SlideShare uma empresa Scribd logo
How to Get a Grasp on
ROI for Social
Media
Eric Melin
@SceneStealrEric
@spiral16
Social Media Isn’t a Fad.
• An average of 900,000 blog
posts a day
• 4-6 million tweets an hour on
average
• Over 30 billion pieces of
content (videos, notes, status
updates, pages) shared on
Facebook in a month
It’s here to stay.
Social Media Is Not An “Add-On.”
It should be an integral
part of doing business.
Who Owns Social Media?
• Public relations?
• Marketing?
Which parts of your business
can benefit from social media?
Who should be responsible for
social media?
Who Owns Social Media?
• Public relations – crisis mgmt
• Marketing – brand reputation mgmt
• Sales/BizDev – lead generation
• Customer service – engagement/retention
• Product development – competitive intelligence
• IT – deployment/integrating new solutions
Everyone.
Social Media Isn’t Free.
It takes valuable time.
You need human resources for:
Planning
Creative insight
Content creation
Product management
Measurement
…and more.
What Does ROI Mean?
ROI = (Gain from Investment) - (Cost of Investment)
Cost of Investment
Return on investment is a
popular metric because of
its versatility and simplicity.
It is challenging to define
gains and costs when
measuring ROI for social
media efforts.
There is no way to calculate
social media ROI with a one-size-
fits-all equation.
Image from glynndevins.com -- and modified
•
ROI deals with money invested and
money gained—it’s a financial
metric.
That financial aspect is not inherent
to social media—it’s not built-in.
Why it is Difficult
To figure out ROI, you must bring the
two together.
Make sure your social media initiatives (nonfinancial)
are supporting your business goals (financial)
Have clearly defined business
objectives before you start.
THE MOST IMPORTANT
THING TO REMEMBER
Are We There Yet?
Subjective
metrics
tell you how the trip
is going.
Objective metrics
tell you when
you’re there.
Common Metrics
Frequency and volume of:
• Twitter followers
• Retweets
• Facebook likes
• Brand mentions
• Blog comments
• YouTube views
Are these things
important?
Ask yourself which
ones that matter to
your business.
Fostering Community
The US Navy’s Facebook page acts as a
bridge between
• Active Duty, Reservist, and Navy
Civilians
• Family and friends of Navy personnel
• Veterans and former Navy employees
• Potential recruits
• Navy enthusiasts
Which results in…
• 7-20K Facebook interactions
• 500-700 Twitter mentions
• 2,500-3,000 visits to the NavyLive blog
• 10-15K referrals to Navy.mil
“Managing Audience Engagement to Gain and Retain Public Involvement” - CDR Scott McIlnay (2010)
Per week.
Social Media Challenge:
2 Ways to Implement
• Figure out how social media can support
existing company initiatives.
• Create new social media initiatives that
help you reach your business goals and
impact your bottom line.
Objective Metrics
If your goal is …
Driving brand awareness - Look at metrics like share
of voice, reach, and volume of engagement.
To increase customer satisfaction or improve
customer retention - Look at things like sentiment,
satisfaction rates in surveys, speed of resolution and
percent of queries resolved.
Objective Metrics
If your goal is…
Creating better products - Focus on top market
trends and gauge satisfaction with various competitive
products.
Growing brand loyalists - Look at who your
advocates are, measure their influence, their reach,
and their engagement with your product.
Discovering new sales leads or new markets -
Discover and map the communities that are relevant to
your category.
Traditional Metrics
Social media shouldn’t be exempt from that.
Good news: That online data is already there.
Image from JoiningDots.net
• Every business is sitting on
a wealth of data.
• You expect those areas of
your business to present that
data in a measureable way.
Online Data That Matters
• Semantic Results
• Sentiment
• Volume/Frequency
• Where does it live?
What We Know So Far
Make sure your social media initiatives are
supporting your business goals.
Most of the common metrics are a means
to an end.
The metrics you need are out there—it’s up
to you to do define your ROI.
Let’s give it a shot.
1. Establish Benchmarks
What was the data like before
implementing social media?
2. Develop Strategy
How does social media support my
business goals?
3. Measure Results
How results are measured will be
different for everybody.
This process should be
customized for your business.
Measure effort and resources
against real-world results that
affect your bottom line.
4. Correlate Traditional Metrics
with Online Metrics
• Actual sales
• Retail traffic
• # of transactions
• New customers
• Amount per transaction
• Site visitors
• Time spent on webpage
• Conversion stats
• Positive/negative sentiment
• Message reach
• Volume of conversation
• Relevancy
• Frequency
• Linkages
• Comments
• Clickthrus
These are suggestions. Yours may be different.
Questions to Ask Yourself
• Did you see spikes in sales in correlation of your
social media efforts?
• What other patterns
can you find?
Data Without Context is Noise.
More Questions to Ask Yourself
Forrester’s Social Media Marketing Scorecard
considers metrics from four different perspectives:
Financial: Has revenue or profit increased or costs decreased?
Brand: Have consumer attitudes about the brand improved?
Risk Management: Is the organization better prepared to note
and respond to attacks or problems that affect reputation?
Digital: Has the company enhanced its owned and earned digital
assets?
It’s Not Always Difficult
Sometimes just being able to
illustrate that you have the ability
to create business gains through
social media is enough …
…to reach your goal.
Case Study
Background: 20-year hunting and fishing TV show
Needed to expand their brand association with
general outdoor adventure to attract large retailers
Company Goal: Win Retail Licensing Program
Tactics
• Developed an outdoor adventure site to promote outdoor
recreation activities
• Identified influencers in targeted communities like hiking,
mountain biking, snow shoeing, bird watching and sent
targeted messages about their brand
• Started a blog and included stories about outdoor
adventure activities
• Began tweeting about specific outdoor recreational
activities while shooting TV shows
AO measured word association with their brand and saw the new
words such as adventure, outdoor, activities, experts,
professional, training show up in their semantic cloud.
AO illustrated the overwhelmingly positive sentiment associated
with their brand and did competitive research on targeted retail
brands to compare their sentiment.
AO ultimately shared this data with the retailer and earned a
licensed goods program worth several million dollars over
three years – identified their overall costs of social media
efforts including listening, engaging and measuring as
$25,000.
Gains
Conclusions
• Goal: Understand that social media
represents a new set of measurements that
can be correlated with your traditional
financial metrics.
• Challenge: Figure out which social media
metrics can support your business objectives
and be correlated to increase your ROI.
Thank you from
Eric Melin
@Spiral16
@SceneStealrEric
www.spiral16.com
Special thanks to the organizers of
PodCamp Topeka
and The American Outdoorsman

