Digital Day 2011 - Nick Orsman - ROI and SM
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The document discusses the challenges and strategies for measuring social media ROI, highlighting the growing investment in social media by companies. It emphasizes the importance of clear objectives and effective tracking metrics, such as brand awareness and consumer engagement, while offering examples of successful social media campaigns. Recommendations include linking objectives to outcomes and adopting a long-term perspective on social media efforts.
Digital Day 2011 - Nick Orsman - ROI and SM
- 1. ROI + Social Media Digital Conference 10th February, 2011 v0.01 NM
- 3. What I’m going to cover 1. How confident are we at measuring social media? 2. Why is it difficult? 3. What should you measure? 4. Some examples 5. Recommendations
- 4. Almost a third of companies in the US expect to increase their SM spend in 2011 compared to 8% decreasing
- 5. Forrester 4.5
- 6. How confident are we? Belgian study How capable do we feel at measuring the results of 100 marketers • Online Direct Response • Online Branding • Social Media
- 7. Results Capacity of your company to measure online activities 0 <beginner> 1 <advanced> 2 <expert> 3 Online branding 1.05 Direct response 1.29 Social media 0.85
- 9. Common questions ....friends should we have on Twitter? ....Tweets should we make per week? How ....updates to the Facebook page do many we need? ....should ‘Like’ our Facebook page? ....video views on YouTube mean success?
- 11. RNLI – UK based charity set about targeting youth. Identified 12 UK vloggers to be the spokespeople of that generation and challenged them to be curious about the values it stands for.
- 12. Results Their videos sparked 1 million views, 8000 texts and 150 videos, featured twice by YouTube editors and ranked ‘most-viewed this month’ in 7 countries. Reached 11% of 15–20 year olds with just 12 DM packs Social Media Online TV Display Views 733,000 733,000 733,000 Cost £104,000 £416,093 £736,772 Cost per view £0.14 £0.57 £1.10
- 13. Language is important Don’t set false ROI is a well understood financial calculation expectations ROI = Profit – Investment/ Investment COO/CFO will not be content when results are conveyed as retweets, sentiment or number of followers
- 14. Consider grouping all SM metrics into 4 areas QUANTITY User Reach Volume of Participation How far and wide do How many users are your messages spread? interacting with your efforts? USERS Social Platform USAGE What’s the strength and How do your social depth of user interactions efforts change opinions with your social or intentions? initiatives? User Impact Quality of Participation QUALITY
- 15. The most powerful form of marketing Word of mouth “equity index” formula Volume x impact volume = number of messages impact = Where+What+Who+Source
- 16. The 4 ‘i’s for measuring engagement Involvement Interaction Intimacy Influence What to track What to track What to track What to track Brand awareness Purchase in-store Sentiment tracking Net Promoter (NP) Site visits and online on third-party sites score Time spent Open rate (blogs,reviews, Product/service Pages viewed Click through forums, etc.) satisfaction ratings Search keywords Registration Sentiment tracking Brand affinity and Navigation paths Coupon downloads of internal customer loyalty Site logins Sample requests contributions Content forwarded Physical store visits Coupon redemption Opinions expressed to friends Ad impressions Survey completion in customer service Posts on high-profile Use of application – calls blogs social / iphone Volume of conversation
- 17. Benchmarking
- 18. Four perspectives of a social media marketing scorecard (Forrester, 2010)
- 19. Improved promotion response rates with social-enabled commerce. eCommerce- enabled news feed posts on Facebook drive 18.4 times more sales per impression than Web site links posted in news feeds.
- 20. Cost reduction Channel Voice community reduced F2F events by half decreasing the number of customer conferences it holds, saving upwards of $500,000 for each
- 21. Use consumer surveys to measure the brand perspective Secret deodorant works better than other deodorants increased 8 points and purchase intent jumped 11%.
- 23. Customer insight
- 24. Client assignments Chewing gum and oral care Brief: Explore the differences between consumers in Germany, Russia and the UK in their attitudes towards chewing gum and looking after their teeth Cold sores Brief: What are consumers saying about cold sores? Symptoms vs treatments; Seekers vs Providers; Creams vs Patches; Where are conversations happening and how might the brand join in?
- 25. Recommendations • Don’t invest without some clear objectives • Link objectives to outcomes • Consider a balanced scorecard • Use “ROI” when you mean it • Long term not short term • SM is a state of mind not another channel
- 26. Tack sa mycket!