social media roi in 7 easy steps
TRANSCRIPT
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SOCIAL ROI IN 7 EASY STEPSPRESENTED BYSERENA GOLDBERG, MANAGER OF ANALYTICSJENNA LEBEL, VP OF GLOBAL MARKETINGOCTOBER 24, 2012http://slideshare.com/likeablehttp://bit.ly/smroiwebinarhttp://likeableroi.com#likeable
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TODAY'S PRESENTERS
Serena GoldbergManager of AnalyticsLikeable Media@SerenaGoldberg
Jenna LebelVP of Global MarketingLikeable Media@JennaL15
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WHAT'S INSIDEMeet Likeable
Overview of Social ROI
Why You’re Not Seeing Results
Do’s & Don’ts
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7 Easy Steps to Social ROI
A Likeable Case Study Example
Q&A, Feedback & Grand Prize
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HAVE A QUESTION?Tweet questions to @LikeableMedia or use the hashtag #likeable
Ask questions on our Facebook page at fb.com/LikeableMedia
Use the chat bar in GoToWebinar to ask questions!
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MEET LIKEABLE
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TIMELINE
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MEET OUR CLIENTS
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WHAT IS SOCIAL ROI?
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ROI IS A HIGHLYDEBATED TOPICIN SOCIAL MEDIA
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SOCIAL ROI DEFINED
Wildfire ROI White Paper
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“While the definition of ROI (revenue minus expenses / expenses) is fairly straightforward, ROI can only be defined when you understand what results provide “value” to your brand.”
Altimeter Group
“Social media is measurable. It can be done.To say social media can't be measured is a cop-out, and dangerous for anyone who works in an organization that, say, plans to make or raise money at some point in the future.” Forrester Report,
The ROI of Social Marketing
“Marketers often frame this question as 'What is the ROI of social media?' butfinancial metrics are just one way ofevaluating social media marketing programs. Social media marketingdelivers a wide range of benefits toorganizations that are beneficial in theshort term and long term in ways bothquantitative and qualitative.”
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41% of marketers surveyed had no return on investment figure for any of the money they had spent on social channels as of October 2011.
74% of CMOs believe they’ll tie social media efforts to hard ROI this year.
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SOCIAL ROI STATS
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OVERVIEW OFSOCIAL ROI
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SOCIAL ROI:
IT'S CONTEXTUAL
SAMPLE FACTSOME HASHTAG
Defining social ROI is challenging because it’s all contextual
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SOCIAL ROI:
MORE THANSALES EARNINGS
SAMPLE FACT
Never let one general number be your ROI
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WHY YOU'RE NOT SEEING RESULTS
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WHY YOU'RE NOTSEEING RESULTSYou only focus on likes and follows
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WHY YOU'RE NOTSEEING RESULTSYou're only measuring what's there
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WHY YOU'RE NOTSEEING RESULTSYou don’t compare your results to the industry in general or your competitors
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WHY YOU'RE NOTSEEING RESULTSYou aren’t telling a story
Straight data = ineffective
Analysis = critical
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WHY YOU'RE NOTSEEING RESULTSYou aren’t able to adjust your strategy as a result
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DO’S & DON'TS
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SOCIAL ROI
DO: OUTLINE GOALS
SAMPLE FACTSOME HASHTAG
Identify Success
Brainstorm ideal outcomes and reference points so you can measure against them
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SOCIAL ROI
DO: TELL A STORY
SAMPLE FACTSOME HASHTAG
Supplement your data with stories
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SOCIAL ROI
DO: DIFFERENTIATE
SAMPLE FACTSOME HASHTAG
Know different metrics matter to different people
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SOCIAL ROI
DO: USE VARIOUSMETHODS
SAMPLE FACTSOME HASHTAG
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SOCIAL ROI
DON'T: MEASURE EVERYTHING
SAMPLE FACTSOME HASHTAG
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Only measure what matters to your brand and what will move your strategy forward
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SOCIAL ROI
DON'T: RELY ON TOOLS TO PROVIDE ANALYSIS
SAMPLE FACTSOME HASHTAG
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Only use these tools to provide data, trends and themes
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SOCIAL ROI
DON'T: MISTAKE ROI
SAMPLE FACTSOME HASHTAG
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Data, metrics and KPIs are not ROI Data and metrics show the positive and negative changes that have occurred in your business
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SOCIAL ROI
DO’S AND DON'TS
SAMPLE FACTSOME HASHTAG
#likeable
Do
Outline Goals
Tell A Story
Differentiate
Use Different Methods
Don't
Measure Everything
Rely On Tools To Provide Analysis
Mistake SM data, metrics, or KPIsfor ROI
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SOCIAL ROI IN7 EASY STEPS
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STEP 1: DETERMINE YOUR GOALS
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STEP 2: BENCHMARKING
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STEP 3: PUT THE TRACKING IN PLACE
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STEP 4: MEASURE
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STEP 5: DETERMINE YOUR COST
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STEP 6: IDENTIFY THE RETURN
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STEP 7: CALCULATE AND EVALUATE
ROI =
BENEFITS – COSTS
COSTS
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PUTTING IT INPRACTICEOur Case Study
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PUTTING IT IN PRACTICE:
OUR CASE STUDY
SAMPLE FACTSOME HASHTAG
Client: Things Remembered
Promotion: Brides-to-Be
What: Private event for Facebook fans only that included a free personalized gift, private shopping and expert advice by showing “engaged” status on Facebook
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PUTTING IT IN PRACTICE:
OUR CASE STUDY
SAMPLE FACTSOME HASHTAG
Results:
53% of all stores had a transaction that included the free gift
23.6% saw revenue increase on this day compared to the same day of last year
Overall 670% ROI
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LIKEABLE CONTENT:
EXCLUSIVE ACCESS
SAMPLE FACTSOME HASHTAG
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LIKEABLE BUSINESS:
BONUS OFFER
SAMPLE FACTSOME HASHTAG
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THANK YOU!Questions? Feedback? Grand Prize!
SERENA GOLDBERG, MANAGER OF ANALYTICSJENNA LEBEL, VP OF GLOBAL MARKETINGhttp://likeable.comhttp://FB.com/likeablemedia@likeablemedia