Mais conteúdo relacionado

Mais procurados

The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...
The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...
The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...
Marketing Success
 
Real Time Paid Social Advertising Analysis
Real Time Paid Social Advertising AnalysisReal Time Paid Social Advertising Analysis
Real Time Paid Social Advertising Analysis
Sysomos
 
Evaluating Social Media
Evaluating Social MediaEvaluating Social Media
Evaluating Social Media
Amelia Burke-Garcia
 
Measuring Social Media Presence
Measuring Social Media PresenceMeasuring Social Media Presence
Measuring Social Media Presence
Webbed Marketing
 
Beyond Cats: The basics of successful content marketing
Beyond Cats: The basics of successful content marketingBeyond Cats: The basics of successful content marketing
Beyond Cats: The basics of successful content marketing
Deirdre Walsh
 
Social media influencer marketing a framework for success - michelle goodall
Social media influencer marketing   a framework for success - michelle goodallSocial media influencer marketing   a framework for success - michelle goodall
Social media influencer marketing a framework for success - michelle goodall
Michelle Goodall
 
How to Create Exponential Growth For Your Brand/Company on Social Media
How to Create Exponential Growth For Your Brand/Company on Social MediaHow to Create Exponential Growth For Your Brand/Company on Social Media
How to Create Exponential Growth For Your Brand/Company on Social Media
Evan Boser
 
Before You Design Your Digital Engagement Strategy
Before You Design Your Digital Engagement StrategyBefore You Design Your Digital Engagement Strategy
Before You Design Your Digital Engagement Strategy
Rebecca Peel
 
Unlocking Insights With Facebook Topic Data
Unlocking Insights With Facebook Topic DataUnlocking Insights With Facebook Topic Data
Unlocking Insights With Facebook Topic Data
Sysomos
 
