Social media for retirement homes: Calculating return on investment (ROI)

SOCIAL MEDIA FOR RETIREMENT CARE: Calculating return on investment (ROI) Agnes Stawicki, @ComfortLife

overview

!  What does social media ROI look like?!!  Measuring social media ROI!!  Case study!!  Problems with ROI calculations!!  Summary!

Social media ROI?

what is it? What does social media ROI look like?!!•  3 out of 4 marketing experts admit they

can’t measure social media ROI!!•  Social media ROI is what you get back

from all the time, effort and resources you commit to social.!

what is it? 1.  Identify your monetary investment in social

media!!2.  Attach a dollar amount to your social

media goals!

How to measure ROI? “Social  Media  first  and  foremost  is  branding—and  it’s  difficult  to  measure  branding  as  a  direct  conversion.”  

how to measure?

ROI =! (gain – investment)

investment!

how to measure: gain

1  What is the goal you want to achieve?!

!2  How much are these

actions worth to you?!

how to measure: gain 1. Choose a goal!!•  New followers!•  Clicks to your website!•  Filled out a contact form!•  Time spent on an important page of your

website!!

how to measure: gain 2. Track your goal!!•  Set conversion goals or events in Google

Analytics!

•  Define your baseline (or starting point) within your social media accounts!

!

how to measure: gain 3. Assign a monetary value!!•  Lifetime value x conversion rate — How much is

each potential visit worth to you?!

•  PPC costs — How much would you end up paying if you were to use ads to achieve the same actions?!

•  Guesstimate — use common sense, how much are you willing to pay for X goal?!

!

how to measure: investment

Social media is NOT free!

how to measure: investment !•  Time = labor cost/hr x # hours per month!

•  Tools = costs of any tools used per month!

•  Advertising = amount you spend on boosted posts etc.!

!

dummy case study

dummy case study

dummy case study

Channel   Conversions  =    #  downloads  

Benefit  =  $17.50  x  downloads  

Facebook   10   $  175  

LinkedIn   5   $  87.50  

Twi7er   6   $  105  

TOTAL     21   $  367.50  

dummy case study

What was your investment?!•  5 hours x $30/hour = $150 !•  + $150 boosted post campaign!

!

ROI = ($367.50 - $300) !$300!

!

ROI = 22.5%!

The problem with ROI

the problem !

The simplest and shortest conversions happen with

direct response!

the problem

Channel   Assisted  conversions  

Last  click  conversions  

Organic  search   3,983   12,375  

Referral   269   469  

Paid  search   2   2  

Social     31   23  

the problem

the problem How  did  you  hear  about  us?    

word  of  mouth  

sign  

online  

don't  know  

The problem Better questions to ask!!•  Did you speak with any experts or advisors?!

•  Did you do any research online? Do you remember what websites you visited? Perhaps bring up the sites you are a part of and show them so they SEE them.!

•  Have you seen any of these following newspapers or magazines?!

!

“The biggest change in sales over the last

10 years is that prospects are coming to you 60% down the conversion funnel.”!

!- Daniel Pink!

About Comfort Life

!  Canada’s #1 guide to retirement & care (annual print guide and online at www.comfortlife.ca )!

!  100% target audience of decision makers searching for information about retirement communities and care!

!

Summary !

!  ROI = (gain – investment) / investment !!!  Calculating social media ROI is one of the most

challenging operations for marketers. !

!  Proposed formulas can have serious shortcomings!

!  Focus on reach, engagement and branding impact!!!  Customers are coming to you 60% down the conversion

funnel (after many interactions with your brand). Use data and ask the right questions.!

Questions? Agnes Stawicki @ComfortLife