digiday brand conference: roi in a world gone social: forrester
DESCRIPTION
With many brands devoting entire teams to figuring out their social media strategies, it is no longer a footnote to digital marketing. But the matter of ROI continues to haunt many a CEO’s dream, even while brands continue to prove that social media is all about engaging with the consumer and building the customer base. Moderator: Nate Elliott, , vp, principal analyst, Forrester @nate_elliott Speaker: Erich Marx, director social media marketing, Nissan North America @emarxe Ian Schafer, CEO, Deep Focus @ischaferTRANSCRIPT
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Win The Social Marketing Measurement Game
Nate ElliottVice President and Principal Analyst
September 19, 2012
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Marketers struggle to prove the success of their social programs
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How to Win the Social Marketing Measurement Game
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Avoid the temptation to oversimplify your metrics
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Measure social marketing’s value by whether it supports your customers’ journey
SocialTeam
C-Suite
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The measurement tactics favored by social teams and CEOs both have fatal flaws
Each measures only one side of the story
– The social team only cares about what value the customer received
– The C-suite only cares about what value the company received
Neither considers the different stages of the customer journey
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If you’re using social to support the ‘engage’ phase
Sure, you need to track whether your Facebook page or your Twitter
account created engagement
– If you don’t support the customer’s need, your program has failed
– But supporting the customer, on its own, doesn’t mean you’ve succeeded
Marketer value from ‘engagement’ actually comes in driving discovery
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If you’re using social to support the ‘discover’ phase
You want to know if your word-of-mouth marketing program created reach
and discovery
But marketer value from ‘discovery’ actually comes in driving exploration
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If you’re using social to support the ‘explore’ phase
You must study whether on-site reviews, forums and blogs gave your
prospects a chance to explore in greater depth
But marketer value from ‘explore’ actually comes in driving purchases
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Marketers should think of social as a board game
The C-Suite will want to know how many times you got to ‘Go’ and collected $200
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Marketing mix modeling is the best tool for mapping social spending back to ROI
Coupons
Attributio
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Media Mix M
odels
Marketing M
ix Models
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Three steps to properly measuring social marketing
1. Tailor your metrics to each stage of the customer journey.
2. Measure both sides: Customer value and marketer value.
3. Hire a good mix modeling vendor.
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Thank you
Nate Elliott+1 212.857.0749