Social Marketing ROI and Beyond: Measuring Return and Relationships
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Part of Ja-Nae's Biz100 Tour: 100 Events on Starting and Growing Your Business: This presentation takes on one of the hottest topics in marketing today, of how to measure social marketing's contribution to your business. It explains why calculating the value created by social marketing is different from other kinds of marketing or investment. This session includes a step-by-step demonstration how to use any analytics package (we'll use Google Analytics) to segment and compare how people from social campaigns connect with your firm. You'll get real-world examples of how to better connect social marketing to business results, and go beyond tactical results to manage your social strategy as a tangible asset.
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Social Marketing ROI and Beyond: Measuring Return and Relationships
- 1. Social Marketing ROI & BeyondMeasuring Return and Relationships Special Guest: Dave Wienekewww.usefularts.us/@usefularts 1 The Biz 100 Tour: 100 Events on Starting and Growing Your Business presents Hosted by Ja-Naé Duane Author of “How to Start Your Business with $100” www.ja-nae.net / @TheSunQueen
- 2. Does This Situation Sound Familiar In Ten Days We Need 40% more booth sales.All marketing budget has been spent.Can Social Marketing fill the gap? 2
- 3. Does This Situation Sound Familiar In Ten Days We Need 40% more booth sales.All marketing budget has been spent.Can Social Marketing fill the gap?> What Assets Do You Have? - A List of Prospects? - Are They Aware of the Event? - Are They Predisposed to Do Business with You? 3
- 4. We Can Measure Financial Investment ROI Investment Type Risk Duration ReturnCD Low 6 mos 2% Bond Med 2 yrs 10% Asset Purchase Med 15 yrs Break even 2yrs. 12% for asset life. Cable TV Low 3mos 5:1 Billboards Med 6mos 2:1 Direct Mail Med 6 weeks 3:1 4
- 5. What’s Ahead: Strategy + Hands on Tactics A New Way to Think of Social ROI. How to Focus on Results. Advanced Segmentation to MeasureThe Social Channel. Why You Must Set Conversion Goals. Some View of the Future of Social Marketing Measurement. 5
- 6. Conventional Business Thinking Prefers Business Results Booked SalesTrack leads from source Lead Volume The Value of Anything I’d Otherwise Budget For. Email & RSS Subscribers 6 Not Activity Follower / Friend Count # of Comments Left Page views. Influence Scores Social Booking
- 7. Why Can’t We Cut to the Bottom Line Investment is Sources + Uses Advertising is Stimulus + ResponseWhy are we missing in social marketing. 7
- 8. Marketing Goes Deeper In To Customer Relationship 8 networks communities blogs micro blogs broadcast print radio outdoor Traditional Marketing -push messaging -interactive -automated -technology dependant -mass & niche lower engagement higher engagement Social Engagement -dialogue -driven by consumers -personal -people and technology -niche Traditional Marketing -push messaging -broadcast -message oriented -formal -authoritative -mass banners micro sites e-mail search
- 9. “ Real Social Media is Consumer not marketer controlled. Skipping from campaign to result omits the core of social marketing: the consumer relationship. Consumers control social media. ” 9
- 10. Most Investments Are Like Switches 10
- 11. Social Media is a Faucet 11
- 12. “ Since Social Media is driven by consumers, you must measure their investment in your brand. ” 12
- 13. Social Business Thinking Requires Both Tactical Results Booked SalesTrack leads from source Lead Volume The Value of Anything I’d Otherwise Budget For. Email & RSS Subscribers 13 Consumers Investment in You Follower / Friend Count # of Comments Left Page views. Influence Scores Social Booking
- 14. We Put New Faces Forward. 14
- 15. Show Some Deeper Values 15
- 16. Not All Benefits Are Financial,Those That Are, May Not Be Immediate What’s the value of a volunteer advocacy? 16
- 17. The Things That Make Us Relevant In Life Usually Are Off the Balance Sheet. 17
- 18. Firms Using Only Highly “Result” Measurable Channels May Miss the Best Part. http://www.marketingsherpa.com/research-detail.html?id=16282 Source: MarketingSherpa, Social Media Marketing and PR Benchmark Survey 2008 Methodology: Fielded December 4-10, 2008, N=1886 18
- 19. Strategic Asset: 100M views on Youtube 19
- 21. P&G’s Social Networking Site has 350k Members 21
- 22. As Quantity Becomes Quality, Tactics Becomes Assets Marketers must focus on aligning their interests with consumer motivations in order to secure consumer investment in their brand. They should manage creating relationships that can be mobalized to drive awareness, engagement and word of mouth. Which provides tactical results in sales and marketing processes, and improved results. 22
- 23. Wait, How Can a Social Media Profile Be Considered More Effective Than An Ad? Consider what are pre-requisites to be credible: B2B buyers expect to find Linked In profiles of sales execs.They don’t buy based on them, but they’ll default to those know or can validate. B2B firms may not have to have blogs, but agencies who serve them do. Sure you have a website, but without a twitter handle you’re not a noun. Pre-requisits don’t generate results; their absence denies them. 23
