The Hunt For Social Media ROI
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The document discusses metrics and measurement for social media return on investment (ROI). It notes the challenges in measuring social versus traditional media. Quantitative metrics include leads, sales, and costs. Qualitative metrics involve authority, loyalty, and intangible benefits. Case studies show how SeaWorld measured a coaster campaign ROI through links and visitors. Southwest Airlines attributes $1 million in additional ticket sales to Twitter. Marriott credits $5 million in bookings to their blog. The document advises determining valuable metrics and reporting them clearly to demonstrate social media value.
The Hunt For Social Media ROI
- 1. Metrics and Measurement The Hunt for Social Media ROI Scott Schablow Chief Strategic Officer Provenance Digital Media
- 2. Opening Thought “ Social media is like teen sex. Everyone wants to do it. Nobody knows how. When it’s finally done there is surprise it’s not better.” Avonash Kaushik – Analytics Evangelist, Google
- 3. Measuring ROI Traditional Measurement • Investment $30,000 • Yield = 1000 leads • Cost Per lead = $30
- 4. Measuring ROI Social Media Measurement • Comments + Conversation + Facebook x Twitter = Success Huh?
- 5. Measuring ROI “What do you want to measure the “social” or the “media” - David Alston of Radian6 • Media: traditional measurement = quantitative • Social: untraditional measurement = qualitative
- 6. What Do You Want To Measure? Number of influential blogs that linked to us. Increase in Pagerank Reduction in complaints Number of repeat, unique visitors Number of new ideas that were implemented Number of Tweets about us Number of new leads Number of leads converted into sales Number of new insights gained about customers’ attitudes Reduction in support costs Amount of increase in satisfaction
- 7. What Do You Want To Measure? Meaningful Metrics • 20,000 Twitter followers • 200 Interested, engaged followers who are qualified prospects
- 8. What Do You Want To Measure? Meaningful Metrics • What metric can you measure that management considers valuable? • Consider that indirect benefits often lead to sales (they’re just harder to measure)
- 9. What Do You Want To Measure? Meaningful Metrics • Media: traditional measurement = quantitative • Social: untraditional measurement = qualitative
- 10. What Do You Want To Measure? Meaningful Metrics • Media: bean counters & cash = quantitative • Social: untraditional measurement = qualitative
- 11. What Do You Want To Measure? Meaningful Metrics • Media: bean counters & cash = quantitative • Social: authority & loyalty = qualitative
- 12. What Do You Want To Measure? Meaningful Metrics • Quantitative - $ales, qualified leads, re-acquisitions • Qualitative – authority, interaction, loyalty, satisfaction, feedback
- 13. What Do You Want To Measure? Meaningful Metrics often are: • Intangible benefits • Reasonably likely to create sales, loyalty and brand evangelism
- 14. Quantitative ROI Cases SeaWorld San Antonio's Journey to Atlantis social media campaign
- 15. Quantitative ROI Cases SeaWorld: Journey to Atlantis Campaign Objectives: • Build relationships with the coaster community • Build awareness of Journey to Atlantis • Assist in driving visitation to the park
- 16. Quantitative ROI Cases SeaWorld: Journey to Atlantis Campaign Strategy: • Initial research phase • Targeted list of 22 coaster enthusiast blogs & forums identified • Treat coaster bloggers as a VIP audience • Content rich Web site was deployed as the hub for content and information
- 17. Quantitative ROI Cases SeaWorld: Journey to Atlantis Implementation: • Eleven videos & a 45-photo portfolio that spanned from construction to opening day were created • Deployed with a Creative Commons license on YouTube, Flickr & Veoh • Used on the SeaWorld Coasters multimedia site • Coaster Enthusiast group were invited to attend the media launch day and to be among the first to ride Journey to Atlantis
- 18. Quantitative ROI Cases SeaWorld: Journey to Atlantis Desired Results: • Links from coaster sites • Attendees at the media day • Ongoing contact.
- 19. Quantitative ROI Cases SeaWorld: Journey to Atlantis Actual Results: • Of 22 sites identified, 12 covered the ride, including Theme Park Insider • The campaign received 50 links from unique Web sites, 30 were from coaster enthusiast sites • The American Coaster Enthusiasts group brought 30 members to ride Journey to Atlantis on media day. These riders later left positive comments on YouTube videos • SeaWorld San Antonio attended its annual meeting in 2008. The relationship is ongoing
- 20. Quantitative ROI Cases SeaWorld: Journey to Atlantis Actual Results: • Budget for the campaign about $44,000 • Overall, the cost per impression for the social media campaign was $0.22 versus $1.00 for television • Used an internal formula that applies a value to each visitor to the park (per cap rate) • The online group represented more than $2.6 million in revenue.
- 21. Quantitative ROI Cases Southwest Airlines “Southwest Airlines attributes more than $1 million in additional ticket sales to it’s presence on Twitter” Marriott "Marriott has made more than $5 million in bookings from people who clicked through to the reservation page from Marriott's blog."
- 23. Qualitative ROI Cases Campaign to Innovate Products & Service Success Metrics Goal By Amount of good suggestions that company hadn’t thought of N amount of suggestions collected per month and N amount that you actually implement Starbucks Amount of above that you actually implement
- 27. Qualitative ROI Cases Success Metrics Goal By Amount of influential blogs linking to you N Pagerank by a certain date CopyBlogger Pagerank relative to competitors Nth position in Pagerank relative to competitors by a certain date Amount of organic traffic per month N% of organic traffic per month Amount of traffic that converts to sales $N per month attributable to referrals from blog Measuring Authority
- 28. Metrics – Tools of the Trade • What do you want to measure? • Web analytics fall short for social media
- 29. Metrics – Tools of the Trade Social Media Metrics Plug-in for Google Analytics http://userscripts.org/scripts/show/35080
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- 42. Metrics – Types of ROI Measurement 1. Post-project ROI 2. Efficiency gains or cost avoidance 3. Proxy Metrics 4. Product/Service/Process Innovation 5. Improved Conversions 6. Digitalization of knowledge 7. Social capital and empowerment of the workforce
- 43. Metrics – Types of ROI Measurement Some quick tools and suggestions: • Create campaigns & events specifically for social media. Then customize your analytics software to make it easy to track those events. • Track a specific Twitter traffic campaign or DiggBar URL with campaigns. • Organize a dashboard and set up email reports. To get specific information on social media, have traffic stats from top social media websites (i.e. Digg, Facebook, Twitter, etc.) emailed to you so you can see it all in one place.
- 44. Summary • Find out what metrics a viewed as valuable by management • Determine what metrics you can measure • Report it in a way that clearly demonstrates the value (diagrams, charts, etc.) • Evaluate successes and failures and then take another small step forward
- 45. Join the Conversation • Scott@Schablow.com • Scott.Schablow@ProvenanceDigital.com • Blogs: www.SchaBlog.com www.PrinciplesOfProvenance.com • Web: http://www.ProvenanceDigital.com • Twitter: @ScottSchablow • FF: http://friendfeed.com/sschablow • FB: http://www.facebook.com/profile.php?id=507966818 • LI: http://www.linkedin.com/in/schablow • Almost anywhere as sschablow or ScottSchablow