a simple guide to measuring your social media roi
DESCRIPTION
In 2013, only 51% of large businesses in Australia measured their return on investment from social media. But when you dig a little deeper into the data, you'll discover the vast majority of these businesses define measuring return on investment as tracking likes, followers or subscribers. In today's data driven landscape, thats simple not good enough. This presentation will help you go beyond likes, followers and subscribers as measures of success. You'll learn simple ways to demonstrate the real value derived from social media and you can even download a practical excel model to help measure your return on investment. So next time your CEO asks whats the return on investment, you can say, here's something I prepared earlier!TRANSCRIPT
![Page 1: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/1.jpg)
HOW TO MEASURE YOUR SOCIAL MEDIA ROI
![Page 2: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/2.jpg)
1. THE SOCIAL LANDSCAPE
2. HOW TO CREATE A SOCIAL STRATEGY
3. HOW TO MEASURE SUCCESS
4. HOW TO MEASURE ROI
THE AGENDA
![Page 3: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/3.jpg)
THE SOCIAL LANDSCAPE
IN OZ
![Page 4: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/4.jpg)
WHAT IS SOCIAL MEDIA?
Social media Interactive Shareable Conversational Dynamic Many-to-many
Traditional media Detached
Difficult to share Promotional
Static One-to-many
![Page 5: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/5.jpg)
![Page 6: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/6.jpg)
MY FAVOURITE DEFINITION:
“SOCIAL MEDIA IS WORD OF MOUTH ON STEROIDS”
![Page 7: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/7.jpg)
THE POWER OF ONE PERSON
• MAKES A VIDEO • OVER 13.9 MILLION VIEWS • STOCK DROPPED BY 10% • COST SHAREHOLDERS $180M
United Breaks Guitar by Dave Carrol
![Page 8: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/8.jpg)
IT’S COMPLICATED!IT’S COMPLICATED!
![Page 9: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/9.jpg)
AUSSIES LOVE SOCIAL MEDIA
65% OF AUSTRALIANS
USE SOCIAL MEDIA
SOCIAL MEDIA REPORT - YELLOW, 2013
![Page 10: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/10.jpg)
AUSSIES LOVE FACEBOOK
95% OF AUSTRALIAN SOCIAL MEDIA USERS USE FACEBOOK
SOCIAL MEDIA REPORT - YELLOW, 2013
![Page 11: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/11.jpg)
TOP 5 SOCIAL NETWORKS
SOCIAL MEDIA NEWS - MAR, 2014
13,200,00012,600,000
3,650,0002,500,000 1,600,000
![Page 12: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/12.jpg)
WHICH SITES HAVE WE STOPPED USING?
SOCIAL MEDIA NEWS - MAR, 2014
45%
18%12%
9%12%
![Page 13: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/13.jpg)
HOW TO CREATE A SOCIAL STRATEGY
![Page 14: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/14.jpg)
THE SOCIAL STRATEGY PROCESS
LISTEN PLAN GROW ENGAGE MEASURE
![Page 15: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/15.jpg)
HOW TO MEASURE SUCCESS
![Page 16: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/16.jpg)
51% OF BRANDS MEASURE
SOCIAL MEDIA ROI
SOCIAL MEDIA REPORT - YELLOW, 2013
ONLY
![Page 17: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/17.jpg)
69% OF LARGE BUSINESS USE FOLLOWER
NUMBERS TO MEASURE SUCCESS
SOCIAL MEDIA REPORT - YELLOW, 2013
![Page 18: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/18.jpg)
“I WOULD RATHER HAVE A SMALL COMMUNITY OF HIGH
VALUE MEMBERS THAN A LARGE COMMUNITY OF LOW VALUE
MEMBERS”
![Page 19: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/19.jpg)
“NOT EVERYTHING THAT CAN BE COUNTED COUNTS, AND NOT EVERYTHING THAT COUNTS CAN BE COUNTED”
![Page 20: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/20.jpg)
SO MUCH DATA… WHAT SHOULD WE MEASURE?