Social media for social good
Social media for social goodSocial media for social good
Social media for social good
Danielle Ricks
 
Mobile is changing how we watch sports
Mobile is changing how we watch sportsMobile is changing how we watch sports
Mobile is changing how we watch sports
KINSHIP digital
 
Go-Social Bootcamp
Go-Social BootcampGo-Social Bootcamp
Go-Social Bootcamp
GoSocial
 
Social Travel Britain 2015 conference: Digital Visitor
Social Travel Britain 2015 conference: Digital VisitorSocial Travel Britain 2015 conference: Digital Visitor
Social Travel Britain 2015 conference: Digital Visitor
Mark Frary
 
Joining the dots from Social Strategy to Social Analytics: And Why you Should...
Joining the dots from Social Strategy to Social Analytics: And Why you Should...Joining the dots from Social Strategy to Social Analytics: And Why you Should...
Joining the dots from Social Strategy to Social Analytics: And Why you Should...
KINSHIP digital
 
The What, How and Why in B2B Social Influencer Marketing
The What, How and Why in B2B Social Influencer MarketingThe What, How and Why in B2B Social Influencer Marketing
The What, How and Why in B2B Social Influencer Marketing
MOI Global
 
Internal and external audiences: developing a strategy to engage hearts and m...
Internal and external audiences: developing a strategy to engage hearts and m...Internal and external audiences: developing a strategy to engage hearts and m...
Internal and external audiences: developing a strategy to engage hearts and m...
CharityComms
 
PRAU Boot camp - How PR can thrive in a Digital World
PRAU Boot camp - How PR can thrive in a Digital WorldPRAU Boot camp - How PR can thrive in a Digital World
PRAU Boot camp - How PR can thrive in a Digital World
John Babirukamu
 
Destination Marketing
Destination MarketingDestination Marketing
Destination Marketing
Sachin Bansal
 
Sociolect Portfolio
Sociolect PortfolioSociolect Portfolio
Sociolect Portfolio
Lipsa Satpathy
 
Nadm
NadmNadm

Mais procurados (20)

The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...
The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...
The Key to Success on Social Media - Samantha Singer - Marketing Success - Au...
 
Real Time Paid Social Advertising Analysis
Real Time Paid Social Advertising AnalysisReal Time Paid Social Advertising Analysis
Real Time Paid Social Advertising Analysis
 
Evaluating Social Media
Evaluating Social MediaEvaluating Social Media
Evaluating Social Media
 
Measuring Social Media Presence
Measuring Social Media PresenceMeasuring Social Media Presence
Measuring Social Media Presence
 
Beyond Cats: The basics of successful content marketing
Beyond Cats: The basics of successful content marketingBeyond Cats: The basics of successful content marketing
Beyond Cats: The basics of successful content marketing
 
Social media influencer marketing a framework for success - michelle goodall
Social media influencer marketing   a framework for success - michelle goodallSocial media influencer marketing   a framework for success - michelle goodall
Social media influencer marketing a framework for success - michelle goodall
 
How to Create Exponential Growth For Your Brand/Company on Social Media
How to Create Exponential Growth For Your Brand/Company on Social MediaHow to Create Exponential Growth For Your Brand/Company on Social Media
How to Create Exponential Growth For Your Brand/Company on Social Media
 
Before You Design Your Digital Engagement Strategy
Before You Design Your Digital Engagement StrategyBefore You Design Your Digital Engagement Strategy
Before You Design Your Digital Engagement Strategy
 
Unlocking Insights With Facebook Topic Data
Unlocking Insights With Facebook Topic DataUnlocking Insights With Facebook Topic Data
Unlocking Insights With Facebook Topic Data
 
Social media for social good
Social media for social goodSocial media for social good
Social media for social good
 
Mobile is changing how we watch sports
Mobile is changing how we watch sportsMobile is changing how we watch sports
Mobile is changing how we watch sports
 
Go-Social Bootcamp
Go-Social BootcampGo-Social Bootcamp
Go-Social Bootcamp
 
Social Travel Britain 2015 conference: Digital Visitor
Social Travel Britain 2015 conference: Digital VisitorSocial Travel Britain 2015 conference: Digital Visitor
Social Travel Britain 2015 conference: Digital Visitor
 
Joining the dots from Social Strategy to Social Analytics: And Why you Should...
Joining the dots from Social Strategy to Social Analytics: And Why you Should...Joining the dots from Social Strategy to Social Analytics: And Why you Should...
Joining the dots from Social Strategy to Social Analytics: And Why you Should...
 
