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So, where do you get the budget from? What areas do you shift the budget from? Customer service? PR?
After a month… New visitors to the website Increase in Facebook friends Comments on the corporate blog After 3 months… Google analytics Continual growth in these channels Social mentions Twitter followers Non-financial Impact Website visitors Click-thorughs Positive press YouTube reviews Coupons distributed Retweets Positive WOM Delivered emails Negative press Employment applications Negative WOM Facebook friends Social Mention Twitter followers Blog comments Impressions Customer complaints
Ways we can measure…. Baseline: YoY growth after using social media Sales: Growth after using SM Transactions: Monetary growth after using SM New customers: obtained after using social media. This would run along side an events diary so we can map the peaks and troughs. E.g. YoY sales are up X%, individual transactions have doubled, X new customers in 6 months….
How does my social media activity impact things like mentions, sentiment, traffic (offline % online), touches etc. Look at the effect these changes in customer behaviours have on actual transactions Sales-focused organisation would look into analysis in terms of frequency, reach and yield.
Social Media ROI 2010
Social MediaReturn OnInvestmentFebruary 2010Emily Wilkinson
“Think of Twitter as the canary in the coal mine.”Source: Morgan Johnston, Jetblue Airways
Why allocate budget to SocialMedia?Social Media (SM) is not free, it takes: People Technology TimeMarketing, sales, accounts, I.T, PR etc. make up 100%of your budget – each resource has a specific cost andyields specific results. These resources generate 100%of your business.
Why should I take a chance?Why should I allocate resource to it? It will result in a cost reduction (customer service, market research) It will generate more revenue (via transactions, new customers, customer loyaltyROI = Gain from investment – cost of investment cost of investment
Business JustificationROI is a business metric, not a media metric. Social mediaisn’t responsible for an increase or change, it is a tool.Similar to suggesting that the telephone helped sales. Thatsaid: The engagement conducted via social media that can be measured. The transactions and behaviours can be measured Measurement of all activities and benchmarking Poll customers, promo code seeding across a variety of channels etc.
It’s not just about measuring eyeballs..Reporting should show that social media is impacting every aspect of the business (and areas it isn’t impacting, how can we have an effect there?)
Steps Goals Before we set out to measure and monitor, we need a clear idea of what we want to accomplish. E.g. If the goal is to increase social media mentions, where does Silverstone currently stand now? Tools Although ROI doesn’t not equal metrics, traditional metrics such as traffic counts, number of comments, twitter followers, FB fans etc are important when calculating ROI. E.g. Does an increase in FB fans correlate with higher sales? Are people that find Silverstone.co.uk from Twitter then clicking on your driving experiences?
Steps Sentiment Sentiment is a useful baseline to look at before implementing or changing social media. Is it negative or positive that is being said?
Steps Using the data Once we have the initial baseline data and the metrics, we can then see how these correlate to higher sales, better customer retention etc. E.g. Have sales levels increased? Check no. of referrers on the website, twitter, facebook, no. of vouchers given away and calculate what stemmed from social media campaigns. Is there an increase in traffic after posting on FB? Twitter? Does a higher sentiment lead to an increase in sales?
Example 37% of Gen Y were aware of the Ford Fiesta via social media before its launch in the US 25% of Ford marketing spend is on digital/social media
Example £9.5k SM investment 300% website traffic increase 20% sales increase Google 1st page for “free website builder”
“Why are we trying to measure social media like a traditional channel anyway? Social media touches every facet of business and is more an extension of good business ethics”Source: Erik Qualman, Socialnomics
Thank You Emily Wilkinson @ewilko Ewilko.wrodpress.com