Analyse the ROI for Social Media in Travel
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This document discusses measuring return on investment (ROI) for social media in the tourism industry. It defines ROI as profit divided by initial investment. It notes there are challenges in measuring ROI for tourism given additional factors like return on involvement, engagement, and activity. It recommends a 9-step process to measure social media investment including defining objectives and tactics, costs, activities, baselines, monitoring, and metrics. Metrics suggested include qualitative measures like brand awareness and reputation as well as quantitative metrics like interactions, transactions, and sales. The document stresses testing and optimizing measurement strategies.
Analyse the ROI for Social Media in Travel
- 1. Analyse the ROI for Social Media Online Marketing and Social Media for Travel Summit Eye For Travel, Prague, 5th – 6th October 2010
- 2. 2 ROI Definition is pretty basic ... final value starting value ROI = starting value In other words, if you invest $5 and get back $20, your ROI is (20 – 5) / 5 = 3 times your initial investment.
- 3. 3 ... but there are several challenges for the tourism industry!
- 4. 4 ROI & Travel Planning Process ...?? Also important for DMOs: Return on Involvement Return on Engagement Return on Activity ... Source: Robert Cole‘s fantastic PREZI presentation: The Seven-Step Travel Process: http://prezi.com/qct23lpz19yw/view/
- 5. 5 There are Many Stakeholders to Connect via Social Web ... Guests Partners New Media (Marketing- & (Journalists, Distribution) Bloggers ...) Tourism Industry
- 6. 6 Different Business Units have different (Social Media) Goals ... Customer Service – Support Marketing – Engagement Public Relations – Reputation & Network Sales – Energizing New Customers, Yield Research & Development: Exploring, Insights Fotocredit: http://www.flickr.com/photos/trico741/
- 7. our home page isn’t just coke.com, it is google.com Source: US Travelcom-Expo, Feb 2010, Dallas USA Classified - Internal use Outside the Industry Innovator of the Year Award: The Coca-Cola Company, Kari Bjorhus,
- 8. and today, I’d say… our home page isn’t just coke.com, it is google.com and hyves.nl and twitter.com and youtube.com and facebook.com and studiVZ.net Source: US Travelcom-Expo, Feb 2010, Dallas USA - The Coca-Cola Company, Kari Bjorhus Classified - Internal use http://www.slideshare.net/travelcom/outside-the-industry-innovator-of-the-year-award-the-cocacola-company-kari-bjorhus
- 9. 9 Nine Steps to Measure Social Media Investment in Travel & Tourism
- 10. 10 First. The Strategy. Define where you want to be!
- 11. 11 Social Media Strategy = Fix One Objective. Fix Different Ways to Achieve ... Strategy 1 Listen Today Strategy 2 Talk 2012 Strategy 3 Support This is what we people want to talk about us
- 12. 12 Second. Tactics. „Social“ concrete & focus on relevant Stakeholders Travel 2.0 - Listen Talk Support (the new Matrix marketing) Guest Media (Blogger, Journalists ...) Partner (B2B) Tourism Industry
- 13. 13 Second. Tactics. „Social“ concrete & focus on relevant Stakeholders Travel 2.0 - Listen Talk Support (the new Matrix marketing) Guest Media (Blogger, Journalists ...) Partner (B2B) Tourism Industry
- 14. 14 Second. Tactics. „Social“ concrete & focus on relevant Stakeholders Travel 2.0 - Listen Talk Support (the Matrix new marketing) Guest Media (Blogger, Journalists ...) Partner (B2B) Tourism Industry
- 15. 15 Third. Define investment & costs. It is more about time & manpower ... Travel 2.0 – Listen Talk Support (the new Matrix - WHO marketing) Guest R&D Marketing / Sales Customer Service Customer Service Outsourcing Marketing Media (Blogger, PR PR Customer Service Journalists ...) Outsourcing Marketing Partner (B2B) Sales Marketing Agency Tourism Industry Corporate PR Managing PR Director R&D
- 16. 16 Fourth. Make „social“ concrete. Focus on relevant Stakeholders ... Travel 2.0 – Listen Talk Support (the new Matrix - WHAT marketing) Guest Ratings & Videos Widgets Reviews Media (Blogger, Communities Journalists ...) Wikis Partner (B2B) Blogs Tourism Industry
- 17. 17 Fifth. Fix a baseline. And document activities in a timeline. Before Start FB / Online PR / Blog / Twitter / XING / FlickR...
