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Social ROI:Measuring What Matters
- 1. Social ROI: Measuring What Matters Internet Summit November 15, 2011 Jill Carlson Marketing Manager #ISum11
- 2. @argylesocial @carlsonjill #isum11 #ISum11
- 3. Agenda • Why am I here? • Why is social media marketing problematic? • How do you measure social ROI? – Awareness – Interest – Action #ISum11
- 4. Life, Pre-Argyle Inputs Outcomes (books, libraries, students (increased learning, proficiency, served) fluency) #ISum11
- 5. Life, Pre-Argyle The biggest challenge was connecting the inputs to outcomes. Inputs Outcomes (books, libraries, students (increased learning, proficiency, served) fluency) #ISum11
- 6. Oh So Meta… Social Media Marketing for a Social Media Marketing Management company #ISum11
- 7. Why is social problematic? • Real-time • One-to-one • Pervasive • Changing • Complicated #ISum11
- 8. Why is social problematic? • Real-time • One-to-one The biggest challenge facing social • Pervasive marketers is connecting the media • Changing inputs to outcomes. • Complicated #ISum11
- 9. Social media should be data-driven • Social Media Marketing = Marketing • Marketing = Driven By Outcomes • If A=B & B=C, then A=C. #ISum11
- 10. Social is difficult to measure Two Types of Marketing Channels Intent Generating channels: Build awareness, interest, desire Intent Harvesting channels: Call to action (purchase, form, etc.) Two Types of Conversion Tracking Multi-touch tracking attributes revenue to all of the channels on their path through the funnel. Last-touch tracking attributes all of the revenue to the last channel prior to sale. #ISum11
- 11. Social is difficult to measure Your goal as a social media marketer is to move people down the funnel. #ISum11
- 12. You (Probably) Under-Report Social Day 30: Day 0: Person makes buying Person follows your company on decision, Googles your Twitter. company, clicks an ad, converts. Day 0-30: Person clicks, socializes, RTs, posts, etc. #ISum11
- 13. You (Probably) Under-Report Social Day 30: Person makes buying Day 0: decision, Googles your Person follows your company company, clicks an ad, on Twitter. converts. Social is rarely the last touch. Day 0-30: Person clicks, socializes, RTs, posts, e tc. #ISum11
- 14. For example… Google Analytics shows 178 social media ―assisted conversions‖ for a time period… …but we tracked over 1,100 socially Influenced conversions for the same chunk of time. #ISum11
- 15. For example… Google Analytics shows 178 social media “assisted conversions” for this time period… Scenario 1: Social media gets scrutinized. Scenario 2: Social media is the hero. …but we tracked over 1,300 socially Influenced conversions for the same chunk of time. #ISum11
- 16. Social Proof? 20% of total Exclusive 225% follower sales to the online listings growth over 6 social channel drive offline months sales #ISum11
- 17. Now what? HOW DO I MEASURE MY SOCIAL ROI? #ISum11
- 18. Measure what matters Every single step is measurable: Awareness: followers and fans Interest: clicks and engagement Action: social conversions #ISum11
- 19. Measuring Awareness: Fans How many do you have? – B2B Compare total fan count to lead count. Aim for 1:1 ratio. – Consumer Products Compare fan count to customer count. Aim for 1:1 ratio. – Newspapers & Blogs Compare fan count to Flickr user Fe em Brasil website uniques. Aim for 15%. #ISum11
- 20. Measuring Awareness: Fans How many do you have? – B2B Compare total fan count to lead count. Aim for 1:1 ratio. and Fans followers are crucial – denominators for other data points. Consumer Products Compare fan count to customer count. Aim for 1:1 ratio. – Newspapers & Blogs Compare fan count to Flickr user Fe em Brasil website uniques. Aim for 15%. #ISum11
- 22. Measuring Awareness: Fans Who are they? Where are they coming from? Demographics—target and actual ―Like Sources‖ and ―External referrers‖ #ISum11