- 24. Results Are Still Our Bottom Line 24
- 25. Different Business Models Require Different Outcomes. 25
- 26. Are We Separating Social Marketers from the Best Brand Marketers? Marketing Social Strategy &Integration Automation ToolsEmerge Listening Activity StuntMarketing SilentMarketing SocialMedia PersonalityMarketing SimplyMarketing 26
- 27. Relationship Pipeline 27 Review Reach Respect Response Results
- 28. Friends, Followers, Subscribers, Readers 28 You really, really like me! Reach
- 29. Link clicks, opens, messages, return visits 29 My click counts as much as yours. Response
- 30. RTs, Social Mentions, Reviews. 30 I’m an A-List <insert media type>! Respect
- 31. Business Results 31 RaiseRevenue Now what shall I wear on Casual Friday? ProtectThe Business ReduceCosts Results
- 32. Building Value Through Objectives Is Agnostic Awareness Market Positioning RaiseRevenue Client Engagement List Building SEO – LeadAcquision Brand Extension ProtectThe Business ReduceCosts CustomerSupport Crisis Response User Wants and Needs InvestorRelations 32
- 33. Use Existing Value Chains Public Relations Awareness, Audience Share Conversation share, Engagement Measures 33
- 34. Social Media in Business is Strategic Social media without a strategy is good for learning and fun, but not business success. Give it a home in departments that deliver value.Use their models to establish their tactical value chain. Keep a focus on the investment your consumer make, always look to maximize their equity. 1st Step: Start Segmenting What Your Social Channel Does! 34
- 35. Analytics Creates Answers A process to determine an optimal or realistic decision based on existing data. Alternatives Consensus Highest Paid Person’s Opinion (HiPPOs) Quote Experts Imitate Competitors Survey Customers Large Scale Trail and Error 35
- 36. Axiom: Segmented Metrics Are More Powerful Than General Measures. 36 Measure Social Media as Its Own Segment Compare Visitors by Medium. By Section of Site Visited During Session. By Search Phrase Type (Visitor Intent)
- 37. In Google Analytics, Open Up“Advanced Segments” 37
- 38. Create a new advanced segment!Its easy. Good News: Segments work retroactively! 38
- 39. Create Social Segments 1 2 3 39
- 40. Name, Save and Apply 40
- 41. Compare 41
- 42. How Do Social Channels Compare to Overall Site Visitors? More traffic MoreEngagement 42
- 43. Set Goals Measure Their Attainment 43 Results > Activity
- 44. To Establish Goals, Go to Your Account Set Up Page 1 2 Note: Goals changes are permanent data changes, they only work going forward. 44
- 45. Click Add Goal… 45
- 46. How Many InquiriesDid Each Segment Deliver? 46
- 47. Now Compare Which Channels Deliver Traffic More Likely to Convert 47
- 48. Campaign Tag Your Social Links 48 Instead of Shrinking This URL:http://www.usefularts.us/Web3_0_Seminar Shrink This one Insteadhttp://www.usefularts.us/Web3_0_Seminar?utm_source=Twitter&utm_medium=Social&utm_content=Sept13&utm_campaign=Web3.0_Seminar
- 49. Social is Distributed, So Use Tagging. 49
- 50. Or Save a Step By Doing Both at Once! Answer Questions Tagged Link Shrunk Link! Link: http://www.websharedesign.com/tools/twitter-tag-tool/ 50
- 51. Advanced Tactics Use Campaign Tagging and Sneaking Analytics Code on Social Networks for more data. If you don’t have a lead system, consider scripting to capture analytics cookies and pass their values to your CRM. 51
- 52. Don’t Fall for False Exactitude. Many social networks have sketchy analytics. Even the best web analytics are directional, though they are systematic. Test for statistical significance to be sure. 52
- 53. Social Analytics Aggregation Will Emerge. 53
- 54. Dare to Refute ROI with Value on Investment Outcomes (awareness and sentiment) are non-financial but can be valued. Brand & culture benefit is totally off the books. Financial measures are possible, but are necessarily incomplete. Focusing only on them creates blind spots and opportunity costs. 54
- 55. There Are A Ton of Resources Free video training on the workings of Google Analytics. A free analytic tools on >70% of web pages. http://www.hubspot.com/marketing-resources/ http://www.google.com/support/conversionuniversity Tools and Knowledge to Measure and Optimize Your Marketing. http://usefularts.us/2010/04/29/google-analytics-individual-qualification-tips/ Free Research on the latest trends in PR and social media, including measurement. http://www.mycustomer.com/topic/customer-intelligence/jim-sterne-social-media-measurement-and-accuracy-problem/107226 http://econsultancy.com/us/reports/social-media-and-online-brand-monitoring-trends-briefing 55
- 56. Contact Me * Disclaimer: opinions expressed are mine, trademarks belong to their respective owners. I’m not a lawyer but I help market them on tv. This presentation contains no legal advice or opinions. 56 Keep the conversation going: Tweet: @usefulartsBlog: www.usefularts.usEmail: strategy2.0@gmail.com Special thanks to the digital marketing team at Sokolove Law,and to the Biz100 Tour: 100 Ideas to Start and Grow Your Business for $100.
