Social Media ROI - B2B Marketing Summit - James Fairweather

Marketing you can measureTM

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Social Media Measurement

Proving ROI and Measuring Social in the B2B Environment.

James Fairweather of Coast Digital


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Where are we with social now?

•The B2B sector has embraced social media.

•We‟re getting customer service and support right.

•Many are struggling moving towards acquisition & lead generation.


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Measuring Success is key

Some of the challenge lies in the breadth of social;

• Customer service

• Marketing & PR

• Market research

• Business development

• HR & Recruitment

The difficulty is in selecting relevant metrics beyond followers and shares to

represent success in these areas.


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Measuring Success

•Marketers are still unsure how to calculate social media ROI.

•The bigger picture; would you measure the ROI from your telephone line?

•B2B marketers need to understand the value in what people are doing to justify

resource on social media.

•Biggest mistake is not considering what success and failure look like early

enough. IBM mantra; Fail, fast.


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What are people measuring?

•Confusion between social media data, metrics (and KPIs) for ROI

•Last touch & direct conversion metrics.

•Vanity metrics.


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Vanity Metrics

•Follows

•Number of „Fans‟

•Likes

•Shares

• Visits

•„Influence‟ scores like Klout


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Vanity Metrics – Some Pitfalls

•Hundreds of distracting social data points to wade through.

•Most of this data is actually nothing but “data puke”. - Avinash Kaushik

•Analysing this data is risky - they can hide the insights needed to understand

what actions to take.

•They can be relevant, however they don‟t always represent reality and mislead

from meaningful measurement.

http://www.kaushik.net/avinash/




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•Reach, isn‟t really powerful unless you consider ‘influencer identification‟.

•Discover the most influential people in your networks and map them.

•Go on to build relationships online with those people.

•Track the quality of these engagements.


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There can be a place for vanity metrics as part of a set of KPI‟s alongside other data.

Look into some of the metrics within those tools, for example;

1. Reach & velocity.

2. # Of Retweets Per Thousand Followers, as measure of efficiency.

3. Messages Per Outbound Message, a measure of two way conversation, not just

broadcast.


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Last Touch Analytics

• Last touch attribution doesn‟t allow Social Media activity to be credited with

keeping conversation going and leads „warm‟.

• If the final „visit‟ to the site isn‟t from a social source, last touch model doesn‟t

credit it at all.


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What should you really be doing?

• Map metrics to business objectives

• Some metrics to consider

• Consider impact of social on SEO

• Create effective dashboards

• Use the right tools


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Map Metrics to Business Objectives

•Focus on choosing a few metrics to use as your KPI‟s in the context of your

business.

•These should form the basis of your measurement framework and will map back

to your business and marketing goals.

•These KPI‟s should lead to action!


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Map Metrics to Business Objectives

•Consider the impact of having a great customer service team.

•What is the ROI from not losing a customer?

•Or reducing your volume of call centre complaint calls by 50%.

These are tangible objectives and have associated costs and savings.

ROI calculation needs to account for how much better your customer

service is.


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How do IBM do it?

IBM look at 4 metrics and not a vanity metric in sight!

1) # of leads

2) $ leads

3) Win revenue

4) Win rate

„Listening for leads‟ casr study; seeking out leads on twitter for IBM;

http://www.emarketer.com/blog/index.php/case-study-ibm-drives-millions-dollars-worth-

sales-leads-social-media/

http://www.emarketer.com/blog/index.php/case-study-ibm-drives-millions-dollars-worth-sales-leads-social-media/






















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Some metrics to consider

Volume of conversation and share of voice – what proportions?

Social graphing - tools like Rapleaf can analyse your email database

Sentiment - analyse conversations around how your brand is portrayed.

Paid Value of Traffic – what cost might equivalent paid traffic be?

On site impact on social – do social visitors behave differently on site?

Lost Customer Value - what impact does a lost customer have socially?

Customer Lifetime Value – consider the impact of increased CLV.


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Planning a strategy

1. Review and learn what works. Keep testing, React and refine.

2. Use A/B testing where you can to optimise performance.

3. Drop things that don‟t work and invest in a steady stream of new initiatives.

4. Always consider time as a key component. Social data may be instantly

available, but building a brand is a timely process.