The What, How and Why in B2B Social Influencer Marketing
The What, How and Why in B2B Social Influencer MarketingThe What, How and Why in B2B Social Influencer Marketing
The What, How and Why in B2B Social Influencer Marketing
 
Internal and external audiences: developing a strategy to engage hearts and m...
Internal and external audiences: developing a strategy to engage hearts and m...Internal and external audiences: developing a strategy to engage hearts and m...
Internal and external audiences: developing a strategy to engage hearts and m...
 
PRAU Boot camp - How PR can thrive in a Digital World
PRAU Boot camp - How PR can thrive in a Digital WorldPRAU Boot camp - How PR can thrive in a Digital World
PRAU Boot camp - How PR can thrive in a Digital World
 
Destination Marketing
Destination MarketingDestination Marketing
Destination Marketing
 
Sociolect Portfolio
Sociolect PortfolioSociolect Portfolio
Sociolect Portfolio
 
Nadm
NadmNadm
Nadm
 

Semelhante a How to Get a Grasp on ROI for Social Media

How to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your BusinessHow to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your Business
Kylie Bartlett
 
Intro To Social Media Marketing 2023.pdf
Intro To Social Media Marketing 2023.pdfIntro To Social Media Marketing 2023.pdf
Intro To Social Media Marketing 2023.pdf
Lamiaa Ahmed
 
Mespil strategy presentation
Mespil strategy presentationMespil strategy presentation
Mespil strategy presentation
Greg Fry
 
Leveraging Social Media to Grow your Research Business
Leveraging Social Media to Grow your Research BusinessLeveraging Social Media to Grow your Research Business
Leveraging Social Media to Grow your Research Business
AJ Gerritson
 
Why Oh Why, Brand ROI? Building Your Social Media Measurement Foundation
Why Oh Why, Brand ROI? Building Your Social Media Measurement FoundationWhy Oh Why, Brand ROI? Building Your Social Media Measurement Foundation
Why Oh Why, Brand ROI? Building Your Social Media Measurement Foundation
Falcon.io
 
Social Media Marketing
Social Media MarketingSocial Media Marketing
Social Media Marketing
SUBHASIS JENA
 
How to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your BusinessHow to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your Business
Kylie Bartlett
 
Measuring Social Media Success
Measuring Social Media SuccessMeasuring Social Media Success
Measuring Social Media Success
Spiral16
 
Getting an roi from social media
Getting an roi from social mediaGetting an roi from social media
Getting an roi from social media
Prohibition PR
 
How to Build a Social Media Strategy... And Why!
How to Build a Social Media Strategy... And Why!How to Build a Social Media Strategy... And Why!
How to Build a Social Media Strategy... And Why!
AJ Gerritson
 
An Integrated Approach - Measuring Social Media for Government
An Integrated Approach - Measuring Social Media for GovernmentAn Integrated Approach - Measuring Social Media for Government
An Integrated Approach - Measuring Social Media for Government
Hillary Hartley
 
John Foley - Global Channel Partners Summit 2012
John Foley - Global Channel Partners Summit 2012John Foley - Global Channel Partners Summit 2012
John Foley - Global Channel Partners Summit 2012
Danny Moloney (DBA IP), (PhD IP)
 
Your Social Breakfast 2017-05: Measuring Social Media ROI
Your Social Breakfast 2017-05: Measuring Social Media ROIYour Social Breakfast 2017-05: Measuring Social Media ROI
Your Social Breakfast 2017-05: Measuring Social Media ROI
Your Social ME
 
Social Media Strategy
Social Media StrategySocial Media Strategy
Social Media Strategy
MarketingSherpa
 
Digital smb social metrics
Digital smb social metricsDigital smb social metrics
Digital smb social metrics
BillMo
 
New Media for Business, a Primer
New Media for Business, a PrimerNew Media for Business, a Primer
New Media for Business, a Primer
Sarah McMaster
 
Social Media 101
Social Media 101Social Media 101
Social Media 101
Halifax Partnership
 
