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An abridged version of Tom McClintock's Great Ideas presentation on the value of Social Media ROI. Please see the full presentation for more details.

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what is your social media roi date march 26 2012 time 3 15 4 30 pm hub tag ideas12 lm8

What is Your Social Media ROI? Date: March 26, 2012Time: 3:15 – 4:30 pmHub Tag: #ideas12 LM8

Tom McClintock

a presentation by

A Presentation By:

Tom McClintock

Colorado Springs, CO · Richmond, VA

agenda
Agenda

Social Media (SM)’s Latest Triumphs

ROI Opposite Corners

New Math, Cases and Available Tools

viewpoint 1

Viewpoint #1

You can’t—and shouldn’t try to—calculate the ROI of social media.

view 1 no roi from sm
VIEW 1: No ROI from SM
  • Having thousands of followers doesn’t necessarily translate into SM marketing success
  • You can easily measure only some things
    • Coupons
    • Contests
    • Clicked links
    • Signups
  • Much of SM’s benefit is indirect or intangible—not

an asset purchased and placed on

balance sheet

view 1 no roi from sm8
VIEW 1: No ROI from SM
  • SM is an investment in a relationship with your audience that converts them into advocates.
  • Value is derived from qualitative benefits.
view 1 no roi from sm9
VIEW 1: No ROI from SM

Qualitative Benefits In Each Stage of Your Marketing Campaigns:

  • Research
  • Strategic Planning
  • Implementation
  • Evaluation

Source: Synovate Research, Alexa Global Traffic Ranking,

Morgan Stanley Research

view 1 no roi from sm10
VIEW 1: No ROI from SM

Implementation

  • Driving traffic to your website
  • Branding
  • Risk management
  • Conversions based on goals

http://annualreport.pg.com/annualreport2011/innovating/oldspice.shtml

view 1 no roi from sm11
VIEW 1: No ROI from SM

If you need to calculate ROI, think of it as activity-based, not medium-based—i.e., Focus on the relationship between the activity and the outcome.

Social Media is a tool, just like a telephone, email or computer.

viewpoint 2

Viewpoint #2

You can—and must—calculate the ROI of SM.

view 2 calculating roi from sm
VIEW 2: Calculating ROI from SM

Comcast

Twitter customer service center attracted 2,700 followers. Many critics of the company converted to raving fans.

Starbucks

Goes to customers through SM for new product ideas. Now when it launches a new product, it already has millions of fans.

Livestrong

Raised $10.8 million with Livestrong Challenge through SM channels with blog as hub.

Source: Petersen, Rob. 34 cases that prove social media ROI, http://barnraisersllc.com/2010/10/33-13-social-media-case-studies-prove-roi

view 2 calculating roi from sm14
VIEW 2: Calculating ROI from SM

Low investment in SM leads to high ROI when organizations:

  • Have a clear business strategy
  • Aren’t afraid to jump in
  • Make imaginative use of social channels, customer engagement and brand relationship

Source: Petersen, Rob. 34 cases that prove social media ROI, http://barnraisersllc.com/2010/10/33-13-social-media-case-studies-prove-roi/

view 2 calculating roi from sm15
VIEW 2: Calculating ROI from SM

So how did BarnRaisers find an ROI when so many others couldn’t?

Let’s take another look at the formula that the naysayers cite:

(Return – Investment)

Investment

must all sm roi be sales based
Must all SM ROI Be Sales-Based?

If your goal is sales, you can measure ROI using the standard financial formula:

(Return – Investment) Investment

But what if you’re, say, an Association…with returns less tangible, e.g., raising consumer awareness about your industry?

new math
New Math

BarnRaisers and others realize that social has not only decentralized and disaggregated, but it’s also dematerialized

—things are less tangible

Less Tangible Today

  • Publishing
  • Content
  • Workplace
  • Corporate Structure
  • Pricing (Freemium Model)
  • Hollywood Studios
  • Trade Shows
  • Friendships
  • Business Contacts
  • Assets, too!
  • Great Idea #1: social redefines how we generate and value returns in a less tangible world
new math18
New Math
  • Great Idea #2: Untethered, ROI metrics can now go beyond sales dollars to include Retention, Research and Sentiment values as major currencies to track your messaging
don t base roi on sales if sales isn t your goal
Don’t Base ROI on Sales If Sales isn’t Your Goal

Great Idea #3: when sales aren’t the goal, calculate the ROI Return using the Persuasion Index

Defined by 5 levels of agreement:

