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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