webinar: maximize social media roi with a strategic plan
DESCRIPTION
Webinar originally held on January 7, 2014 It's a new year, and it's time to kick-start your social media strategy and start showing a return on your investment. Join Chris Boudreaux to learn how to create a social media plan that builds buy-in, empowers employees, and gets results. Discover how to: -Better understand and present the business case for creating a social media plan that delivers targeted, organization-wide results. -Use a proven framework for implementing your social media plan and put the right infrastructure in place. -Use Boudreaux's recommendations to increase social media ROI for brands of any size. CHRIS BOUDREAUX helps global brands transform their business operations through digital and social media. As an executive at a global technology and management consultancy, Chris is a globally recognized thought leader in social media technologies, operations, governance and analytics. He is a governing member of the Word of Mouth Marketing Association; an iMedia Top 25 Marketing Innovator and Leader; and his site, SocialMediaGovernance.com, serves practitioners worldwide. http://bit.ly/1bdfVwQTRANSCRIPT
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Business Case
Benefits Costs Business Case
Value Proposi2on
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Business Case
Benefits Costs Business Case
• Gaining 1M Fans • Gaining 1M Fans at half the cost of existing processes
• Increasing customer lifetime value
• Increasing interactions per customer
• Decreasing costs per interaction
• Software and hardware
• Training • Salaries
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Misleading Arguments Against Measuring ROI
What is the business case for giving employees telephones?
This focuses on one tool, rather than a business capability or outcome. Better: What is the business case for hiring five more inside sales people. • By the way, phones will be
one of the costs.
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Plans are accountable commitments to business outcomes.
If we hold it accountable, it will never grow. The benefits are intangible. You just have to do it.
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Sources of ROI From Social Media
Customer Care
Sales and Marketing
Recruiting
• Cost per interaction • Cost per resolution
• Cost per conversion
• Cost per hire
Example Functions Example Value Metrics
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Iden=fy the factors that may impact your expected ROI down the road.
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Social Media Plans
Corporate
Func2ons
Business Units
Business Units: How do I use social media to achieve my P&L goals?
Functions: How do I use social media to enable the Business Units to achieve their P&L goals?
Corporate: How do I balance needs and goals across the organization?
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Elements of Corporate Social Plans
• How we will coordinate requirements across business units and func2ons.
• Where each social capability will live within the organiza2on.
• Who will build each capability.
• How we will hold those people accountable for the investment dollars we give them.
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Connect Your Plan to the Goals of the Business
• What are your Corporate Priori2es for 2014?
• Which of those could be supported or enabled by social media?
• Who owns each of those goals?
• How can you help those people achieve their goals?
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Supercharge Your Brand: How Companywide Empowerment Drives Social Media Advocacy By the authors of The Most Powerful Brand on Earth
Susan Emerick @sfemerick
Chris Boudreaux @cboudreaux
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Before a revolu=on, everyone says it’s impossible. ALerward, everyone says it was inevitable.
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Trust maNers in a world where 63% of people need to hear a message 3-‐5 =mes to believe it.
Once 4%
Twice 14%
Three Times 35%
Four or Five Times 29%
Six to Nine Times 6%
Ten or More Times 12%
Survey Ques2on How many =mes in general do you need to hear something about a specific company to believe that informa=on is likely to be true?
Survey Population: Informed Publics ages 25 – 64 in 25 countries Source: Edelman. “2012 Edelman Trust Barometer.” http://bit.ly/Edelman-2012.
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Trust in social media is rapidly increasing.
“Trust a Great Deal”; Informed Publics ages 25 – 64 in 20 countries. Source: Nielsen Global Trust in Advertising Survey, Q3 2011.
Survey Ques2on How much do you trust each of the following places as a source of informa=on about a company?
29% 32%
22%
26%
8%
13% 14% 16%
+10%
+18%
+75% +23%
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Social media strongly impact organic search engine results.