  • Strongly agrees (5)
  • Partially agrees (4)
  • Neither agrees nor disagrees (3)
  • Partially disagrees (2)
  • Strongly disagrees (1)
five steps to calculate sm roi
Five Steps to Calculate SM ROI
  • Step 1: Identify Objective sales, retention, market research—or for most associations—sentiment
  • Step 2: Define Metrics
    • sales: thank-you page visits from tweeted landing page
    • retention: repeat customers/Facebook posts
    • market research: likes to announcement of potential new product/number of Facebook fans
    • sentiment: shift in percentage of conversation participants who agree vs disagree to message point over time
  • Step 3: Estimate SM campaign costs labor + ad spend + premium value
  • Step 4: Estimate SM Return against Objective via Metrics
  • Step 5: Measure and report regularly
measure roi to improve roi
Measure ROI to Improve ROI
  • Great Idea #4: Measure SM ROI with an eye to improving it by:
  • Increasing campaign impact
  • Reducing campaign costs
measure roi to improve roi22
Measure ROI to Improve ROI

Increase campaign impact

  • Define goals
  • Empower users through transparency
  • Research offers
  • Employ relevant premiums
  • Utilize split-tested landing pages
  • Develop relationships
  • Promote synergistic third party offerings
  • Establish social partnerships
measure roi to improve roi23
Measure ROI to Improve ROI

Reduce campaign implementation costs

  • Leverage SM team
  • Establish SM culture
  • Employ Twitter client
  • Utilize SM browser
  • Repurpose content
  • Establish social partnerships
nsi case 1 sentiment measurement for american chemistry council
NSI CASE 1: Sentiment Measurement for American Chemistry Council
  • ROI: Message Point Delivery
  • Problem: Regulators can’t keep up with the latest in materials science, like Life Cycle Assessment (LCA)—a methodology to measure a building’s lifetime environmental impact
  • Objective: Raise Sentiment for LCA Across Target
slide25

NSI CASE 1: Sentiment Measurement for American Chemistry Council

  • Messaging
    • LCA reviews building materials through all phases, from manufacture through recycling
    • LCA contrasts with single-attribute assessment, such as whether the product is made from recycled material or whether it emits VOCs
slide26

NSI CASE 1: Sentiment Measurement for American Chemistry Council

  • Goals:
    • Increase web traffic by 10% by December 2011 (+60%)
    • Create regular weekly blog content on highest visibility sites
    • Use Social Media to reach public and key Building & Construction audiences
slide27

NSI CASE 1: Sentiment Measurement for American Chemistry Council

  • Methodology: 4-Phase Strategy

PHASE 1:

Listening Strategy via ReputationConnect™ Listening Platform

PHASE 2:

Increase

Social Voice

PHASE 3:

Change

Sentiment

PHASE 4:

Blog and Twitter Outreach

roi measurement tools
ROI Measurement Tools

Facebook Insights

roi measurement tools30
ROI Measurement Tools

Facebook Insights

roi measurement tools31
ROI Measurement Tools

Google Analytics

  • Track Goals via Conversion Funnels
    • SM Traffic Only
    • Review Correlations Between SM Referral Traffic and Goal Conversions
  • Utilize a Variety of Tools
  • Define, Track, Measure, Change, Repeat

Source: Lane, Brett, Engine-iusMarketing,

CEO Workshop 2011, Colorado Springs Marketing Group

roi measurement tools32
ROI Measurement Tools
  • Google Webmaster Tools

Source: Lane, Brett, Engine-ius Marketing,

CEO Workshop 2011, Colorado Springs Marketing Group

roi measurement tools33
ROI Measurement Tools
  • Facebook Google Analytics Tracker

Source: Lane, Brett, Engine-ius Marketing,

CEO Workshop 2011, Colorado Springs Marketing Group

roi measurement tools34
ROI Measurement Tools
  • Involver’s Static HTML for Pages

Source: Lane, Brett, Engine-ius Marketing,

CEO Workshop 2011, Colorado Springs Marketing Group

roi measurement tools35
ROI Measurement Tools
  • AddThis

Source: Lane, Brett, Engine-ius Marketing,

CEO Workshop 2011, Colorado Springs Marketing Group

roi measurement tools36
ROI Measurement Tools
  • PowerReviews

Source: Lane, Brett, Engine-ius Marketing,

CEO Workshop 2011, Colorado Springs Marketing Group

contact information
Contact Information

Tom McClintock

NSI Partners

719.328.0042 x801

tom@NSIpartners.com

www.NSIpartners.com