managing and measuring roi on social media
Post on 17-Oct-2014
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Measuring social media ROI is a huge challenge. With a little bit of planning and benchmarking, we think, it can be achieved to a great extent. Here is short analysis by the Linkers on “Managing & Measuring ROI on Social Media” Website : www.missinglink.co.in Facebook : http://www.facebook.com/WeAreTheMissingLink Twitter : http://twitter.com/missing_link_inTRANSCRIPT
RETURN ON INFLUENCE:
THE
SOCIAL
MEDIA
ROI
MAIN LINE -> SOCIAL MEDIA IS NOT FREE
1. IT TAKES PEOPLE
2. IT TAKES TECHNOLOGY
3. IT TAKES TIME
… ALL OF WHICH ARE LIMITED RESOURCES. YES! THEY ARE :)
Okay dude. I’m going to take a chance
on this social media thing you are talking about ,
it better make good businesssense! OK?
Yes Sir! #1: It will result in a cost reduction.
Maybe in customer service?
Reason #2:It will generate more revenue.
It will give you more transactions, more net new customers,
more customer loyalty,etc.
Ok! Let me figure out what program I have to cut down
to fund Social Media program.
Remember that our bonusesare on the line.
Okay, Sexy!This Social Media thing is ON.
You know we shrank our traditional media budget by 10%
and our outbound call budget by 25%.Now we can afford a team of social media
Ninja’s. Dude give me a hell yeah?
Yupiee!!!I have a job!!!
Dude, we are Facebook WOW!!!
Let’s start engaging!!!
I told my friends to check out our
corporate blog.
ONE MONTH LATER…
Cool.
Oh on facebook! my! We have lots of new
visitors to our website!And 2 new applications
What about ourTwitter?
Neat, we even have comments on the blog!
I Feel Like I'm On Top of the World
THREE MONTHS LATER…
OK.
Guys! Our Google Analytics are through the roof! Our social mentions
are wicked good!We have liftoff with Social Media!
Measuring social mediaain’t that tough!
SIX MONTHS LATER…
Anything?Increase in sales? Has our customer service improved?
Nope.
Nothing.
What kind of mood is The Brand Manager in today?
Not good.He just told me that he doesn’t care how many
new visitors the website gets, or how manyImpressions we have, unless it means we’re
selling more stuff.
But why?Our website is getting
mad hits, Facebook page has more than 60K likes!
And we have 6,000 followerson Twitter now!
Dude. I’m sorry your Social Media program
Isn’t generating revenue for me. We need to allocate
resources where we canmake money.
It’s just business. You know!
Damn.This social media
measurementstuff isn’t working.
We need to starttying this stuff to actualbusiness performance
Where should I start from?Let’s see…
At the beginning?
I need proof thatwhat we’re doing
is actually working.
START WITH PROOF OF CONCEPT
7% YOY GROWTH
IS SOMETHING HAPPENING HERE?
1.) ‘XXX'CREATES SOCIAL
MEDIA PROPERTIES
7.)'XXX' STARTS TWEETING
9.)FACEBOOK ADS PROMOTING
NEW PRODUCT/SERVICES
5.)TWEETUP/ FB EVENTS
6.)BLOGPOST
8.)SOCIAL MEDIA WORKSHOP
4.) PRESS RELEASE
3.)PARTICIPATION & ENGAGEMENTWITH THE FANS
2.)CONTEST ONFACEBOOK PAGE
10.)UPLOAD NEW TVC ON YOUTUBE
IS SOMETHING HAPPENING HERE?
IS SOMETHING HAPPENING HERE?
MEASURE –HOW WAS THIS
GROUP INFLUENCED?
Groovy!Let’s figure out
what.
We overlaid all of our Timelines and noticed that since our social
Media activities began, everyone
seems to love us.
The latest numbers indicatethat our YoY sales $ are up 60%.
Our individual transactions have doubled,as have our transacting customers.
Something’s working!
How longwill all this
analysis take?
It’s all a processof elimination, really.
Isolating patterns, quantifying deltas,proving ad-hocs…
Then allwe have to do is
figure out what the cost savings and revenue gains
are, and plug them into the equation.
Oh wow.This R.O.I. thing
wasn’t at all aboutmeasuring media,impressions and
eyeballs!
Dudes, we are ON THIS!!!
Let’s start engagin’!!!
I’ll start crafting somewicked blog posts.
Finally, someone with somereal metrics for me to sink my teeth into!
Good job, Sparky! You done good!
So I guess Social Mediais going to stick around a little while
longer after all, isn’t it?
Yes sir.Looks like our budget
is safe for now.
OLD MONK for Everyone!
THANK YOU
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