- 18. 18 Sixth. Establish a relevant monitoring system of talks about your brand. Different Monitoring-Strategies Free Tools – Do It Yourself! Social Monitoring Specialists Web Monitoring Tools Web Analytics Tools Brand & Reputation Tools Export Data to Own Dashboard Social Media Monitoring Tools I am using: Reputation Tools in Europe: http://www.scribd.com/doc/37758351/Instrumente-des-Social-Media-Monitoring Interaction: http://www.radian6.com/ http://www.nielsen-online.com/products_buzz.jsp?section=pro_buzz cost effizient, reduced complexity and semantic approach: http://www.systemone.net/en/products/radar Monitoring Hotel-Reviews: http://www.trustyou.com/ http://www.circos.com/ http://www.reviewpro.com/
- 19. 19 Seventh. Be clear what to measure.
- 20. 20 Seventh. Be clear what to measure.
- 21. 21 Seventh. Be clear what to measure. I do not agree! Destination Management Companies & Tourist Offices ...
- 22. 22 ... mostly focus on Branding! Types of non-financial impact: Website Visitors Positive press Click-throughs YouTube views Coupons distributed Retweets XING / LinkedIn interactions Positive WOM Delivered emails Negative press Negative WOM Employment applications Customer complaints FaceBook friends Social mention Twitter followers Impressions Blog comments
- 23. 23 ... mostly focus on Branding! Types of non-financial impact: Positive press Website Visitors Oliver Blanchard‘s great Read Click-throughs YouTube views presentation on slideshare: Coupons distributed „Social Business Justification & ROI“ Retweets XING / LinkedIn interactions http://www.slideshare.net/ Positive WOM thebrandbuilder/buzz-2010-presentation Delivered emails Negative press Negative WOM AsEmployment applications is I mentioned: This recommendation a non-financial ROI on Social Media ... Customer complaints FaceBook friends Social mention Twitter followers Impressions Blog comments
- 24. 24 Seventh. 3 types of Measuring Social Media: Value – Do people understand our value? Communication 2.0 Experience Did we move from broadcasting And do people appreciate the value we offer? to meaningful dialogue with customers? Awareness Are we part of conversations? QUALITATIVE Brand Do people think of us in the right context? USP How are we currently talked about? Customer Satisfaction And our competitors? Were we able to build better relationships with our key audiance?
- 25. 25 Seventh. 3 types of Measuring Social Media: Interactions – Numbers, Sentiment, ... Relation of both Impact of Social Media to financial hardfacts QUANTITATIVE Transactions KPI: Sales Revenue KPI: Yield – How much spendings? KPI: Frequency – How often? KPI: Reach – How many (new customers)?
- 26. 26 Seventh. 3 types of Measuring Social Media: Critiquing People invest time in rating and rants. Creating KPI: number/ sentiment of reviews, rants, posts? Strongest form of engagement. KPI: Number of blogposts, videos, fotos ... CUSTOMER ORIENTED Chatting Sharing and Discussing real time information Collecting KPI: Facebook Buzz & Comments, FlickR Groups ... Bookmaring, Likes, RSS-Feeds ... KPI: Number and content of items collected Clicking Passive Interactions. But Social Media Spectators are largest target group! KPI: Number of Referrals increased
- 27. 27 Eighth. Measure. 100 ways to measure social media Source: David Berkowitz http://www.marketersstudio.com/2009/11/100- ways-to-measure-social-media-.html#axzz0x0o6OzSM
- 28. 28 Eighth. Measure. Leave the analyzing do the analysts! Source: David Berkowitz http://www.marketersstudio.com/2009/11/100- ways-to-measure-social-media-.html#axzz0x0o6OzSM
- 30. 30 Some more Linktipps to the topic Brian Solis - What‘s the ROI on measuring Social Media? http://www.briansolis.com/2010/08/roi-doesnt-mean-return-on-ignorance/ Postrank – 5 C‘s of Engagement http://www.postrank.com/postrank/ Blogpost Maddie Grant about 5 C‘s: http://www.socialfish.org/2009/10/the-5-cs-of-engagement.html Mashables „50+ and more ways to track website traffic“ http://mashable.com/2009/01/12/track-online-traffic/ Read. Optimize again.
- 31. 31 You are a great audiance! www.tourismusdesign.com T +43 676 77 14 007 Twitter http://twitter.com/joebertl Facebook http://facebook.com/tourismusdesign XING https://www.xing.com/profile/Martin_Schobert LinkedIn http://www.linkedin.com/in/martinschobert