Social Marketing ROI and Beyond: Measuring Return and Relationships
57
Social Marketing ROI & Beyond Measuring Return and Relationships Special Guest: Dave Wieneke www.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
-
Upload
janaeduane -
Category
Business
-
view
735 -
download
0
description
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.
Transcript of Social Marketing ROI and Beyond: Measuring Return and Relationships
1
Social Marketing ROI & BeyondMeasuring Return and Relationships
Special Guest:
Dave Wienekewww.usefularts.us / @usefularts
The Biz 100 Tour: 100 Events on Starting and Growing Your Business
presents
Hosted byJa-Naé Duane
Author of “How to Start Your Business with $100”www.ja-nae.net / @TheSunQueen
www.usefularts.us2
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?
www.usefularts.us3
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?
www.usefularts.us4
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
www.usefularts.us5
What’s Ahead: Strategy + Hands on Tactics
A New Way to Think of Social ROI.
How to Focus on Results.
Advanced Segmentation to Measure
The Social Channel.
Why You Must Set Conversion Goals.
Some View of the Future of Social Marketing Measurement.
www.usefularts.us6
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
Not Activity
Follower / Friend Count
# of Comments Left
Page views.
Influence Scores
Social Booking
www.usefularts.us7
Why Can’t We Cut to the Bottom Line
Investment is Sources + Uses
Advertising is Stimulus + Response
Why are we missing in social marketing.
www.usefularts.us8
Marketing Goes Deeper In To Customer Relationship
Traditional Marketing-push messaging-interactive-automated-technology dependant-mass & niche
broadcast printradio
outdoor
networkscommunities
blogsmicro blogs
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
bannersmicro sites
e-mailsearch
www.usefularts.us9
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.
“”
www.usefularts.us10
Most Investments Are Like Switches
www.usefularts.us11
Social Media is a Faucet
www.usefularts.us12
Since Social Media is driven by consumers, you must
measure their investment in your brand. “ ”
www.usefularts.us13
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
Consumers Investment in You
Follower / Friend Count
# of Comments Left
Page views.
Influence Scores
Social Booking
www.usefularts.us14
We Put New Faces Forward.
www.usefularts.us15
Show Some Deeper Values
www.usefularts.us16
Not All Benefits Are Financial,Those That Are, May Not Be Immediate
What’s the value of a volunteer advocacy?
www.usefularts.us17
The Things That Make Us Relevant In Life Usually Are Off the Balance Sheet.
www.usefularts.us18
Firms Using Only Highly “Result” Measurable Channels May Miss the Best Part.
http://www.marketingsherpa.com/research-detail.html?id=16282
Advertising on blogs or social networks
Online news release distribution
User reviews or ratings
Blogger or online journalist relations
Forums or discussion groups
Blogging on a company blog
Profiles on professional or social networks
32%
18%
15%
11%
11%
9%
7%
16%
36%
47%
46%
42%
34%
22%
Effective tactic Accurately measured
Source: MarketingSherpa, Social Media Marketing and PR Benchmark Survey 2008Methodology: Fielded December 4-10, 2008, N=1886
www.usefularts.us19
Strategic Asset: 100M views on Youtube
www.usefularts.us20
http://www.brandweek.com/bw/content_display/news-and-features/packaged-goods/e3i2db03fb29d573ec52722456845f5c274
www.usefularts.us21
P&G’s Social Networking Site has 350k Members
www.usefularts.us22
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.
www.usefularts.us23
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.
www.usefularts.us24
Results Are Still Our Bottom Line
www.usefularts.us25
Company Type Description $ Metric
B2CLargest legal advertiser in USFamously contested PPC termsMarketing Team of 50
CPFGCVisit to QualLead
B2BLegal Division > 100 years oldGlobal web operations.
Likelihood to Order Engagement time
MediaContent drivenRevenue from Ad Impressionsand Subscription.
Ad ViewsNew Subs andTrials
Different Business Models Require Different Outcomes.
www.usefularts.us26
Are We Separating Social Marketers from the Best Brand Marketers?
StuntMarketing
SilentMarketing
SocialMedia
PersonalityMarketing
SimplyMarketing
Activity
Listening
ToolsEmerge
Automation
Strategy &Integration
SocialMarketing
www.usefularts.us27
Relationship Pipeline
Response Results
Respect ReviewReach
www.usefularts.us28
Friends, Followers, Subscribers, Readers
You really, really like me!
