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How to measure ROI (Return On Investment) for social media
May 11, 2015
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© COPYRIGHT PUTTIN’ OUT, LLC. 2011
Define what is your Business Goal
MARKETING • Increase traffic to your site • Improve brand positioning (have more people talk about the brand) • Reach a new customer segment • Set a new marketing message (new positioning, new marketing campaign) • Set a communication media with customers
You can have one major goal or multiple goals depending on your business issues.
Define what is your Business Goal
PRODUCT • Gather customer feedback about products • Set up user testing • Build a customer service • Launch customer surveys • Do market research and competition analysis
Define what is your Business Goal
SALES • Increase customer satisfaction • Increase number of recurring sales • Increase lead generation • Open a new sales channel • Reach a new customer segment
Define what is your Business Goal
CORPORATE • Hire talents • Increase employee retention • Improve internal knowledge sharing • Increase internal communication
© COPYRIGHT PUTTIN’ OUT, LLC. 2011
Know who your customers are
Segment precisely your customers as this is the beginning of successful ROI with Social Media. Because you will know your customer, you will be able to set up the most appropriate campaign and target the most relevant media.
Know who your customers are
• Socio-demographics data • Usages (psychological data) • Communication channels • Expectations in term of sales and messages • How do they perceive ads • What are their social graphs (how do they link to each other) • Purchasing decision cycle • Who do they partner with
© COPYRIGHT PUTTIN’ OUT, LLC. 2011
Define the right campaign • Define the messages • Define the tone • Define the formats (video, ads…) • Define the degree of virality (some formats will be more appropriate than others for a pure viral campaing) • Pick the partners you want to work with • Define your budget • Define your timeline
© COPYRIGHT PUTTIN’ OUT, LLC. 2011
Select the right media for you
Not all the Social Media will be successful for you ! And one of the last thing you want to is be like everybody…
Select the right media for you - Examples
You want to launch a new fashion product targeting 20-35 years old women. Your business goal is to position the marketing message and trigger the first sales…which social media could you select ? • Blogs • YouTube • Viral campaign on Facebook with a social game • Twitter contests for the product on your current corporate account…
Select the right media for you - Examples
You offer a BtoB product targeting big corporations and you want to increase customer satisfaction and generate more sales with your installed base… which social media could you select ? • Webinars • Forums for tips • Online advisory boards • Virtual fairs where customers can meet and talk to each others • Slideshare to present new products…
Select the right media for you - Examples
You acquired a new company and you want to spread the message that you now have new offers in your porfolio… which social media could you select ? • Blogs • Twitter • Slideshare • Wikipedia…
© COPYRIGHT PUTTIN’ OUT, LLC. 2011
Allocate the right resources
Social Media require resources to create the content and keep your communities active.
Allocate the right resources
• Think thoroughly to build a team to deal with social media • Social Media does not happen by magic, it requires people who know what they are talking about and not only social media users • Identify internally who are already the best people to talk about your company and set up a pod gathering these people • Work with partners who can leverage your brand and others who can create valuable content
© COPYRIGHT PUTTIN’ OUT, LLC. 2011
Measure the results
Yes ROI exists for Social Media ! Depending on your business goal you can assess if you reached your target. Different measures will be used.
Measure the results
TRAFFIC • Number of views • Number of unique visitors • Number of returning visitors • Drop rate • Location of the users • Time spent on the site…
Measure the results
BRANDING • Number of external links • Number of conversations about the brand • Quality of the conversations • Number of active users in the community…
Measure the results CUSTOMER SATISFACTION • Recurring sales • Number of customers willing to talk in your favor in conferences for example • Number of user feedbacks for new products generation and product testing • New revenues generated on a new segment…
Measure the results
INTERNAL PROCESSES • Number of qualified candidates you reached • Employees turnover • Employees satisfaction (do a survey to know about it) • Increase in productivity (timelines met, conflicts decreased…)…
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