- 57. 57 Keep the conversation going Tweet: @TheSunQueenBlog: www.ja-nae.netEmail:janae_duane@yahoo.com Tweet: @usefulartsBlog: www.usefularts.usEmail: strategy2.0@gmail.com * Disclaimer: opinions expressed are Dave’s, trademarks belong to their respective owners. I’m not a lawyer but I help market them on tv. This presentation contains no legal advice or opinions.
- 58. 58 For More Information on the Biz 100 Tour www.Biz100Tour.com www.ja-nae.net
Notas del editor
- There’s an impulse in many firms to measure social in a way that misses its long term value creation for firms. That’s short sighted, and frankly a huge opportunity risk to firms that make that mistake. Tonight, I want to help you turn conventional thinking about strategy on its head – AND show how to use basic analytic tools to measure SOME of social media’s business results AND its contribution to strategic consumer relations. -- Quick Intro….
- This is the challenge I met as I gather a team to help a local event marketer who was days away from their event. They were out of budget, and hoped that social media could close a 40% sales gap in 10 days.
- So I started asking questions about their audience – and how the organization was poised for social marketing. My advice – was that social media could not help THEM. We discussed a more stimulus – response focused telemarketing campaign…which of course required campaign investment and budget. Why is it easier to create an ROI model for telemarketing than social marketing?
- This is one of the biggest questions in marketing. It transfixed social marketing over the last year, but as positive results accumulate, many marketers are justifying investments based on early results….and because of buzz.
- Your directors of sales already know this is their gut. Their prospects suddenly are in charge – they are coming to sales to negotiate, and already have decision criteria in hand, and know your firms value proposition. To not make this change and provide them aircover in consumer driven social media is the kind of failure many firms won’t endure.
- If social media is in its freshman year, then social media measurement is in junior high. I’ll not present an illusion of perfection, because honestly we all know social marketing is an evolving process. But it is a marketing process – billions of dollars are invested by firms each year. And measurement plays a vital role in connecting our activities with our strategy.
- ROI measures stimulus / response transactions well. You turn off the light and no residual light remains. Turn it back on – and its like it was never dark. Investment is discreet that way – deals don’t overlap. Advertising is fairly discrete, most companies think of PR that way. That’s why it gets turned off like a switch during hard times. (note to social media folks – 20% of social teams currently sit in PR). Think of the switch – that’s what the event company that needed sales was looking for.
- It only works if your consumers are behind it. What specifically is theresovoir behind social media – the investment made by your CONSUMERS in your brand.
- If social media is in its freshman year, then social media measurement is in junior high. I’ll not present an illusion of perfection, because honestly we all know social marketing is an evolving process. But it is a marketing process – billions of dollars are invested by firms each year. And measurement plays a vital role in connecting our activities with our strategy.
- Talk about benefits.
- This is what turns traditional marketer led advertising upside down. And that’s okay…
- We already know from our own life that the things that make us relevant are rarely bankable. Now I want you to look at this next chart, it may be the most importrant thing you see in your social media career..
- It is an error to choose measurability over effectiveness. 1,800+ marketers tell us the best sources may have hazy attribution.
- The little known blender company saw its sales increase fivefold.
- P&G has 350,000 members on vocalpoint, and 100,000 teens on tremor. General Foods has over 100,000 on pssst.generalmills.com.
- From this comes word of mouth,r&d, promotable validation – and ready made lists of pre-disposed buyers for future launches.
- Usually in a cab we focus on a single metric – either cost or time. Drivers need tactical data about weather, demand and traffic patterns….but the owner care about the revenue meter. Do you have a social media strategy that connects to the revenue meter, or some key business value? If your not – that’s okay – it’s a hobby. Some people drive to enjoy the city, they’re not cabs.
- Walk through. Every business has a different result. Coming from a print back ground there’s an “anti-pattern” separating the digital people from the print news people.
- I used to work in news publishing. Having separate digital vs. print news teams is a big anti-pattern. Same thing with splitting Social team from marketing……One of the great misnomers is that there is anything inherantly social about the tools of social media. Video, Blogs, Networks, Twitter can all be used in an a-social, self-referential, counter productive ways. These tools aren’t social – unless they’re in the hands of socially savvy marketers. And we’re going to talk about the huge range of metrics available and what one can do with them through the social media lifecycle.
- Consideration is tangible but incomplete. Engagement and acquisition give a more complete picture of impact, but are further from outcome.
- I’m surprised to note that I look at RSS subs a few times per week, but general follow numbers monthly. And yes, I do a monthly report even for personal media.
- But wait – engagement is so specific to content I look at that daily. And them sum it to monthly reports.
- We stay engaged to promote those who promote and engage the brand.
- If you are a digital marketer, you need to measure how your content (tweeting, emailing, or whatever it is you do) contributes to business goals. Nobody will have richer insights about your campaigns than you. In order to actively manage your piece of the online business, you need direct access to analytics.