5. Establish milestones and re-evaluate regularly.


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Social as a ranking signal for SEO


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300 million twitter users.

Over 845 Million active Facebook users.

170 million Google Plus sign-ups.

Search engines can‟t afford to ignore this volume of usage.


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“In the past year, traffic from social has grown from 3% - 27%”via @timgentry

https://twitter.com/





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Social as a ranking signal for SEO

“We do look at the social authority of a user. This can add a little

weight to a listing in regular search results.”

“Yes, we do use it as a signal. It is used as a signal in our organic and

news rankings.”

“The purpose of any ranking signal is to improve overall search quality.

For +1’s and other social ranking signals, as with any new ranking

signal, we‟ll be starting carefully and learning how those signals are

related to quality.”


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What are the effects of this cross-over now?

Social Media Optimisation


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Source: www.branded3.com



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Use effective dashboards

1. Establish your analytics suite and form a good work-flow process

2. There are hundreds of tools and dashboards out there. Trial and test to find

the ones that work for you.

3. Establish a good mix of tools & services that can form your measurement

toolbox and automate where you can.

4. Some can integrate with CRM and other internal systems.

Don’t forget: social media monitoring is about a "team" rather than a "tool"


Reach

Reduced

Phone

Reliance

Shares KPI

KPI

KPI

Dashboard – ROI Reporting

Metrics KPI’s

An example strategy


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Tools & Takeouts

The key to getting Social media „right‟ is more in strategy rather than the toolset.

In many ways, social monitoring is about a "team" rather than a "tool“.

However.... there are good services out there that can speed the management

side of social media up.

“Only 23% of UK marketers said they were able to update multiple channels from

one dashboard.” (Econsultancy)


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Google Analytics Social Reporting


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Google Analytics Multi Channel Goals


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Tools & Takeouts

Identifying Influential Followers


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Tools & Takeouts – Some useful tools

Hootsuite – http://www.hootsuite.com Social Media management dashboard

Tweetdeck – http://www.tweetdeck.com Facebook & Twitter account management

Twitsprout - https://twitsprout.com Twitter & Facebook reporting (although primarily Twitter)

Tweetreach - http://tweetreach.com/ Twitter reach metrics, statistics and analysis

Radian 6 - http://www.radian6.com/ Social media monitoring tools & social media engagement software

Alterian - http://www.alterian.com/ Social Conversation management

Brandwatch - http://www.brandwatch.com/ Social Media monitoring platform

Social Bro - http://www.socialbro.com/ Twitter management dashboard

Buffer (web client) - http://bufferapp.com/ Post scheduling tool

Addictomatic - http://addictomatic.com/ Buzz monitoring tool

Icerocket - http://www.icerocket.com/ Meltwater buzz monitoring

Argyle - http://argylesocial.com Enterprise social marketing platform

Sprout - http://sproutsocial.com/ Social Media management platform

Buto.tv - http://get.buto.tv/ Web Video measurement platform

http://www.hootsuite.com/

http://www.tweetdeck.com/

https://twitsprout.com/

http://tweetreach.com/

http://www.radian6.com/

http://www.alterian.com/

http://www.brandwatch.com/

http://www.socialbro.com/

http://bufferapp.com/

http://addictomatic.com/

http://www.icerocket.com/

http://argylesocial.com/

http://sproutsocial.com/

http://get.buto.tv/


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Wrapping it up

Choose careful metrics & map to KPI‟s.

Measure them meticulously.

Calculate ROI as you would any other channel.

Review regularly & learn.

One size doesn‟t fit all.

Social should be a platform to support a comprehensive

and interesting content strategy.


Private LinkedIn group for Q&A, http://linkd.in/socialmediaROIgroup

We've also got a free Social Media guide for the B2B marketer. If you'd like a copy,

connect with us online or leave some details.

[email protected]

linkedin.com/jamesfairweather

twitter.com/j_fairweather


http://linkd.in/socialmediaROIgroup

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http://www.linkedin.com/jamesfairweather

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Social Media ROI - B2B Marketing Summit - James Fairweather