the ultimate roi guide to social media & the new business approach
TRANSCRIPT
The Business Approach to Social Media&
The Ultimate ROI Measurement Guide
Founder of LiftMetrix Former COO of AOL
Graham Gullans Ron Grant
Graham GullansCo-Founder LiftMetrix
@grahamgullans
Speakers
Ron GrantFormer COO of AOL
Former Senior Executive and Time Warner
AgendaThe Business of Social (Finally)
Experiences from a former Media Executive
The New Business Approach to Social Media• Set the Right Objective
• Breakdown Marketing Silos• Don’t Justify…Optimize• Use Your Data Meaningfully
Social ROI Measurement Guide1. How to Select Your Social Goals2. How to Value Key Business Objectives3. How to Track Conversions and Discover Top ROI
Content
Social’s Explosive GrowthSocial media and mobile are the two fastest growing marketing channels
CMO’s are allocating budget to three areas:1. Social2. Mobile3. Analytics
By 2020, social media will account for 23.8% of marketing budgets,up from 10.7% today
Source: Kate Maddox, AdAge, 8/25/15
“Only 15% of CMOs said they have been able to prove the impact quantitatively of social media”
- AdAge
“43.5% said they have a good qualitative sense of the impact, but not quantitative impact.”
- AdAge
Difficultly Proving ROI
Source: Kate Maddox, AdAge, 8/25/15
#1 Challenge for Marketers
The Business of Social• Current measurement systems are failing
• Engagement is still the industry measurement standard
• Huge divide between what marketers want to accomplish and existing tools
Unmet Need: Tools that transform social marketing data into actionable
ROI driven intelligence.
Ron GrantFormer COO of AOL
Senior Exec at Time Warner
Business Approach to Social
1. Set The Right Objective
2. Breakdown Marketing Silos
3. Don’t Justify…Optimize
4. Use Your Data Meaningfully
Set the Right Objective
Your Social Goals ARE Your Business Goals
Breakdown Marketing Silos
Data Scientists are Core to Marketing“…take a lot of jobs away from marketers”
- Venture Beat
Don’t Silo Your Marketing Teams or Data
Marke
ting D
epar
tmen
ts
Create transparency so every stakeholder works toward business goals
Source: Scott Valentine, Venture Beat, 8/31/15
Marke
ting D
ata
Leverage social data to create your social strategy, rather than using it
to defend actions
Social Reports are Backwards Looking• Today - Analytics justify past actions• Future – Analytics inform social strategy
Vanity Metrics Don’t Tell the Right Story
Social reporting should focus on key learning’s and provide a blueprint for improvements
Don’t Justify…Optimize
Social has a good “Big Data” problem• There is more data than any other channel
Use the other 90% of your data
Solicit the help of• Data Scientists• Analytic Tools
Use Your Data Meaningfully
Tools can illuminate your social marketing efforts by measuring your real business objectives and
making intelligent recommendations.
ROI Measurement Guide
It is Hard to Measure the ROI of Social Media
ROI Measurement Guide
How Do I Calculate Social Media ROI?
The most common question we hear from social marketers struggling to show the value of social as a marketing channel.
The Social ROI Spectrum
Vanity metrics such as likes, shares and comments aren’t capturing the full social ROI spectrum
Social Metrics Click-To-Site Website Activity
Likes, Shares, VideoViews, App Installs
Link Clicks eCommerce, Sign Ups,Email Acq., Conversions
Marketers need to set their social goals to their business objectives
3 Steps to ROI Measurement
We’ll map out how you can calculate the impact of social media
on your business and form a strategy to optimize results
Select Your Social Goals
Apply Value to Key Business Objectives
Track Conversions and Discover Top ROI Content
3 Steps:
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1. Select Your Social GoalsQuestions To Ask:Q: How do I acquire customers?A: Website sign up, newsletter subscription, mobile app download…
Q: What online conversion trigger is closest to revenue generation?A: eCommerce purchase, free trial, new subscriber, page views…
Q: What action do I want my a social followers to take?A: Click on a link, watch a video, engage with my brand, comment…
Conclusion: Select the 1 – 3 customer acquisition events that directly contribute to your business
objectives
All of These Business Objectives Can be Tracked on Social
1. Select Your Social GoalsIndustry Business ObjectiveseCommerce PurchasesPublishers / Media Page Views, Video ViewsB2B Brands Free Trials, Newsletter Subscribers, Form
SubmissionsB2C Brands User Sign Ups, Mobile App DownloadsFinancial Services Customer Sign Ups, Promotion RedemptionsCPG Purchases, Redeem Coupons, ‘Learn More’ FormsIndustrials Contact Us, Brand AwarenessHealthcare Free Trials, ‘Learn More’ Forms
2. Assign Value to ObjectiveseCommerce Purchases –
• Add GA code to your checkout cart to track purchases from social
Page Views –• If you monetize your site through ads, calculate your average
CPMFree trial sign ups –
• (Customer LTV) * (Conversion Rate of Free Trial to Paid Customers)
Newsletter sign ups –• (Email subscribers that became customers) / (Email subscribers)
= x• (x) * (Customer LTV) = Value of an email acquisition
Mobile App Download –• (MAUs) * (Value of MAU)
Brand Awareness –• Avg. CPM rate on social ads
Connect the dots from social to site
3. Track Conversions
Most business objectives are triggered on brand websites• Set up conversion events using Google Analytics
(eCommerce, Goals), Facebook Ad Pixels and Omniture Events.
3. Track ConversionsCreate Google goals and apply value to conversions
Use UTM parameters in links to track purchases and goals on a content level
Source: LiftMetrix
3. Discover Top ContentMeasure ROI on social content. Tag content to discover top ROI themes.
LiftMetrix ROI Consultation
Select Your Social Goals
Apply Value to Key Business Objectives
Track Conversions & Discover Top ROI Content
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