with Yongfook of ~ a digital business incubator, based in Tokyo
Social Media ROIMeasuring the Unmeasurable?
“Social media is like teen sex”Avinash Kaushik - Analytics Evangelist, Google
“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.”
Avinash Kaushik - Analytics Evangelist, Google
What “investment”?
What “investment”?
Is social media an extension of business ethics? Should there even be a “return”?
There seem to be a lot of qualitative benefits...
•Loyalty
•Trust
•Passion
•Interaction
• Brand Awareness
...but you’ll probably be told
that stuff is hard to measure lol
Fragmentation doesn’t make it much easier
It IS easy to measure, just not with conventional success metrics...
...because it affects more of your organisation’s attributes than just boosting sales
Know which needles* you want to move and how to keep track.
Know which needles* you want to move and how to keep track.
*be strict and choose metrics that actually translate into a business context for your organisation.
Ignore meaningless metrics like “number of followers”. A successful campaign is about more than just getting attention.
Define your success metricNumber of people who filled in the “get more info” form
Number of influential people who tweet something about us
Number of influential blogs that linked to us
Number of repeating, unique visitors
Number of new customers / sales
Number of people who used a specific coupon that is associated with this campaign
Number of minutes a day we are nice to customers
Number of features suggested by users that we actually implement
Number of people in a specific location / demographic who follow us on twitter
Number of new things we discovered about customers that we never knew before
Reduction in support costs
Increase in Pagerank
Define your success metricNumber of people who filled in the “get more info” form
Number of influential people who tweet something about us
Number of influential blogs that linked to us
Number of repeating, unique visitors
Number of new customers / sales
Number of people who used a specific coupon that is associated with this campaign
Number of minutes a day we are nice to customers
Number of features suggested by users that we actually implement
Number of people in a specific location / demographic who follow us on twitter
Your marketing team / social media consultantcan help you define these.
Number of new things we discovered about customers that we never knew before
Reduction in support costs
Increase in Pagerank
•Define relevant success metrics that translate into a business context.
• Quantitative - sales (obviously), new leads, new qualified subscribers
• Qualitative - satisfaction, loyalty, authority, interaction, feedback
• For qualitative goals, use simple rules as metrics.
•Set campaign goals based on these metrics. Your return is successfully meeting or exceeding these goals.
• Implement campaign, review metrics and goals. Filter out channels and strategies that don’t get good returns. Repeat.
Measuring Qualitative Returns
A simple campaign to build Loyalty & Trust
Be nice to customers who mention your company / product name on Twitter.
Success Metrics Goal As implemented by...
- Amount of positive comments sent to customers per week within a given time ceiling
- Amount of conversations that started from the comment.
N amount of positive conversations about your company or product per week
Measuring Qualitative Returns
A campaign to increase Satisfaction
Engage with customers / prospects using social media and ask what they would like from you.
Success Metrics Goal As implemented by...
- Amount of good suggestions that your company hadn’t thought of.
- Amount of the above that your company actually implements.
N amount of suggestions collected per month and N amount that you actually implement.
Measuring Qualitative Returns
A campaign to increase Authority
Start a blog on a topic that relates to your company and that you an expert on. Focus on writing authoritative content first, promoting your company second.
Success Metrics Goal As implemented by...
- Amount of influential blogs linking to you.
- Pagerank relative to that of competitors.
- Amount of organic traffic per month.
- Amount of traffic that converts to sales.
N Pagerank by a certain date.
Nth position in Pagerank relative to competitors by a certain date.
N% of organic traffic per month.
$N per month attributable to referrals from blog.
Measuring Qualitative Returns
Measuring Quantitative Returns
A campaign to increase Offline Sales
Implement a promotion on a social media platform. Give participants a printable campaign voucher so you can track where offline sales originated.
Success Metrics Goal As implemented by...
- monthly sales
- monthly store traffic
$N monthly sales
N% increase in store traffic over the pre-promotion period.
Measuring Quantitative Returns
A campaign to increase Online Sales
Use Twitter to inform prospects about special promotions, capitalising on Twitter’s real-time nature for exclusive, limited-customer / limited-period offers.
Success Metrics Goal As implemented by...
- monthly sales attributable directly to Twitter
- new customers attributable directly to Twitter
- monthly revenue generated from customers originally from Twitter (i.e. did the customer go back later of their own accord and buy more)
$N monthly sales
$N monthly sales directly attributable to Twitter
Measuring Quantitative Returns
Remember that driving targeted traffic from social media sources is only half the challenge if you’re trying to sell something.
Flawlessly-executed social media campaign Your websiteIs a door to...
Learn about:A/B and Multivariate TestingDesigning to sell
Get into the habit of:Testing, testing, testing
Hire a:CopywriterWeb designer who likes sellingPerson who can manage all of the above
Dave McClure has a good presentation online about metrics and measurement:http://www.slideshare.net/Startonomics/startup-metrics-for-pirates-presentation
AARRR
(this makes sense if you watch his presentation)
You can also ask me about this or any of the other stuff I’ve talked about. Happy to chat.
http://www.slideshare.net/yongfookView / Download this presentation:
CEO of
http://www.rippl3.com
Digital Business Incubationhttp://www.egg-co.com
http://www.opensourcefood.comhttp://www.sweetcron.com
http://www.rippl3.com
Coming soon - an easy-to-use tool related to the stuff I talked about today...
http://www.yongfook.com
Thank You!If you need to get in touch, for the rest of my trip I can be
found sitting in front of a bowl of this:
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