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What's the ROI of Social Media? You might as well be asking what's the ROI of an elephant... Presentation by Gwen Woltz and Karen Weikert of Wahine Media at Social Media Club Hawaii's quarterly meeting on October 18th, 2011
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What’s the ROI of Social Media?
You might as well be asking what’s the ROI of an elephant...
Social Media and ROI: A Little Bit of Clarity —Oliver Blanchard
“The question, then, is not what is the ROI of social media, but rather what is the ROI of [insert activity here] in social media? In fact, to ask the question properly, you have to also define the timeframe. For example: What was the ROI of [insert activity here] in social media for Q3 2011?”
Are you asking the right question?
First can you tell us, why an elephant?
Why did you recruit a 12,000 pound pachyderm with a penchant for peanuts?
Before you plan a campaign
Envision your elephant...
Is he stationed at the front of the mall
bedecked in satin and tassel signage?
Brand VisibilitySpecial Promotion
Is he giving little children rides on
his back?
Creating goodwillPhoto ops on FacebookLocation check-ins on Foursquare
Is he a crowd pleaser—causing
quite a stir?
Fingers and tweets fly about “Monty the Magnificent”
What is this campaign about? {strategy}
Promote an event?Build a Facebook community?Introduce a new product?
What results do you want to see? {goals}
Increase brand visibility?Reduce customer service cost?Increase sales?
With expectations and benchmarks set, you can now fill your cup with statistical goodness.
Define and Align
Your promotion caused a lot of commotion—but was it successful?
Answer: If you just look at the $$$ gained, you’re missing a HUGE part of the picture
Now, how do you measure that?
Qualitative measurement
It’s not always black and white
I’m talking to youYou’re talking backYou tell your friends I’m coolYour friends now want to meet me
Hold please...
What’s the ROI of NOT having a conversation?
“@prsingleton: Clear cost of not engaging in Social Media is being perceived as a flat-earther. #socialchat”
“The ROI of social media is your business will still exist in 5 years” —Erik Qualman
Filling your cup with statistical
goodness
Your metrics are informed by your goals. It’s up to you to make your own brew.
Nitty gritty weights and
measures
• Brand Awareness• Social Reach• Frequency• Audience
Brand Awareness
• Monitor conversations• Hootsuite & TweetDeck• Google Alerts • Twitter lists• Hashtags
• Exposure• How many platforms are you on?
• Social ranking• How visible are you online?
Who is talking about your brand, where, and how often?
Social Reach
• Number of followers• How many subscribers, fans, followers
circles and lists?
• Performance• Which channels are most active?• Which posts are most viewed?
• Growth• Are you up or down from last month?
How large is your community and is it growing?
Frequency
• Engagement• How often?
• Number of RT’s, mentions, shares, comments, likes
• Who with?• Influencers? {Reporters, industry experts,
community leaders, CEO’s}
• Unique visits• Facebook Insights, Google Analytics
When you talk to people are they talking back?
Audience
• Demographics• M/F, age, country, zone
• Behaviors• Best time of day {Time.ly}• What type of posts get the most response?
What elicits a response?
Great tools!
• Hootsuite• Basic plan & quick analytics {$5.99/mo}
• Customized reports for additional cost• TweetDeck• Sprout Social
• At a glance monthly report {$5.00/mo}
• New Facebook Insights• Google Analytics & Alerts
• Twenty Feet• Twit Sprout• SocialOomph• Webtrends• Social Argyle• Social Bakers
“Not everything that counts can be counted, and not everything that can be counted counts.”
So true Al... It’s what moves the needle that counts!
Stay in touch
Wahine Mediaweb: wahinemedia.comblog: wahinemedia.com/wahineblogfacebook: facebook.com/wahinemediatwitter: @wahinemedia
Karen Weikert@karenweikert
Gwen Woltz@gjwahine
Link to slideshow:http://www.slideshare.net/wahinemedia