Understanding Social Media ROI
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Transcript of Understanding Social Media ROI
Understanding Social Media ROI
Courtney Seiter | @RavenCourtsRaven Internet Marketing Tools |
@raventoolsraventools.com/smx
There's no silver bullet
• Only 20% of CMOs think social media marketing produces measurable ROI.
• Only 19% of marketers feel confident in measuring social media ROI.
• Only 13% say they are “very effective” at determining social success.
Sources: Marketing Sherpa, Lenskold Group, Chief Marketer
Source: Wildfire
1 weird old tip 3 weird old tips for understanding social media ROI:
• Know your goals
• Align social metrics
• Break it down
Know Your Business' Goals
• Brand Sentiment• Share of Voice• Reach• Engagement• Brand Advocates• Brand Trust
Types of Social Media Goals
• Sales• Customer Support• Product
Development• Marketing Insights• Brand Loyalty
Gilt GroupeGoal: Solve shipping costs barrier using insight from online community
Result: 10% increase in shopping cart conversion
Source: Communispace
AT&TAddress negative sentiment and unresolved customer service issues on the social web
Source: Ant's Eye View
Goal:
Result: 21,000 customer issues resolved37,500 customers served
L'Oreal Increase awareness and product sales at salons
Participation by 6,000 salons, 21 million impressions, 2.2 million engagements
Source: Forrester
Goal:
Result:
Align Social Metrics with Goals
Source: Awareness
Get More Specific!
• Reduction in sales cycles• Reduction in customer support costs• Number of product improvement suggestions
from [social network]• Increase in product reviews/ratings• Number of people in [specific location] who
follow us on Twitter
Measuring Brand Sentiment
Measuring Customer Support
Reduction in On-Site Support
Leads Generated by Support
Improved Customer Happiness
Increase Resolution
Rate
Reduction in Support
Costs
Measuring Product Innovation
Number of new product ideas
Number of new product ideas built
Research time saved
Traditional research cost savings
Break it Down
• By goal• By campaign• By time period• By medium• Even by post
Source: Web Analytics Demystified & Altimeter Group
To measure Share of Voice compare brand mentions to competitors.
Engagement = Engagement[Social Network] Interactions
Total Views
Source: Web Analytics Demystified & Altimeter Group
To measure Engagement, measure participation.
Source: Web Analytics Demystified & Altimeter Group
To measure Reach, compare audience participation to your audience reach.
Other KPIs to Consider
• Volume of consumer-created buzz
• Seasonality of buzz• Rate of virality• Embeds/installs• Increases in searches
• Ranking improvements
• Number of interactions
• Store locator views• Registrations by
channel
Use event tracking and campaign variables in Google Analytics to assess content virality.
http://gaconfig.com
Thank You!
Courtney SeiterRaven Internet Marketing Tools
@RavenCourts | raventools.com/smx