Social Media ROI - It Can Be Measured
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Calculating ROI in Social Media can be challenging but it can be done. This video provides some insights on how to calculate ROI for social Media campaigns. Social Media returns can be defined, you just need to think it through.
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Social Media ROI - It Can Be Measured
- 3. What is ROI and how the are you going to measure
- 4. return on investment –noun the amount of profit, before tax and after depreciation, from an investment made, usually expressed as a percentage of the original total cost invested. Abbreviation: ROI ROI
- 5. (gain from investment – cost of investment) cost of investment ROI=
- 7. Actually, it’s a little more difficult…
- 8. You cannot succeed in anything if success is never defined.
- 9. Success is definable and attainable
- 10. What’s the return you seek?
- 11. Drive Sales ….then return is the number of sales that you can attribute to your social media campaign
- 12. Drive customer insights ….then return is the quantity and quality of the consumer insights you get from your fans and followers.
- 13. Drive brand awareness ….then return is brand awareness
- 14. Social media return is the value that you derive from social media based on the goals of your campaign.
- 15. Quantifying Your Return Counting What Counts
- 17. … Developing a method for dollar quantification can be hard.. but not impossible…….
- 18. Measuring Sales I’m going to assume you know how to measure sales already
- 19. Quantifying consumer insights compare the quantity and quality of consumer insights from offline focus groups to consumer insights from your social media campaign
- 20. Quantifying brand awareness Conduct surveys, polls, reach out to your customers and place values on the responses.
- 21. You can’t quantify your return….. … until you’ve defined what you’re measuring … and how you’re measuring it
- 22. Social Media Is Free! NOT EXACTLY……
- 23. Just create a Facebook page……. and people will follow right?? WRONG!
- 24. additional cost factors to consider…..
- 25. staff costs campaign manager support team design team
- 26. advertising costs Ad words, Follow Buttons, Facebook Ads, Email campaigns…..
- 27. content creation, external costs outsourcing costs
- 28. analytics tools, additional tools … technical & creative costs
- 29. Now that you have your values….. Plug them into your ROI formula
- 30. Now compare your campaign returns Against your print, radio and other campaigns
- 31. ROI is the most powerful tool in your toolbox USE IT WISELY