Social ROI: How to measure and achieve results in social media marketing
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Transcript of Social ROI: How to measure and achieve results in social media marketing
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Social ROI Simplified
A prac'cal approach to Social Success
by Steve Irvine, Co-‐founder & CEO, 80/20 Solu'ons
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About Me
• Co-‐founder & CEO of 80/20 Solu'ons
• Founding member and chairman of The Thought Leadership Group (digital and social marke'ng think tank)
• Former CEO of Mo'on Media Interac've
• Former Digital Media advisor to IMG (the world’s largest sports, media and entertainment company)
• Former Analyst covering early SoOware-‐as-‐a-‐Service space
• Speaker on social and digital marke'ng
• Recent keynote at AMA Social ROI event
Steve Irvine @steveirvine Steveirvine.typepad.com #SMROI
© Steve Irvine 2009. steveirvine.typepad.com
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• Founded in 2004 • So<ware-‐as-‐a-‐Service pla@orm launched in June 2005 • Headquartered in Canada, with faciliIes in the US and Europe • Focused on delivering soluIons for CPG, Retail, Food Services and Sports & Entertainment
80/20 SoluIons
• High Profile client por@olio including Pepsi, General Mills, Mars and Virgin Mobile • Rapid revenue growth • Venture Funded • Quickly taking market share from legacy players
Snapshot
• Intelligent Campaign Management pla@orm that learns your customers and opImizes campaigns on-‐the-‐fly automaIcally for ROI • “All in one” pla@orm combines markeIng execuIon with customer segmentaIon, scoring and real-‐Ime reporIng • Integrated across a variety of digital and social markeIng tacIcs (email, mobile, contests, coupon, loyalty programs, survey, web)
Technology
• ”The Next GeneraIon of Campaign Management” – Forrester Research • “A Company to Watch” – IDC Research
Market Buzz
About the Company
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Intelligent Campaign Management www.8020solutions.com
Data • Data services to enrich your current database
• Understand prospects behavior and media preferences
• Enhanced with psychographic and Social values insight
MarkeIng Pla@orm • 360° Customer Profile • Brand Engagement Index • Influence Scoring • Digital Marke'ng Execu'on (Contests, Promo'ons, SMS, Email, Loyalty programs, surveys)
ExperIse • Ready-‐go Campaigns • Managed Programs • Dedicated Support • Social Marke'ng • Digital Marke'ng • Customer Insights
Next GeneraIon Campaign Management
About Us
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1. Give you a simple way to think about Social ROI
2. Give you real tools and ac'on items to actually achieve a high social ROI
How can I help you?
© Steve Irvine 2009. steveirvine.typepad.com
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Let’s dispel a few myths…
© Steve Irvine 2009. steveirvine.typepad.com
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Social Success
Technology
Time
Process
People
1. Social Media is FREE
© Steve Irvine 2009. steveirvine.typepad.com
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2. Social is a NEW concept
© Steve Irvine 2009. steveirvine.typepad.com
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3. Social is the SAME as other marke'ng
© Steve Irvine 2009. steveirvine.typepad.com
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4. Social is ONLY for brand
© Steve Irvine 2009. steveirvine.typepad.com
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ROI = COST OF INVESTMENT
(PROFIT FROM INVESTMENT -‐ COST OF INVESTMENT)
5. Social ROI is calculated differently
What’s different is how you calculate the value of a customer in the social world
© Steve Irvine 2009. steveirvine.typepad.com
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• Brand Awareness
• ROI for Customer Service (cujng communica'ons costs)
• ROI for Marke'ng (cujng media costs)
Where is social today?
© Steve Irvine 2009. steveirvine.typepad.com
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Social genera'ng Revenue
Where do we need to be?
© Steve Irvine 2009. steveirvine.typepad.com
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• Right Person
• Right Message
• Right Time
How do we sell more?
© Steve Irvine 2009. steveirvine.typepad.com
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Social Success Framework
Value Crea'on (ROI)
The Social Landscape is confusing…
And ever changing © Steve Irvine 2009. steveirvine.typepad.com
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Value Crea'on (ROI)
Focus on the constant…
© Steve Irvine 2009. steveirvine.typepad.com
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Explain social to your grandmother…
© Steve Irvine 2009. steveirvine.typepad.com
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Early Social: The Tupperware Party
Join the conversa'on
Get them on your turf
Separate the influencers from friend collectors
Mo'vate them to buy
© Steve Irvine 2009. steveirvine.typepad.com
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Join the conversa'on…
© Steve Irvine 2009. steveirvine.typepad.com
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Get them on your turf…
© Steve Irvine 2009. steveirvine.typepad.com
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• Iden'fy the people with influence over others • Make sure to focus on those people
• Get them involved in helping to drive others to purchase
• Just cause you brought people with you, doesn’t mean you have influence over them
Separate the influencers from the friend collectors…
© Steve Irvine 2009. steveirvine.typepad.com
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Mo'vate them to buy!
© Steve Irvine 2009. steveirvine.typepad.com
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Success Measurement
© Steve Irvine 2009. steveirvine.typepad.com
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Social Today: Most Marketers
Listen Join the conversa'on
Build fan / follower base
© Steve Irvine 2009. steveirvine.typepad.com
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Social Success Measurements
Challenge: They do not 'e back to business metrics that maoer to the business
© Steve Irvine 2009. steveirvine.typepad.com
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Return on Investment (ROI)
Life'me Value (LTV)
Engagement
Influence
Loyalty
Social Metrics
Business Metrics
GAP
Social Measurement Gap
© Steve Irvine 2009. steveirvine.typepad.com
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Social Today: Tupperware applied
Join the conversa'on
Get them on your turf
Separate the influencers from friend collectors
Mo'vate them to buy
© Steve Irvine 2009. steveirvine.typepad.com
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Join the conversa'on…
© Steve Irvine 2009. steveirvine.typepad.com
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Get them on your turf…
© Steve Irvine 2009. steveirvine.typepad.com
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Separate the influencers from the friend collectors…
Name: Jennifer James Friends: 525
Name: Jennifer Jones Friends: 30
Friends Told: 525 Friends Acquired: 0 New Revenue Generated: $0
Friends Told: 30 Friends Acquired: 25 New Revenue Generated: $25,000 © Steve Irvine 2009. steveirvine.typepad.com
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Mo'vate them to buy!
© Steve Irvine 2009. steveirvine.typepad.com
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Success Measurement
© Steve Irvine 2009. steveirvine.typepad.com
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Simple tools to get beoer ROI
© Steve Irvine 2009. steveirvine.typepad.com
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• Add more accountability to your social metrics • HINT: Influence = ability to drive ac'on, not fans/followers
• Close the loop between social ac'vi'es and revenue-‐genera'ng / Cost-‐cujng ac'ons
• HINT: Think about a migra'on / progression strategy
• Focus on what is constant: The people • HINT: Networks will come and go, have a people strategy
Bridging the Measurement Gap
© Steve Irvine 2009. steveirvine.typepad.com
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Brand Daters
Brand Loyalists
Brand Acquaintances
Brand Advocates
New Value Matrix for Customers
© Steve Irvine 2009. steveirvine.typepad.com
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Start simple, but close the loop…
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Take aways
• Social is NOT Free
• Focus on the customers
• Bridge the gap between social metrics and business metrics
• Don’t reinvent the wheel (look to the past)
Steve Irvine @steveirvine Steveirvine.typepad.com #SMROI
THANK YOU FOR YOUR TIME
© Steve Irvine 2009. steveirvine.typepad.com