measuring your way to success: social media measurement, monitoring and roi
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04/11/23 1
Monitoring, measurement, analytics and ROI
Measuring Your Way to SM Success
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Social Media and Business
250 million Facebook users120 million login daily
18 million Twitter users
>1.5 million pieces of content are shared on Facebook DAILY
Force to be reckoned withFundamental shift in how we communicate
Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/
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Social Media and Business
Over 200,000,000+ blogs
54% post content or tweet daily
34% of bloggers post opinions about products and brands
Do you know what they are saying about you?
Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/
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Social Network Use Skyrockets
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It’s All About Trust
• 25% of search engine results are links to user generated content
• 78% consumers trust recommendations from their “social graph”, only 14 % trust ads
Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/
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The Question Is
… But rather • How do I engage? • Where do I engage?• How do I know if it’s working?• What’s the impact on my business? What’s the
ROI?
… No longer “Should I engage?”
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Social Media: Impact on Business
+18% sales in companies with highest use of social media
-6% sales in companies with the least
18% of traditional TV ads generate positive ROI
Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
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Social Media: Impact on Business
$20 mil reduction in call center activity
Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
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Social Media: Impact on Business
24% of social media leads convert to sales opportunities
Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
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Social Media: Impact on Business
37% of Gen Y were aware of Ford Fiesta (via social media) in advance of its launch
Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI
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How Do You Measure Success?
TrafficLead Generation
Links Awareness
Social Media CoverageSignups
ConversionSales
Profit
Retention
Customer Service
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Let’s Talk About ROI, Baby…
ROI = Return on Investment
You need to know:1. Your investment in the program2. Success metrics3. How to tie your activities to these success
metrics
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The Definition of ROI has Expanded
Return on Engagement: measure of time spent interacting
Return on Participation / Involvement: measure & value time spent participating in conversations
Return on Attention: seize & hold attention, measure response
Return on Trust: measure of customer loyalty & likelihood for referrals
Source: Brian Solis “The Maturation of Social Media” http://mashable.com/2010/01/26/maturation-social-media-roi/
Source: Jaime Shiller http://jamieshiller.com, http://www.marketextend.com
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Step 1: Monitoring
In social media, they will talk about you anyway
You need to:• Listen• Understand what customers want, top issues• Understand how they feel about you, your competitors• Sentiment, share of voice• After you have a handle on it, you can engage
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How Do You Monitor?
Share of voice
How they feel
Where to focus
Where they are
Source: Biz360 Community Insights
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Step 2: Engagement
Listening is no longer enough
But before you engage….…What is your purpose?• Outreach activities with “influencers”• Brand building, thought leadership• Convert the curious to leads• Customer service, neutralize problems• Quick sales lift - promotion
Knowing your purpose will help you measure
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Step 3: Social CRM
Helps you organize and track your engagement activities:
• Align your team• Bring all the functions together• Effective and efficient workflow• Allows you to track each lead as they become
customer or not
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Step 4: Web Analytics
What happens when a customer gets to your site
• Understand where they came from• Conversion• Return visits
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Step 5: Retention
How do you engage with existing customers
• Customer service• Email marketing• Special programs• Offer something of value: webinars, white papers,
upgrade paths• Measure and track back to original contact
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Free Report
Measure social media coverage and buzz around Social Media Week with Community Insights tool from Biz360
http://bit.ly/SMWreport
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Panelists
Jamie Shiller: Principal Consultant, Market Extend @jamieshiller
Sudha Jamthe: Social Media Strategist, Paypal X Platform
@sujamthe
Bliss Dake: VP, eCommerce & Operations, Mighty Leaf@themaria
Maria Ogneva: Director, Social Media, Biz360@themaria @biz360