7 Social Media Tactics for Economic Development 3.0
7 Social Media Tactics for Economic Development 3.07 Social Media Tactics for Economic Development 3.0
7 Social Media Tactics for Economic Development 3.0
Atlas Integrated
 
Social Media ROI
Social Media ROISocial Media ROI
Social Media ROI
Spiral16
 
Managing a Growing Social Media Strategy
Managing a Growing Social Media StrategyManaging a Growing Social Media Strategy
Managing a Growing Social Media Strategy
Sysomos
 

Semelhante a How to Get a Grasp on ROI for Social Media (20)

How to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your BusinessHow to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your Business
 
Intro To Social Media Marketing 2023.pdf
Intro To Social Media Marketing 2023.pdfIntro To Social Media Marketing 2023.pdf
Intro To Social Media Marketing 2023.pdf
 
Mespil strategy presentation
Mespil strategy presentationMespil strategy presentation
Mespil strategy presentation
 
Leveraging Social Media to Grow your Research Business
Leveraging Social Media to Grow your Research BusinessLeveraging Social Media to Grow your Research Business
Leveraging Social Media to Grow your Research Business
 
Why Oh Why, Brand ROI? Building Your Social Media Measurement Foundation
Why Oh Why, Brand ROI? Building Your Social Media Measurement FoundationWhy Oh Why, Brand ROI? Building Your Social Media Measurement Foundation
Why Oh Why, Brand ROI? Building Your Social Media Measurement Foundation
 
Social Media Marketing
Social Media MarketingSocial Media Marketing
Social Media Marketing
 
How to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your BusinessHow to Create a Social Media Road Map For Your Business
How to Create a Social Media Road Map For Your Business
 
Measuring Social Media Success
Measuring Social Media SuccessMeasuring Social Media Success
Measuring Social Media Success
 
Getting an roi from social media
Getting an roi from social mediaGetting an roi from social media
Getting an roi from social media
 
How to Build a Social Media Strategy... And Why!
How to Build a Social Media Strategy... And Why!How to Build a Social Media Strategy... And Why!
How to Build a Social Media Strategy... And Why!
 
An Integrated Approach - Measuring Social Media for Government
An Integrated Approach - Measuring Social Media for GovernmentAn Integrated Approach - Measuring Social Media for Government
An Integrated Approach - Measuring Social Media for Government
 
John Foley - Global Channel Partners Summit 2012
John Foley - Global Channel Partners Summit 2012John Foley - Global Channel Partners Summit 2012
John Foley - Global Channel Partners Summit 2012
 
Your Social Breakfast 2017-05: Measuring Social Media ROI
Your Social Breakfast 2017-05: Measuring Social Media ROIYour Social Breakfast 2017-05: Measuring Social Media ROI
Your Social Breakfast 2017-05: Measuring Social Media ROI
 
Social Media Strategy
Social Media StrategySocial Media Strategy
Social Media Strategy
 
Digital smb social metrics
Digital smb social metricsDigital smb social metrics
Digital smb social metrics
 
New Media for Business, a Primer
New Media for Business, a PrimerNew Media for Business, a Primer
New Media for Business, a Primer
 
Social Media 101
Social Media 101Social Media 101
Social Media 101
 
7 Social Media Tactics for Economic Development 3.0
7 Social Media Tactics for Economic Development 3.07 Social Media Tactics for Economic Development 3.0
7 Social Media Tactics for Economic Development 3.0
 
Social Media ROI
Social Media ROISocial Media ROI
Social Media ROI
 
Managing a Growing Social Media Strategy
Managing a Growing Social Media StrategyManaging a Growing Social Media Strategy
Managing a Growing Social Media Strategy
 

Mais de Spiral16

State of Social Media 2014
State of Social Media 2014State of Social Media 2014
State of Social Media 2014
Spiral16
 
Writing for Social Media: Engagement Strategies for Content Managers
Writing for Social Media: Engagement Strategies for Content ManagersWriting for Social Media: Engagement Strategies for Content Managers
Writing for Social Media: Engagement Strategies for Content Managers
Spiral16
 
Listening & Storytelling for Nonprofits
Listening & Storytelling for NonprofitsListening & Storytelling for Nonprofits
Listening & Storytelling for Nonprofits
Spiral16
 
