Day 2 Morning sessions attended at the SMX Social Media Marketing Conference in Las Vegas.
How do you prove ROI with Social Media? Sessions #2 ‘Measuring Success from Reach to ROI’ will show you how with Mark Cooper, Nan Dawkins and Jon Morris.
Sales & ROI Track
Measuring Success: From Reach To ROI (#smx #22A)
Social Media Measurement: From Reach to ROI - Nan Dawkins, Founder, CEO, Social Snap (@NDawkins_SC)
The story of a fall from grace for ‘Perpetual Kid’ – who lost their Facebook account when it was disabled. Faced with the prospect of starting from scratch, Perpetual kid had to decide if recreating Facebook had a business case.
Social snap had all the data and matched it up with a business case by matching customer records:
- 65% were match to customer records
- Lifetime value of a Facebook customer was higher
- If the customer entered a contest the value was 72% higher than a non Facebook customer
So why is this a business case?
Why do we struggle to show business value and prove it? It is not lack of data
What are the Problems?
Problem #1 Senior Execs need different Data
- Marketers focus on what is growing comnunity what is making eple engage – but the senior management do not use these metrics – when their eyes glaze over and you hve lost your budget
- Transactions are not going to make the case from social channels direct- it is seen as a tiny fraction of the total volume
- That is not what socal shines at – Social fills the prospect funnel and engages the customer – there is often another channel in between
Problem #2 Data lives in silos
ROI des not live in these silos – integration is not really ingetration – how do you solve the problem
We need to start connecting dots
- Web Analytics Data
- CRM data
There may not be a direct sale – but a sale much further down
Google Analytics gives you the asisted conversion data but does not tel you who converted – when you start looking at all the steps in between
If you can’t connect to customer records – you are going to have to focus o n leads and prospects
Social provides value with soft and hard prospect data (downloads no purchase vs full interaction)
Where does social shine
cheap way to get data use utm parameters in links – sloppy use leads to confusing data – force the creators to be consistend
Give senior execs the big picture
- keep in in context
- dont show vvalues or attribution if you cand validate it
Book how to measure social media
Ethan Dobson, Director of Online Marketing, Offerpop (@ethandobson)
How you are talking about ROI is almost as important as what you are measuring
Take the social media marketer role and through the aplication of data elevate ht erole to have strategic impact i the company
- Insustry average from 2012 $8.37
- Email collected will result in $0.18 revenue
- The resuls in a facebook average cost er email of $0.22 average revenue $720 per campaign
- Industry standard numbers cost to acquire $33,480
What does the consumer look like today?
- CRM and other systems lack the real time afile view of consumers that social data provides
- Social data shows you who your customers realy are and what they are actually interested in today
Beyond Likes, PTAT and engagement metrics
Use social date to empower your organisation on multiple fronts and deliver strategic ROI
- Data acquired
- Trends disvcovered
- Revenue generated
- First touch awarenes
- Elevating awareness
- SEO impact
- Email addresses
If you have the ear of the Adwords campaign – start monitoring keywords from conversations and see how they perform compared to other research
Socially Informed Marketing
Rich social data can inform marketing campaigns across all channels and allow your company to discover trends, model consumer acquisition programs and contribute to strategic influences.
Competitive Intelligence: Social Media – Jon Morris, CEO, Rise Interactive (@JonBMorris)
- What makes you great – why are you different why do people want to buy – can’t be because we care or anything that competiors can also say – focus on the different factor – once you know – you now how to put that across to potential customers
- What is the current competitive landscape – what content is more enagaging?
- How are you trending compared to your competitors – if you have a plan in place and you are gaining market share
- Understand your compeitiors goals – goals can vary dramatically – use info to find out what customers want and drive that towards innovation
- Content types
- Content syndication
- Post frequency
Seamless and GrubHub
Case study of the two same offers sent within 15 minutes of each other showed the importance of making sure you follow your competitors
Auto insurance – all 3 main competitors had the same text ad – difference is at Geiko you can save $500, others slightly less. When thses sort of companies spend tens of millions of dollars a year and don’t look at their competitors they are missing out on opportunities
If you don’t have video and your competitors do, you don’t need to go and do it but you do need to find out what they are doing – is the content more engaging?
Content syndication – where are your comptitors – how are they syndicating their content – everyone is on facebook but only semantic is on youtube – if your competiitor is not in that space – opportunity
Guy Kawasaki – 12:20:30 rule – go get the video - after two weeks unubscribed due to clutter and too many tweets
Richard Branson – 1.3 tweets per day – he should be sending more but he is not cluttering the feed
Find out what the right amount of tweets per day is by looking at competitors
You can develop the most engaging content in the world but if you have no subs it wont matter – compare to your competitors
- Number of subs
- Growth rate