social media roi in 7 easy steps

SOCIAL ROI IN 7 EASY STEPSPRESENTED BYSERENA GOLDBERG, MANAGER OF ANALYTICSJENNA LEBEL, VP OF GLOBAL MARKETINGOCTOBER 24, 2012http://slideshare.com/likeablehttp://bit.ly/smroiwebinarhttp://likeableroi.com#likeable

TODAY'S PRESENTERS

Serena GoldbergManager of AnalyticsLikeable Media@SerenaGoldberg

Jenna LebelVP of Global MarketingLikeable Media@JennaL15

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WHAT'S INSIDEMeet Likeable

Overview of Social ROI

Why You’re Not Seeing Results

Do’s & Don’ts

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7 Easy Steps to Social ROI

A Likeable Case Study Example

Q&A, Feedback & Grand Prize

HAVE A QUESTION?Tweet questions to @LikeableMedia or use the hashtag #likeable

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MEET LIKEABLE

TIMELINE

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MEET OUR CLIENTS

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WHAT IS SOCIAL ROI?

ROI IS A HIGHLYDEBATED TOPICIN SOCIAL MEDIA

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SOCIAL ROI DEFINED

Wildfire ROI White Paper

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“While the definition of ROI (revenue minus expenses / expenses) is fairly straightforward, ROI can only be defined when you understand what results provide “value” to your brand.”

Altimeter Group

“Social media is measurable. It can be done.To say social media can't be measured is a cop-out, and dangerous for anyone who works in an organization that, say, plans to make or raise money at some point in the future.” Forrester Report,

The ROI of Social Marketing

“Marketers often frame this question as 'What is the ROI of social media?' butfinancial metrics are just one way ofevaluating social media marketing programs. Social media marketingdelivers a wide range of benefits toorganizations that are beneficial in theshort term and long term in ways bothquantitative and qualitative.”

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41% of marketers surveyed had no return on investment figure for any of the money they had spent on social channels as of October 2011.

74% of CMOs believe they’ll tie social media efforts to hard ROI this year.

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SOCIAL ROI STATS

OVERVIEW OFSOCIAL ROI

SOCIAL ROI:

IT'S CONTEXTUAL

SAMPLE FACTSOME HASHTAG

Defining social ROI is challenging because it’s all contextual

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SOCIAL ROI:

MORE THANSALES EARNINGS

SAMPLE FACT

Never let one general number be your ROI

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WHY YOU'RE NOT SEEING RESULTS

WHY YOU'RE NOTSEEING RESULTSYou only focus on likes and follows

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WHY YOU'RE NOTSEEING RESULTSYou're only measuring what's there

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WHY YOU'RE NOTSEEING RESULTSYou don’t compare your results to the industry in general or your competitors

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WHY YOU'RE NOTSEEING RESULTSYou aren’t telling a story

Straight data = ineffective

Analysis = critical

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WHY YOU'RE NOTSEEING RESULTSYou aren’t able to adjust your strategy as a result

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DO’S & DON'TS

SOCIAL ROI

DO: OUTLINE GOALS

SAMPLE FACTSOME HASHTAG

Identify Success

Brainstorm ideal outcomes and reference points so you can measure against them

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SOCIAL ROI

DO: TELL A STORY

SAMPLE FACTSOME HASHTAG

Supplement your data with stories

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SOCIAL ROI

DO: DIFFERENTIATE

SAMPLE FACTSOME HASHTAG

Know different metrics matter to different people

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SOCIAL ROI

DO: USE VARIOUSMETHODS

SAMPLE FACTSOME HASHTAG

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SOCIAL ROI

DON'T: MEASURE EVERYTHING

SAMPLE FACTSOME HASHTAG

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Only measure what matters to your brand and what will move your strategy forward

SOCIAL ROI

DON'T: RELY ON TOOLS TO PROVIDE ANALYSIS

SAMPLE FACTSOME HASHTAG

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Only use these tools to provide data, trends and themes

SOCIAL ROI

DON'T: MISTAKE ROI

SAMPLE FACTSOME HASHTAG

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Data, metrics and KPIs are not ROI Data and metrics show the positive and negative changes that have occurred in your business

SOCIAL ROI

DO’S AND DON'TS

SAMPLE FACTSOME HASHTAG

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Do

Outline Goals

Tell A Story

Differentiate

Use Different Methods

Don't

Measure Everything

Rely On Tools To Provide Analysis

Mistake SM data, metrics, or KPIsfor ROI

SOCIAL ROI IN7 EASY STEPS

STEP 1: DETERMINE YOUR GOALS

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STEP 2: BENCHMARKING

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STEP 3: PUT THE TRACKING IN PLACE

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STEP 4: MEASURE

STEP 5: DETERMINE YOUR COST

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STEP 6: IDENTIFY THE RETURN

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STEP 7: CALCULATE AND EVALUATE

ROI =

BENEFITS – COSTS

COSTS

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PUTTING IT INPRACTICEOur Case Study

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PUTTING IT IN PRACTICE:

OUR CASE STUDY

SAMPLE FACTSOME HASHTAG

Client: Things Remembered

Promotion: Brides-to-Be

What: Private event for Facebook fans only that included a free personalized gift, private shopping and expert advice by showing “engaged” status on Facebook

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PUTTING IT IN PRACTICE:

OUR CASE STUDY

SAMPLE FACTSOME HASHTAG

Results:

53% of all stores had a transaction that included the free gift

23.6% saw revenue increase on this day compared to the same day of last year

Overall 670% ROI

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LIKEABLE CONTENT:

EXCLUSIVE ACCESS

SAMPLE FACTSOME HASHTAG

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LIKEABLE BUSINESS:

BONUS OFFER

SAMPLE FACTSOME HASHTAG

Likeable Business: Why Today’s Consumers Demand More and How Leaders Can Deliver is available for pre-order on Amazon.

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THANK YOU!Questions? Feedback? Grand Prize!

SERENA GOLDBERG, MANAGER OF ANALYTICSJENNA LEBEL, VP OF GLOBAL MARKETINGhttp://likeable.comhttp://FB.com/likeablemedia@likeablemedia