• Facebook Shares
• Backlinks
• Facebook Total
• Facebook Comments
• Facebook Likes
• Tweets
Source: SearchMetrics. “Facebook and Twitter Shares Closely Linked with High Google Search Rankings”. 7 June 2012. www.searchmetrics.com.
Most Influential Factors in Organic Search Performance
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Sales correlate with the total number of people who advocate for a brand -‐-‐ across industries.
• On average, 53% of changes in online and offline sales can be aTributed to changes in the number of people advoca2ng for a brand online
• Not the number of online messages or posts about a brand
Monthly Change in Online Promoters v. Monthly Change in Sales
Monthly Change in Total Online Promoters
Mon
thly Change in Sales
Sources:
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Your marke=ng and communica=ons teams can not produce enough content.
Two-‐thirds of B2B content marketers find it difficult to produce enough content. Half struggle with producing the kind of content that engages.
Source: Bob Pulizzi and Ann Handley.“B2B Content Marketing: 2013 Benchmarks, Budgets, and Trends — North America. Marketing Profs and Content Marketing Institute, 2013. http://bit.ly/B2BBench.
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People trust adver=sing from people they know.
92%
70%
58%
50%
46 - 47%
40 - 42%
Survey Ques2on To what extent do you trust the following forms of adver=sing?
Source: Nielsen Global Trust in Advertising Survey, Q3 2011.
Trust Don’t Trust
92%
70%
58%
50%
47%
40%
33%
30%
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Your professional communicators can not develop rela=onships with all of your customers.
Your Marketing
Team
Your Experts
Your Employees
Your Customers
Engage the Influencers!!!
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People trust employees more than official brand sources.
Survey Question Respondents who replied “extremely credible” or “very credible” to the following question: If you heard information about a company from one of these people, how credible would that information be?
Employees
Non-Employees
Source: Edelman. “2012 Edelman Trust Barometer.” http://bit.ly/Edelman-2012.
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Traffic from employee-‐owned social media converts at a significantly higher rate.
Source: Susan Emerick, “IBM Select Social Eminence Program, 3Q 2012 Measurement Framework Pilot”. September 2012.
Conversion Rate by Traffic Source IBM - 2012
Con
vers
ion
Rat
e
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You must focus on more than select Influencers.
The Reality of Online Influence
1. Past influence ≠ Future influence
2. 50% of product adop2on is explained by homophily (people like me), not influence
3. Influencers may be tough to find (e.g., Velvet rope communi2es)
Implica=ons for Influencer Management
The most successful influencer rela2onship programs
1. Spread their efforts across a wider por`olio of influencers
2. Help employees establish their own influence, at mul2ple levels
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How will your brand empower employees and partner to nurture rela=onships in social media?
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Focus on Rela=onships
People-‐Centric Rela=onships
• Social strategies focus on people and rela2onships
• Create opportuni2es for audiences to establish rela2onships with “people like me”
• Employees and partners extend their reputa2on online for the benefit of the brand
Typical Approach to Social Media
• Venues and technologies
• Brand presence
• Difficult to show empathy and passion
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Influencing conversa=ons online requires a porZolio approach that leverages employees.
INFLUENCE People trust experts and employees Experts and real employees earn more trust than corporate voices and execu2ves
HOMOPHILY Shared interests We all form rela2onships with people we perceive to be like ourselves
EMPLOYEE DIVERSITY This is how you scale… But it conflicts with tradi2onal marketer mentality of control
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Two Important Chapters for All
• Chapter 3: Influence. Its Complicated.
• Chapter 5: You Will Measure New Things in New Ways
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Connect with Chris
The Most Powerful Brand On Earth: How to Transform Teams, Empower Employees, Integrate Partners, and Mobilize Customers to Beat the Competition in Digital and Social Media
socialmediagovernance.com @cboudreaux linkedin.com/in/chrisboudreaux bit.ly/cboudreaux