Monitoring & Measuring Social Media - A Practical Guide
Monitoring & Measuring Social Media - A Practical GuideMonitoring & Measuring Social Media - A Practical Guide
Monitoring & Measuring Social Media - A Practical Guide
Spiral16
 
Demystifying Big Data
Demystifying Big DataDemystifying Big Data
Demystifying Big Data
Spiral16
 
Listening & Nonprofit Storytelling
Listening & Nonprofit StorytellingListening & Nonprofit Storytelling
Listening & Nonprofit Storytelling
Spiral16
 
Boulevard Brewing Co. Social Media - The Tale of the Ale
Boulevard Brewing Co. Social Media - The Tale of the AleBoulevard Brewing Co. Social Media - The Tale of the Ale
Boulevard Brewing Co. Social Media - The Tale of the Ale
Spiral16
 
Measuring Social Media: Where's the ROI?
Measuring Social Media: Where's the ROI?Measuring Social Media: Where's the ROI?
Measuring Social Media: Where's the ROI?
Spiral16
 
Politics & Government in the Social Age
Politics & Government in the Social AgePolitics & Government in the Social Age
Politics & Government in the Social Age
Spiral16
 
What is Internet Monitoring?
What is Internet Monitoring?What is Internet Monitoring?
What is Internet Monitoring?
Spiral16
 
Measuring Influence: The Value of 3D Data Visualization
Measuring Influence: The Value of 3D Data VisualizationMeasuring Influence: The Value of 3D Data Visualization
Measuring Influence: The Value of 3D Data Visualization
Spiral16
 
What the Tweet is going on?
What the Tweet is going on?What the Tweet is going on?
What the Tweet is going on?
Spiral16
 

Mais de Spiral16 (12)

State of Social Media 2014
State of Social Media 2014State of Social Media 2014
State of Social Media 2014
 
Writing for Social Media: Engagement Strategies for Content Managers
Writing for Social Media: Engagement Strategies for Content ManagersWriting for Social Media: Engagement Strategies for Content Managers
Writing for Social Media: Engagement Strategies for Content Managers
 
Listening & Storytelling for Nonprofits
Listening & Storytelling for NonprofitsListening & Storytelling for Nonprofits
Listening & Storytelling for Nonprofits
 
Monitoring & Measuring Social Media - A Practical Guide
Monitoring & Measuring Social Media - A Practical GuideMonitoring & Measuring Social Media - A Practical Guide
Monitoring & Measuring Social Media - A Practical Guide
 
Demystifying Big Data
Demystifying Big DataDemystifying Big Data
Demystifying Big Data
 
Listening & Nonprofit Storytelling
Listening & Nonprofit StorytellingListening & Nonprofit Storytelling
Listening & Nonprofit Storytelling
 
Boulevard Brewing Co. Social Media - The Tale of the Ale
Boulevard Brewing Co. Social Media - The Tale of the AleBoulevard Brewing Co. Social Media - The Tale of the Ale
Boulevard Brewing Co. Social Media - The Tale of the Ale
 
Measuring Social Media: Where's the ROI?
Measuring Social Media: Where's the ROI?Measuring Social Media: Where's the ROI?
Measuring Social Media: Where's the ROI?
 
Politics & Government in the Social Age
Politics & Government in the Social AgePolitics & Government in the Social Age
Politics & Government in the Social Age
 
What is Internet Monitoring?
What is Internet Monitoring?What is Internet Monitoring?
What is Internet Monitoring?
 
Measuring Influence: The Value of 3D Data Visualization
Measuring Influence: The Value of 3D Data VisualizationMeasuring Influence: The Value of 3D Data Visualization
Measuring Influence: The Value of 3D Data Visualization
 
What the Tweet is going on?
What the Tweet is going on?What the Tweet is going on?
What the Tweet is going on?
 

Último

list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
Rbc Rbcua
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15
advik4387
 
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdfThe Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
thesiliconleaders
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
Arijit Dutta
 
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
Ksquare Energy Pvt. Ltd.
 