![Page 21: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/21.jpg)
![Page 22: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/22.jpg)
MAKE SURE THE METRICS YOU CHOOSE
ALIGN WITH YOUR OBJECTIVES
![Page 23: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/23.jpg)
= IMPRESSIONS / REACH
AWARENESS
![Page 24: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/24.jpg)
= LIKES / COMMENTS SHARES / RETWEETS
ENGAGEMENT
![Page 25: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/25.jpg)
NUMBER OF CUSTOMER
RESOLUTIONS
GREAT SERVICE
![Page 26: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/26.jpg)
MAKE SURE THE METRICS
DEMONSTRATE VALUE
![Page 27: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/27.jpg)
BRAND METRICS
• NUMBER OF BRAND MENTIONS • SHARE OF VOICE • SENTIMENT • BRAND INSIGHTS
ENGAGEMENT METRICS
• FANS / FOLLOWERS • LIKES / COMMENTS / RETWEETS /
SHARES • ENGAGEMENT SCORE • REACH • ENGAGEMENT INSIGHTS
SERVICE METRICS
• NUMBER OF ENQUIRIES • OUTCOMES • SENTIMENT • RESPONSE TIMES • SERVICE INSIGHTS
![Page 28: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/28.jpg)
WHERE DO I GET THE DATA?
![Page 29: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/29.jpg)
MONITORING MANAGEMENT BENCHMARKING
![Page 30: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/30.jpg)
BRAND MENTIONS TRENDED
RADIAN6 - MARKETING CLOUD
![Page 31: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/31.jpg)
BRAND SENTIMENT TRENDED
RADIAN6 - MARKETING CLOUD
![Page 32: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/32.jpg)
SENTIMENT BREAKDOWN
RADIAN6 - MARKETING CLOUD
![Page 33: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/33.jpg)
SHARE OF VOICE BREAKDOWN
RADIAN6 - MARKETING CLOUD
![Page 34: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/34.jpg)
SERVICE SUMMARYTWITTER FACEBOOK TOTAL
Enquiries 1,082 2,089 4,071
Resolved enquiries 789 1693 2482
Escalated enquiries 293 396 689
Response Time 0:23:00 0:54:00 0:38:50
SentimentPOSITIVE !
20%
NEUTRAL !
18%
NEGATIVE !
62%
POSITIVE !
9%
NEUTRAL !
26%
NEGATIVE !
65%
POSITIVE !
13%
NEUTRAL !
19%
NEGATIVE !
67%
Deflected contacts (call deflection rate =
5%)54 104 158
Estimated savings (average cost per
contact $5)$270 $520 $790
RADIAN6 - ENGAGEMENT CONSOLE
![Page 35: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/35.jpg)
ONCE YOU’VE GOT THE DATA WHAT ARE THE INSIGHTS?
• What’s driving the trends in mentions, sentiment? • What are the key themes? • What are the key learnings and insights? • What’s happening in each channel? • How are marketing campaigns driving conversation? • What are the key issues and are they being addressed? • What are the wins and what value have they delivered?
![Page 37: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/37.jpg)
WHAT’S THE ROI?
![Page 38: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/38.jpg)
![Page 39: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/39.jpg)
THE EQUATION IS SIMPLE
(TOTAL GAINS - TOTAL COST)
TOTAL COST
ROI =
![Page 40: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/40.jpg)
MAKE SOME ASSUMPTIONS TO ESTIMATE YOUR GAINS
• ESTIMATE CPM VALUE • ESTIMATE AVG ENGAGEMENT VALUE • AVG CONVERSION RATE FROM SOCIAL TRAFFIC • AVG VALUE OF A SOCIAL CONVERSION • USE GOOGLE ANALYTICS AND FACEBOOK INSIGHTS • AVG CALL DEFLECTION RATE • AVG COST OF CALL
![Page 41: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/41.jpg)
SAMPLE GAIN INPUTS
1. TOTAL REACH / VALUE 2. TOTAL ENGAGEMENTS / VALUE 3. TRAFFIC FROM SOCIAL / VALUE 4. ESTIMATED CALLS DEFLECTED / SAVINGS 5. SALES FROM SOCIAL MEDIA / VALUE
![Page 42: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/42.jpg)
SAMPLE COST INPUTS
1. WAGE COSTS 2. AGENCY FEES 3. MEDIA COSTS 4. SOFTWARE COSTS
![Page 43: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/43.jpg)
BACK TO THE EQUATION
($80,000 - $32,000)
$32,000
ROI =
![Page 44: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/44.jpg)
AND THE “ROI” IS
150%OR $1.50 RETURN
FOR EVERY $1 SPENT
![Page 45: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/45.jpg)
“IT’S NOT AN EXACT SCIENCE”
BUT REMEMBER
![Page 46: A simple guide to measuring your social media ROI](https://reader033.vdocuments.net/reader033/viewer/2022060108/554d0b51b4c9052c5a8b4ce8/html5/thumbnails/46.jpg)
“MEASURE IT CONSISTENTLY AND
IMPROVE IT”
YOUR GOAL