How to Use Social Media Analytics to Boost ROI
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Social media analytics can drastically improve your ROI. Here's a practical guide for using social media analytics to make your social media marketing SIZZLE
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How to Use Social Media Analytics to Boost ROI
- 1. HOWTO: Use Descriptive and Predictive Analytics to BoostYour Market Performance AMA –DC Washington, DC June 19, 2013 Hausman andAssociates
- 2. Hausman andAssociates Angela Hausman, owner of Hausman and Associates, is an Associate Professor of Marketing at Howard University. She is the author of several books and numerous publications on social and internet marketing. In additional to writing for Hausman Marketing Letter, she is a popular writer on Business 2 Community, Social Media Today, Technorati, and Social Media Mags, Follow her on Twitter @MarketingLetter or on Facebook!
- 3. The Problem by the Numbers Hausman andAssociates • 2.2 X better ROI • DATA • 80% unstructured and 3Vs • 20% growth • 1.6X 1021 • 60% MORE analytics skills • Assumptions?????
- 6. Hausman andAssociates Michael Stelzner, Social Media Examiner: Marketers are beginning to understand that the ROI of social media extends beyond sales goals.
- 8. Hausman and Associates I like …
- 9. Hausman andAssociates • Descriptive: Google Analytics, Facebook Insights, Pinterest, etc • Predictive – Hadoop, Big Insights, etc • Prescriptive – Infoshere Streams
- 12. Predictive Analytics Y= ƒ (Xi, ßi) Behavior= Attitudes, Social Norms CLV Tech Acceptance = Perceived Usefulness, Perceived Ease of Use Events = Community Engagement, Performer,Venue, Location Segmentation Forecasting Hausman andAssociates
- 13. Prescriptive Analytics Allocate scarce resources under conditions of uncertainty. Optimize returns with limited risk. Which products and how much Who and how Example – manage engagement in social networks Hausman andAssociates
- 14. Big Data Storage issue Analysis Spurious correlations Hausman andAssociates
- 16. Take Aways SMART Goals Metrics? Part science, part art Dashboards Monitor/Tweak Predictive Analytics ≈ ROI Hausman andAssociates
- 17. Questions @MarketingLetter http://hausmanmarketingletter.com http://LinkedIn.com/in/angelahausman http://Facebook.com/angela.hausman http://Pinterest.com/MarketingLetter Hausman andAssociates
Notas do Editor
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- Velocity, variety, veracityData grows by 20%/ year and each year businesses analyze less data meaning they’re increasingly naïve over time. Currently 1.6 zettabytes of data worldwide 47 YEARS of HD TV can’t sample must analyze on the fly.60% of businesses need more analytic skills – movement toward using managers to create reports on the fly rather than sending everything through IT
- Conversion - $, % close, AOS, who closing?KPIs- reduced costs, ie. fewer calls to CS, improved efficiency, ie responses within 12 hours, repeat calls, more visitors, longer stay, etc.Sales funnel - Velocity, %, fewer shopping carts abandoned, Engagement – comments, shares, posts, etc.
- But, 80% of data is unstructured. And, this MIGHT be the most important data out there in terms of it’s impact on your brand. Unmet needsUncover design flawsInsights for advertising effectivenessWho is important in their livesHow they live their livesExample - HOGs
- Who, when, where from, what read, etc.Connect webmaster tools with google analytics then code pages with JavaScript to assess how visitors move through your website and where problems lie
- How messages spread, which message components, what time, etc.
- Let’s say you want to retain your current customers – 30. You decide to spend 30 $250/ customer to retain them ($7500). Despite your efforts 5 customers churn (leave the company). You now spend $1500 to bring your total customers back up to 30. Outcome: Spent $9000.Scenario 2. Now, let’s take a look at this with predictive analytics to help predict WHICH customers are most likely to leave. I mean face it – some customers won’t leave for a variety of reasons. Maybe their firm pays for the service. Maybe they’re locked in by high switching costs …. Why send these folks offers worth $250, when they’re going to stay anyway.Scenario 3. Now, you segment customers based on their likelihood of churning into high, medium, and low risk. You now spend $250 only for those 10 customers with a high or moderate risk of churning – for a total of only $2500. Even though you still lose 5 customers, you’ve saved $5000 just by not wasting resources to send an offer to customers who would never leave. You still incur the $1500 cost to replace your lost customers, so the total cost isYou can afford to sweeten the pot a little. Let’s say instead of spending $250 you decided to send a really killer offer costing $400 to the 5 customers with a high risk of leaving and a $300 offer to those with a moderate list of churning. You’ve increased your expense to $3500, but now only 2 churn (instead of the original 5). It now only costs $600 to recover from this loss of customers. Now you’ve saved $4,600 over not having the predictive information.Where is funnel breaking down? How fix?
- The outcome of optimizing your processes: best possible plans, provides alternatives and tradeoffs for various solutions, and can respond to changes in your strategy and/or environment to determine the effect of these changes on your returns.Example – set standards, ie respond to comments within 6 hours. # of comments, # hours needed for response, = # employees to dedicate and when also handle if there are constraints such as some employees can only handle certain comments.