Pro Tips for Effortless Contract Management
Pro Tips for Effortless Contract ManagementPro Tips for Effortless Contract Management
Pro Tips for Effortless Contract Management
Eternity Paralegal Services
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
IMG_20240615_091110.pdf dpboss guessing
IMG_20240615_091110.pdf dpboss  guessingIMG_20240615_091110.pdf dpboss  guessing
DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...
DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...
DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...
essorprof62
 
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
Cambridge Product Management Network
 
Science Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around UsScience Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around Us
PennapaKeavsiri
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
The latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from NewentideThe latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from Newentide
JoeYangGreatMachiner
 
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium PresentationKirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip
 
欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】
欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】
欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】
concepsionchomo153
 
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Niswey
 
CULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for dukeCULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for duke
ZevinAttisha
 
Enhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: IntroductionEnhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: Introduction
Cor Verdouw
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 

Último (20)

list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15High-Quality IPTV Monthly Subscription for $15
High-Quality IPTV Monthly Subscription for $15
 
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdfThe Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
 
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
 
Pro Tips for Effortless Contract Management
Pro Tips for Effortless Contract ManagementPro Tips for Effortless Contract Management
Pro Tips for Effortless Contract Management
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
IMG_20240615_091110.pdf dpboss guessing
IMG_20240615_091110.pdf dpboss  guessingIMG_20240615_091110.pdf dpboss  guessing
IMG_20240615_091110.pdf dpboss guessing
 
DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...
DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...
DPBOSS NET SPBOSS SATTA MATKA RESULT KALYAN MATKA GUESSING FREE KALYAN FIX JO...
 
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
2024.06 CPMN Cambridge - Beyond Now-Next-Later.pdf
 
Science Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around UsScience Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around Us
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
The latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from NewentideThe latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from Newentide
 
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium PresentationKirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
 
欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】
欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】
欧洲杯投注-欧洲杯投注外围盘口-欧洲杯投注盘口app|【​网址​🎉ac22.net🎉​】
 
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
 
CULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for dukeCULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for duke
 
Enhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: IntroductionEnhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: Introduction
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 