- 23. Measuring Awareness: Fans Who are they? Where are they coming from? Demographics—target and actual ―Like Sources‖ and ―External referrers‖ When it comes to your social audience, quality is just as important as quantity. #ISum11
- 24. Measuring Interest: Clicks KPIs • Clicks (duh) • Clicks per post • Clicks per follower • Response rate Key Questions • What content drives interest? • What are you posting? • How are you posting it? #ISum11
- 25. Measuring Interest: Clicks Metrics in Action Clicks Posts Clicks per Post Increase in clicks is driven by increase posting frequency Which is better? Increase in clicks is driven by more engaging content Decrease in clicks is driven by less Which is engaging content worse? Decrease in posts is driven by fewer posts—easy to fix! #ISum11
- 26. Measuring Action: Conversions KPIs • Revenue • Conversion count • Revenue per conversion • Conversion rate Key Questions • What is your call to action strategy? • What offers work best? • Are you using landing pages? #ISum11
- 27. Measuring Action: Conversions Metrics in Action Revenue Conversions RPC Increase in revenue is driven by higher conversion volume Which is better? Increase in revenue is driven by higher revenue per conversion Decrease in revenue is driven by lower revenue per conversion Which is worse? Decrease in revenue is driven lower conversion volume #ISum11
- 28. Some Insights we’ve gained • Aggregated and anonymous • December 2010 through May 2011 • 70k+ posts • 381 organizations; all industries, all sizes #ISum11
- 29. Definitions • Post: a single piece of content published via Argyle Social. • Click: a redirection from an Argyle short URL, published via Argyle Social. • Conversion: direct or indirect completion of an Argyle Goal as a result of a click on a post published via Argyle Social. #ISum11
- 30. Insight #1 RSS Automation Works Clicks by Posting Method Revenue by Posting Method 30 $300 25 $250 20 RSS automation is just as $200 Revenue Clicks 15 effective as posting manually. $150 10 $100 5 $50 0 $0 RSS Manual RSS Manual Posting Method Posting Method #ISum11
- 31. Insight #2 Scheduled Posts Generate Clicks, Not Conversions Timeliness vs. Traffic Timeliness vs. Influenced Revenue 25 $400 $350 20 $300 Influenced Revenue $250 15 Scheduled posts drive traffic. Clicks $200 10 $150 5 Timeliness drives conversions. $100 $50 0 $- Posted Immediately Scheduled for Later Posting Timeframe Posting Delay #ISum11
- 32. Insight #3 Curating Drives Clicks…Creating Drives Conversions Clicks Per Post Click To Conversion Post Conversion Rate Promoters Promoters Promoters Over-curating is ineffective. Balanced Balanced Balanced Over-promoting isn’t as ineffective Curators as you might think. Curators Curators 0 20 40 60 0.0% 1.0% 2.0% 3.0% 0.0% 50.0% 100.0% 150.0% Sample Breakdown #ISum11
- 33. How do I manage the fire hose? #ISum11
- 34. Iterate, iterate, iterate Define goals/objectives/indicators Track through to outcome Revisit the framework Test Learn Work towards a small Test, learn, adjust, repeat toolbox Adjust #ISum11
- 35. Did we cover it? • Why am I here? • Why is social media marketing problematic? • How can you measure social ROI? – Awareness – Interest – Action #ISum11
- 36. Five things you can do now 1. Aggregate your publishing efforts. 2. Make it a habit to share smart links. 3. Activate Multi-Channel Funnels in GA. 4. Develop a content matrix. 5. Conduct a social media review. #ISum11
- 37. Plot your course Social Review Whitepaper http://ar.gy/review • Do you have the fans you want? • What content resonates with your audience? • How do you drive more value through social? #ISum11
- 38. Thank you very much. Slides at http://ar.gy/isummit11 Jill Carlson @carlsonjill http://argylesocial.com #ISum11
Notas del editor
- Hey! I’m Jill Carlson, Marketing Manager at Argyle Social. We develop social media marketing software for data-driven marketers – and I’m here to tell you a little bit about how and why we measure social media ROI.
