ROI - SoMeT

Measurable Results for Social Media

Do they really exist?

47%Not able to measure

“Jury is still out” on their investment

Econsultancy, Nov 2010

Results we’re reporting

• We increased our Twitter followers from 200 to 2,000!

• We increased our post-to-comment ratio 25%

• We had 600 referrals to our website last month

• We had 950 interactions this week: likes, comments and wall posts

• We now have more than 10,000 friends on FourSquare

There’s no established way to

measure the effectiveness of

social media37% of brand marketers

28% of ad agencies

Social media is not a proven/

tested strategy19% of brand marketers

31% of ad agencies

Where to start

• Identify clear business objectives for each of your social media engagements/tactics

• Start by measuring and reporting awareness

• Report how awareness turns into action

• Use awareness to take more action

• Measure and report on action and actual spending (if goal)

The social game

Why do you invest resources in social media?

What channels are you using to accomplish that goal?

Who is listening to your message? Who acts on your message?

How will you measure and report success?

Identify your objectives

• Travel to/within a destination

• Event attendance

• Room nights

• Change/reinforce brand perception

• Member/product awareness

• Generate leads

• Meet visitor expectations

• Community engagement/pride

• Industry/tourism engagement

Measure and report on awareness

Popular awareness metrics

1. Potential reach

2. Subscribers to content

3. Sentiment

4. Resonance

5. Mentions per time period

6. Inbound links

7. Share of conversation

Measure and report on awareness

Popular awareness monitoring and reporting tools

1. Facebook Insights

2. Swix

3. Raven

4. Twazzup

5. TwitterCounter

6. ScoutLabs

7. TweetStats

8. TweetReach

9. HootSuite

10. Social Mention

Where to start

• Identify clear business objectives for each of your social media engagements/tactics

• Start by measuring and reporting awareness

• Report how awareness turns into action

• Use awareness to take more action

• Measure and report on action and actual spending (if goal)

Report awareness to action

Inbound Links

REFERRALS

Report awareness to action

The challenge with referrals

• Only counts referrals from open web pages

• Doesn’t track mobile applications like HootSuite or Adium

• No tracking beyond initial referral

Report awareness to action

Campaign codes

• Track source AND action on the website

• Time on site

• Pages viewed

• Goal conversion

• Cost per conversion

• Allow you to measure conversion of social media channels and other marketing efforts

Campaign codes: Your ROI unicorn!

Awareness: Inbound Links

Campaign codes

www.mywebsite.com/campaign1

http://www.mywebsite.com/campaign1?utm_source=TwitterEvent01

URL Shortener: http://bit/ly/cIUCI3

1. Create a tracking code

2. Use a url shortener

Web Address of Campaign Landing Page:

Web Address with Tracking Code:

Report awareness to action

Report awareness to action

Where to start

• Identify clear business objectives for each of your social media engagements/tactics

• Start by measuring and reporting awareness

• Report how awareness turns into action

• Use awareness to take more action

• Measure and report on action and actual spending (if goal)

Use awareness to take action

Share of voice

22%

28%

25%

25%

New England

Vermont

New Hampshire

Maine

Massachusetts

Use awareness to take action

Share of conversation

36%

21%

33%

10%

New England: Fall Foliage

Vermont

New Hampshire

Maine

Massachusetts

Use awareness to take action

Set SMART campaign goals

• Specific

• Measurable

• Agreed upon

• Relevant

• Time-based

Where to start

• Identify clear business objectives for each of your social media engagements/tactics

• Start by measuring and reporting awareness

• Report how awareness turns into action

• Use awareness to take more action

• Measure and report on action and actual spending (if goal)

Measure and report on action

Value Events (Audience, SITs) - Scoring

Estimate: actual, surrogate, research

Mentions: ½ point (or $X)

Tweet: 1 point

New Fan/Follower: 2 points

Repost/Re-Tweet: 4 points

Landing Page/Website View: 5 points

SIT: Email Subscriber: 7 points

SIT: Conversion/Booking: 10 points Specific

Measurable

Agreed upon

Relevant

Time-based

Measure and report on action

Calculate the number of meaningful actions and multiply them by a weighted value or typical monthly cost to generate a value of each campaign

Benchmark improved performance over time

Test to beat control/other campaigns

• Conversion Study – intercept survey & follow up

• Defines actual travel & influence of social media

• Validated & values Signals of Intent to Travel

• Travel generated: $99,404 Cost: $20,000

• ROI of Social Media Program: 4.97:1

Measure and report on action

Social Media Conversion Study

Measure and report on action

Hoot Suite

• New paid version includes integration w/ Facebook Insights & Google Analytics

Social Mention

• Free, 80 channels monitored, daily alerts, four categories of brand awareness (strength, sentiment, passion, reach)

Radian6

• Monitoring and detailed analytics; works with a variety of channels; integrated with WebTrends and Omniture

BuzzLogic

• Monitors where the conversation is taking place; reports conversation size and share of conversation; blog-focused

Sysomos

• Collection, analysis and stellar reporting; conversations are their expertise

Trendrr

• Dashboards allow multiple search tags for your “brand,” sort by location, gender, influence and sentiment; works with location-based channels

Measure and report on action

Hoot Suite All in one; integrates with some analytics

Social Mention Free; easy to use

Radian6 Integrates with analytics; great dashboard feature

Buzz Logic Best for blogger engagement and advertising

Sysomos Best for strategy: trends and conversations; reporting

Trendrr Best for engagement (listen, measure, respond)

Is social media worth it?

Monitoring and measuring is easy and cheap

Monitoring and measuring is not strategy and action

Social media delivers the best strategic insight, but requires an investment of resources to maximize its potential

Questions?

Karin Mast, Publisher [email protected] @MilesMedia