How to Get a Grasp on ROI for Social Media

  • 1. How to Get a Grasp on ROI for Social Media Eric Melin @SceneStealrEric @spiral16
  • 2. Social Media Isn’t a Fad. • An average of 900,000 blog posts a day • 4-6 million tweets an hour on average • Over 30 billion pieces of content (videos, notes, status updates, pages) shared on Facebook in a month It’s here to stay.
  • 3. Social Media Is Not An “Add-On.” It should be an integral part of doing business.
  • 4. Who Owns Social Media? • Public relations? • Marketing? Which parts of your business can benefit from social media? Who should be responsible for social media?
  • 5. Who Owns Social Media? • Public relations – crisis mgmt • Marketing – brand reputation mgmt • Sales/BizDev – lead generation • Customer service – engagement/retention • Product development – competitive intelligence • IT – deployment/integrating new solutions Everyone.
  • 6. Social Media Isn’t Free. It takes valuable time. You need human resources for: Planning Creative insight Content creation Product management Measurement …and more.
  • 7. What Does ROI Mean? ROI = (Gain from Investment) - (Cost of Investment) Cost of Investment Return on investment is a popular metric because of its versatility and simplicity. It is challenging to define gains and costs when measuring ROI for social media efforts.
  • 8. There is no way to calculate social media ROI with a one-size- fits-all equation. Image from glynndevins.com -- and modified
  • 9. • ROI deals with money invested and money gained—it’s a financial metric. That financial aspect is not inherent to social media—it’s not built-in. Why it is Difficult
  • 10. To figure out ROI, you must bring the two together. Make sure your social media initiatives (nonfinancial) are supporting your business goals (financial) Have clearly defined business objectives before you start. THE MOST IMPORTANT THING TO REMEMBER
  • 11. Are We There Yet? Subjective metrics tell you how the trip is going. Objective metrics tell you when you’re there.
  • 12. Common Metrics Frequency and volume of: • Twitter followers • Retweets • Facebook likes • Brand mentions • Blog comments • YouTube views Are these things important? Ask yourself which ones that matter to your business.
  • 13. Fostering Community The US Navy’s Facebook page acts as a bridge between • Active Duty, Reservist, and Navy Civilians • Family and friends of Navy personnel • Veterans and former Navy employees • Potential recruits • Navy enthusiasts Which results in… • 7-20K Facebook interactions • 500-700 Twitter mentions • 2,500-3,000 visits to the NavyLive blog • 10-15K referrals to Navy.mil “Managing Audience Engagement to Gain and Retain Public Involvement” - CDR Scott McIlnay (2010) Per week.
  • 14. Social Media Challenge: 2 Ways to Implement • Figure out how social media can support existing company initiatives. • Create new social media initiatives that help you reach your business goals and impact your bottom line.
  • 15. Objective Metrics If your goal is … Driving brand awareness - Look at metrics like share of voice, reach, and volume of engagement. To increase customer satisfaction or improve customer retention - Look at things like sentiment, satisfaction rates in surveys, speed of resolution and percent of queries resolved.
  • 16. Objective Metrics If your goal is… Creating better products - Focus on top market trends and gauge satisfaction with various competitive products. Growing brand loyalists - Look at who your advocates are, measure their influence, their reach, and their engagement with your product. Discovering new sales leads or new markets - Discover and map the communities that are relevant to your category.
  • 17. Traditional Metrics Social media shouldn’t be exempt from that. Good news: That online data is already there. Image from JoiningDots.net • Every business is sitting on a wealth of data. • You expect those areas of your business to present that data in a measureable way.
  • 18. Online Data That Matters • Semantic Results • Sentiment • Volume/Frequency • Where does it live?
  • 19. What We Know So Far Make sure your social media initiatives are supporting your business goals. Most of the common metrics are a means to an end. The metrics you need are out there—it’s up to you to do define your ROI. Let’s give it a shot.
  • 20. 1. Establish Benchmarks What was the data like before implementing social media?
  • 21. 2. Develop Strategy How does social media support my business goals?
  • 22. 3. Measure Results How results are measured will be different for everybody. This process should be customized for your business. Measure effort and resources against real-world results that affect your bottom line.
  • 23. 4. Correlate Traditional Metrics with Online Metrics • Actual sales • Retail traffic • # of transactions • New customers • Amount per transaction • Site visitors • Time spent on webpage • Conversion stats • Positive/negative sentiment • Message reach • Volume of conversation • Relevancy • Frequency • Linkages • Comments • Clickthrus These are suggestions. Yours may be different.
  • 24. Questions to Ask Yourself • Did you see spikes in sales in correlation of your social media efforts? • What other patterns can you find?
  • 25. Data Without Context is Noise.
  • 26. More Questions to Ask Yourself Forrester’s Social Media Marketing Scorecard considers metrics from four different perspectives: Financial: Has revenue or profit increased or costs decreased? Brand: Have consumer attitudes about the brand improved? Risk Management: Is the organization better prepared to note and respond to attacks or problems that affect reputation? Digital: Has the company enhanced its owned and earned digital assets?
  • 27. It’s Not Always Difficult Sometimes just being able to illustrate that you have the ability to create business gains through social media is enough … …to reach your goal.
  • 28. Case Study Background: 20-year hunting and fishing TV show Needed to expand their brand association with general outdoor adventure to attract large retailers Company Goal: Win Retail Licensing Program
  • 29. Tactics • Developed an outdoor adventure site to promote outdoor recreation activities • Identified influencers in targeted communities like hiking, mountain biking, snow shoeing, bird watching and sent targeted messages about their brand • Started a blog and included stories about outdoor adventure activities • Began tweeting about specific outdoor recreational activities while shooting TV shows
  • 30. AO measured word association with their brand and saw the new words such as adventure, outdoor, activities, experts, professional, training show up in their semantic cloud. AO illustrated the overwhelmingly positive sentiment associated with their brand and did competitive research on targeted retail brands to compare their sentiment. AO ultimately shared this data with the retailer and earned a licensed goods program worth several million dollars over three years – identified their overall costs of social media efforts including listening, engaging and measuring as $25,000. Gains
  • 31. Conclusions • Goal: Understand that social media represents a new set of measurements that can be correlated with your traditional financial metrics. • Challenge: Figure out which social media metrics can support your business objectives and be correlated to increase your ROI.
  • 32. Thank you from Eric Melin @Spiral16 @SceneStealrEric www.spiral16.com Special thanks to the organizers of PodCamp Topeka and The American Outdoorsman