?!
!2 How much are these
actions worth to you?!
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how to measure: gain 1. Choose a goal!!• New followers!• Clicks to your website!• Filled out a contact form!• Time spent on an important page of your
website!!
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how to measure: gain 2. Track your goal!!• Set conversion goals or events in Google
Analytics!
• Define your baseline (or starting point) within your social media accounts!
!
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how to measure: gain 3. Assign a monetary value!!• Lifetime value x conversion rate — How much is
each potential visit worth to you?!
• PPC costs — How much would you end up paying if you were to use ads to achieve the same actions?!
• Guesstimate — use common sense, how much are you willing to pay for X goal?!
!
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how to measure: investment
Social media is NOT free!
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how to measure: investment !• Time = labor cost/hr x # hours per month!
• Tools = costs of any tools used per month!
• Advertising = amount you spend on boosted posts etc.!
!
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dummy case study
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dummy case study
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dummy case study
Channel Conversions = # downloads
Benefit = $17.50 x downloads
Facebook 10 $ 175
LinkedIn 5 $ 87.50
Twi7er 6 $ 105
TOTAL 21 $ 367.50
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dummy case study
What was your investment?!• 5 hours x $30/hour = $150 !• + $150 boosted post campaign!
!
ROI = ($367.50 - $300) !$300!
!
ROI = 22.5%!
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The problem with ROI
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the problem !
The simplest and shortest conversions happen with
direct response!
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the problem
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Channel Assisted conversions
Last click conversions
Organic search 3,983 12,375
Referral 269 469
Paid search 2 2
Social 31 23
the problem
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the problem How did you hear about us?
word of mouth
sign
online
don't know
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The problem Better questions to ask!!• Did you speak with any experts or advisors?!
• Did you do any research online? Do you remember what websites you visited? Perhaps bring up the sites you are a part of and show them so they SEE them.!
• Have you seen any of these following newspapers or magazines?!
!
“The biggest change in sales over the last
10 years is that prospects are coming to you 60% down the conversion funnel.”!
!- Daniel Pink!
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About Comfort Life
! Canada’s #1 guide to retirement & care (annual print guide and online at www.comfortlife.ca )!
! 100% target audience of decision makers searching for information about retirement communities and care!
!
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Summary !
! ROI = (gain – investment) / investment !!! Calculating social media ROI is one of the most
challenging operations for marketers. !
! Proposed formulas can have serious shortcomings!
! Focus on reach, engagement and branding impact!!! Customers are coming to you 60% down the conversion
funnel (after many interactions with your brand). Use data and ask the right questions.!
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Questions? Agnes Stawicki @ComfortLife