- Many of you are staring at laptops, presumably tracking the conference on Twitter. So if you’d like to tweet, find us at @argylesocial and me at @carlsonjill
- My life prior to Argyle was spent in the classroom and at an international education non-profit. And particularly at the non-profit, we loved counting things. The number of books, students served, libraries built, and on and on. But the most challenging part was taking those numbers and connecting them with some sort of tangible outcome – increased leaning, proficiency, fluency -
- My life prior to Argyle was spent in the classroom and at an international education non-profit. And particularly at the non-profit, we loved counting things. The number of books, students served, libraries built, and on and on. But the most challenging part was taking those numbers and connecting them with some sort of tangible outcome – increased leaning, proficiency, fluency -
- And that brings me to today. I told you that little backgorund about myself because as a marketing manager for a social media marketing management company, I’ve found similar challenges. But why is social media marketing so problematic?
- The reality is that social media has some serious issues – why?It happens incredibly quickly…it involves an endless tornado of content.(Insert your own problems here. I’ll wait.)The biggest problems in the outcome-driven model are that social happens at the top of the funnel.
- And not unlike the nonprofit I first told you about, in social media marketing the biggest challenge is connecting inputs to outcomes. But why?
- First – some algebra. And this is a pretty fundamental assumption.While social media is exciting, new, and bursting with unicorns, it is still marketing. Highly specialized marketing.Marketing is all about driving outcomes for your business. That’s it. Leading indicators are nice – but conversions, leads, free trials, sign-ups etc are all that matter.So by the transitive property you learned in 8th grade, social media marketing SHOULD be all about business outcomes. At least clinically speaking.
- But social is really difficult to measure.
- It’s clear that social media works – now the question becomesHow do I improve – Measure what you care aboutImprove individual measurementsUsing data to improve your smmarketing
- *increase font sizeRaw numbers and trends are easy but not very instructive. Compare with something real to make judgments:audience size is the obvious place to start, but follower counts are often a polarizing metric.commentary re: follower counts, importance of quality, ratios as a smart way to normalize and benchmark follower data.
- *increase font sizeRaw numbers and trends are easy but not very instructive. Compare with something real to make judgments:audience size is the obvious place to start, but follower counts are often a polarizing metric.commentary re: follower counts, importance of quality, ratios as a smart way to normalize and benchmark follower data.
- Let’s say you ran a contest last month. In this contest, you promised one lucky winner a free iPad. All that entrants had to do was like you on Facebook and post your contest to their wall. The contest was a huge success — in one week you doubled your fan count. Huzzah!In the following weeks, you’ve posted several links and a couple of offers. You were hoping to see a doubling of clicks on your links and conversions on your offers, but that didn’t happen. What’s going on?This is a straightforward example showing that raw fan / follower count isn’t very mean- ingful by itself — you also need to evaluate who your fans and followers are.
- Would you market to other channels without knowing your target and actual audience? We didn’t think so.
- Would you market to other channels without knowing your target and actual audience? We didn’t think so.
- quickly explains the data source for the next few slides.
- explain context of the data.suggest the action: use a service to automate posts via RSS. (Note: most RSS posts publish immediately, are not scheduled. Might need to delineate in the next slide.) if possible, schedule homegrown content to post multiple times. consider publishing content from other RSS feeds, can filter by tag or category.
- explain the graph.explain the takeaways:Timeliness premium when it comes to transactions. The further into the future Argyle users scheduled posts, the less influence the posts had on revenue.Suggests a few things:- Marketers aren’t scheduling posts with a strong call-to-action- Followers are less responsive to “planned” content.- Time-sensitive call-to-action is compelling
- Eric quick promo of whitepaper.