Reach
www.usefularts.us29
Link clicks, opens, messages, return visits
Response
My click counts as much as yours.
www.usefularts.us30
RTs, Social Mentions, Reviews.
Respect
I’m an A-List <insert media type>!
www.usefularts.us31
Business Results
Results
RaiseRevenue
ProtectThe
Business
ReduceCosts
Now what shall I wear on Casual Friday?
www.usefularts.us32
Building Value Through Objectives Is Agnostic
CustomerSupport
User Wants and Needs
SEO – LeadAcquision
InvestorRelations
Crisis Response
Awareness
Client Engagement
List Building
Market Positioning
Brand Extension
RaiseRevenue
ProtectThe
Business
ReduceCosts
www.usefularts.us33
Use Existing Value Chains
Public Relations
Awareness, Audience Share
Conversation share, Engagement Measures
Department Goal Measure
Digital MarketingImprove Search RankingsIncrease Referral Traffic
SERP ReportsAcquisition Costs
Sales Increase SalesLead GenerationTime to Close
Customer ServiceReal Time (multi-synch) client issue resolution.
Time / Cost per Resolution
Product ManagementGain Client Input Quantity of client insights vs.
alternative means.
Public Relations (AR/IR/Press)AwarenessCrisis Response
Value of audience shareAnticipated impressions // replacement costs
www.usefularts.us34
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!
www.usefularts.us35
Analytics Creates Answers
Alternatives
Consensus
Highest Paid Person’s Opinion (HiPPOs)
Quote Experts
Imitate Competitors
Survey Customers
Large Scale Trail and Error
A process to determine an optimal or realistic decision based on existing data.
www.usefularts.us36
Axiom: Segmented Metrics Are More Powerful Than General Measures.
Compare Visitors by Medium.
By Section of Site Visited During Session.
By Search Phrase Type (Visitor Intent)
Measure Social Media as Its Own Segment
www.usefularts.us37
In Google Analytics, Open Up“Advanced Segments”
www.usefularts.us38
Create a new advanced segment!Its easy.
Good News: Segments work retroactively!
www.usefularts.us39
Create Social Segments
12
3
www.usefularts.us40
Name, Save and Apply
www.usefularts.us41
Compare
www.usefularts.us42
How Do Social Channels Compare to Overall Site Visitors?
More traffic
MoreEngagement
www.usefularts.us43
Set Goals Measure Their Attainment
Results > Activity
www.usefularts.us44
To Establish Goals, Go to Your Account Set Up Page
1
2Note: Goals changes are permanent data changes, they only work going forward.
www.usefularts.us45
Click Add Goal…
www.usefularts.us46
How Many InquiriesDid Each Segment Deliver?
www.usefularts.us47
Now Compare Which Channels Deliver Traffic More Likely to Convert
www.usefularts.us48
Campaign Tag Your Social Links
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
www.usefularts.us49
Social is Distributed, So Use Tagging.
www.usefularts.us50
Or Save a Step By Doing Both at Once!
Answer Questions
Tagged Link
Shrunk Link!
Link: http://www.websharedesign.com/tools/twitter-tag-tool/
www.usefularts.us51
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.
www.usefularts.us52
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.
www.usefularts.us53
Social Analytics Aggregation Will Emerge.
www.usefularts.us54
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.
www.usefularts.us55
There Are A Ton of Resources
http://www.hubspot.com/marketing-resources/
Tools and Knowledge to Measure and Optimize Your Marketing.
http://www.google.com/support/conversionuniversity
Free video training on the workings of Google Analytics. A free analytic tools on >70% of web pages.
http://usefularts.us/2010/04/29/google-analytics-individual-qualification-tips/
http://www.mycustomer.com/topic/customer-intelligence/jim-sterne-social-media-measurement-and-accuracy-problem/107226
Free Research on the latest trends in PR and social media, including measurement.
http://econsultancy.com/us/reports/social-media-and-online-brand-monitoring-trends-briefing
57* 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.
Keep the conversation going
Tweet: @usefularts
Blog: www.usefularts.us
Email: [email protected]
Tweet: @TheSunQueen
Blog: www.ja-nae.net
Email: [email protected]
58
For More Information on the Biz 100 Tour
www.Biz100Tour.com
www.ja-nae.net
