Measuring your way to success: social media measurement, monitoring and ROI

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Monitoring, measurement, analytics and ROI

Measuring Your Way to SM Success

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Social Media and Business

250 million Facebook users120 million login daily

18 million Twitter users

>1.5 million pieces of content are shared on Facebook DAILY

Force to be reckoned withFundamental shift in how we communicate

Source: Erik Qualman “Socialnomics” http://socialnomics.net/2009/08/11/statistics-show-social-media-is-bigger-than-you-think/

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Social Media and Business

Over 200,000,000+ blogs

54% post content or tweet daily

34% of bloggers post opinions about products and brands

Do you know what they are saying about you?


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Social Network Use Skyrockets

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It’s All About Trust

• 25% of search engine results are links to user generated content

• 78% consumers trust recommendations from their “social graph”, only 14 % trust ads


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The Question Is

… But rather • How do I engage? • Where do I engage?• How do I know if it’s working?• What’s the impact on my business? What’s the

ROI?

… No longer “Should I engage?”

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Social Media: Impact on Business

+18% sales in companies with highest use of social media

-6% sales in companies with the least

18% of traditional TV ads generate positive ROI

Source: Erik Qualman “Socialnomics: Social Media ROI” http://www.youtube.com/user/Socialnomics09#p/a/u/0/ypmfs3z8esI

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$20 mil reduction in call center activity


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24% of social media leads convert to sales opportunities


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37% of Gen Y were aware of Ford Fiesta (via social media) in advance of its launch


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How Do You Measure Success?

TrafficLead Generation

Links Awareness

Social Media CoverageSignups

ConversionSales

Profit

Retention

Customer Service

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Let’s Talk About ROI, Baby…

ROI = Return on Investment

You need to know:1. Your investment in the program2. Success metrics3. How to tie your activities to these success

metrics

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The Definition of ROI has Expanded

Return on Engagement: measure of time spent interacting

Return on Participation / Involvement: measure & value time spent participating in conversations

Return on Attention: seize & hold attention, measure response

Return on Trust: measure of customer loyalty & likelihood for referrals

Source: Brian Solis “The Maturation of Social Media” http://mashable.com/2010/01/26/maturation-social-media-roi/

Source: Jaime Shiller http://jamieshiller.com, http://www.marketextend.com

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Step 1: Monitoring

In social media, they will talk about you anyway

You need to:• Listen• Understand what customers want, top issues• Understand how they feel about you, your competitors• Sentiment, share of voice• After you have a handle on it, you can engage

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How Do You Monitor?

Share of voice

How they feel

Where to focus

Where they are

Source: Biz360 Community Insights

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Step 2: Engagement

Listening is no longer enough

But before you engage….…What is your purpose?• Outreach activities with “influencers”• Brand building, thought leadership• Convert the curious to leads• Customer service, neutralize problems• Quick sales lift - promotion

Knowing your purpose will help you measure

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Step 3: Social CRM

Helps you organize and track your engagement activities:

• Align your team• Bring all the functions together• Effective and efficient workflow• Allows you to track each lead as they become

customer or not

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Step 4: Web Analytics

What happens when a customer gets to your site

• Understand where they came from• Conversion• Return visits

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Step 5: Retention

How do you engage with existing customers

• Customer service• Email marketing• Special programs• Offer something of value: webinars, white papers,

upgrade paths• Measure and track back to original contact

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Free Report

Measure social media coverage and buzz around Social Media Week with Community Insights tool from Biz360

http://bit.ly/SMWreport

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Panelists

Jamie Shiller: Principal Consultant, Market Extend @jamieshiller

Sudha Jamthe: Social Media Strategist, Paypal X Platform

@sujamthe

Bliss Dake: VP, eCommerce & Operations, Mighty Leaf@themaria

Maria Ogneva: Director, Social Media, Biz360@themaria @biz360

Technology

Measuring your way to success: social media measurement, monitoring and ROI