roi of social media
DESCRIPTION
Presented at the Fall 2010 National Restaurant Association Marketing Execuitives Group Conference. How can you increase the return on your social media investment?TRANSCRIPT
SHOW ME THE MONEY
Who Are You?
Mike Schaffer
Social Media and Online Marketing ManagerBackground in Sports/Restaurant/Entertainment PR
PR and Social Media BloggerAmong PR Pros on Twitter: Top 100, Top 30, #21 Most Influential
Twitter: @mikeschaffer
…And What Do You Do?
• Advertising agency with digital, branding and design teams
• Offices in Washington, DC; Nashville, TN (HQ); Hawaii
• Agency in-house resources- Brand campaign development- Online advertising- Website development- Social media management- Photography and video production- Custom publications- Contact center
- Chats, comments, calls and emails with client prospects
Our Agenda
• What is ROI for Social Media?
• Four Truths About ROI
• Solutions For Your Problems
• Getting Social
If You’re Tweeting This Session…
My Twitter Name: @mikeschaffer
Hashtag: #NRAMEG10
What is Social Media?
Social media is a universe of online networks that allow people around the world to connect with each other every day.
Each network has different audiences and features.
“Social media…is a category of online media where people are talking, participating, sharing, networking, and bookmarking … [encouraging] discussion, feedback, voting, comments, and sharing of information from all interested parties.”
– Ron Jones, Search Engine Watch
Staggering Stats!
• Over 600 million people access social media sites daily. (laptops, desktops, mobile)
• Facebook alone has over 200 million unique visitors every day.
• People will spend 700 BILLION minutes per month on Facebook.
• 51% of active Twitter users follow companies, brands or products on social networks.
• Over 68,000 Tweets per minute (via tweespeed.com 11 OCT 2010)
• LinkedIn: Growing at roughly one new member per second.
• 24 hours of video are uploaded to YouTube every minute, and YouTube clocks 2 billion views per day.
• 70,000 new blogs go onto the web every day.
Return on Investment
Types of Social Media ROI
• Sales
• Online Network Growth
• Customer Loyalty
• Increased Traffic (foot and web)
• Brand Affinity
• Brand Engagement
• PR/Marketing/Advertising Support
A Note About Network Size…
“Quit counting fans, followers and blog subscribers like bottle caps. Think, instead, about what you’re hoping to achieve with and through the community that actually cares about what you’re doing.” – Amber Naslund, Social Media Today
Social Media: Not the “Silver Bullet”
It is not the be-all and end-all of marketing in the year 2010 and beyond.
Social media should:
- Be a part of your integrated marketing and communications plans- Support your branding and advertising- Be supported by your branding and
advertising
The Four Truths About ROI
#1 - ROI Starts With Strategy
1) What are you trying to accomplish?
2) Why is this something you need to do?
3) What is your time frame?
4) How will you go about achieving your
goals in that time frame?
5) How and when will you measure
effectiveness?
#2 - Location, Location, Location
With your goals set, find the right platform(s) to host your campaign!
Things to consider:
1) Where do you already have a presence?
2) What network will best help you achieve your goals?
Remember
each network has its own capabilities and
demographics.
3) Can you leverage multiple platforms or digital entities? Email,
text, etc.
#3 - The Leaky Faucet
Do you pay attention to a
faucet that drips once a
day?
#4 – Choose the Right Yardsticks
www.omniture.com
www.raventools.com www.wthashtag.com
Issues and Solutions
ISSUE #1: It Takes Too Much Time
Reduce your workload by utilizing a social media content calendar.
Content calendars improve:
• Organization
• Efficiency
• Accountability
• Record-Keeping
• Advanced Planning
• Internal Flexibility
Maximize Your Content Calendar
The BIG Question: What should you put on which networks when?
Step 1 – Gather content that relates to and promotes your brand/agency image.
Step 2 – Identify the right channels to distribute that content.
Step 3 – Try posting different content at different times (morning, midday, afternoon, evening) to see when your network responds.
Step 4 – Adjust as necessary: each network has unique standards and rhythm.
ISSUE #2: Who Should Own It?
• Knowing how to tweet does not make you a social media expert.
• Social media is a unique blend of advertising, marketing and PR that should be integrated into your overall communication strategy.
• New form of market research• Scalable, cost-efficient• Controlled message• New business/member/donor generation
• Strategy and execution can be different people.
• ROI Tip: Use your customer service representatives to patrol social media. They are already trained to answer every question!
ISSUE #3: I’m Not Seeing Results
• Step 1: Revisit your goals. Is your current strategy helping you work
toward them?
• Step 2: Identify the disconnect.• Content• Community Management• Network Selection
• Step 3: Fix it or Drop it. Either way, learn from it.
Top 5 Simple ROI Metrics You Should Follow
1) Traffic to website via Google Analytics
2) Sources of traffic to website (referring domains)
3) Traffic trends to key pages (donation, membership, etc.)
4) Facebook “Like” growth
5) Email marketing trends (subscriber rates, click-through rates, conversions)
ISSUE #4: It’s Not Generating Revenue
Make it work for you!
• Feature specific products you want to boost – you can even build campaigns around a product. (Burger sales slowing down?
What about a video contest where customers discuss their favorite topping and the winner gets a $500 gift card?)
• Attach a sales tool to social media:• Passwords• Coupons (active and bounceback)• Exclusive deals
• Engage your network – ask them for feedback and suggestions. Let the customers contribute to the brand!
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