Social Media ROI & Fan Behaviour #twitterman
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Transcript of Social Media ROI & Fan Behaviour #twitterman
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Social Media ROI & How To Leverage Fan Behaviour
Go ON...Get Your Phone Out & Tweet Using #twitterman
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Meep!
“what Is the ROI of Twitter?”
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ROI = (Gain - Cost)
Cost
Return on Investment (ROI) is simply a measure of the efficiency of an investment. ROI = (Gain – Cost)/Cost #twitterman
ROI is Not scary! Its Just the Efficiency of investment
Just Multiply ROI by 100 To Get a percentage
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Wahooo!!!
Social Media is Free... So it HAS a Fantastic roi, Right?
Social Media might be free to set up but research, planning, strategy, content creation, monitoring & reporting all costs money #twitterman
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mmm...
RESOURCES
There’s No Such Thing As Free LUNCHES
SOCIAL MEDIA (and there’s no cookie cutter approach)
There is no such thing as free social media! It’s your men, your money, your minutes. #twitterman
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Two reasons to Use
Social Media For business
Social Media is a platform which can be used to successfully achieve a wide range of business objectives. “Show me the money” #twitterman
1. Make Money
2. Save Money
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Intangible Outcomes (non-financial)
On the surface, there may be no immediate “ROI” on Twitter. Some outcomes are not financially based. So, ROI is not found here. #twitterman
On The Surface, There may be no
immediate “ROI” on Twitter.
Instead, Build Long Term Benefits
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Which Department
Should “Own” Social Media?
No one department should have full authority over your social media, is your accounts team the only one allowed emails? #twitterman
HR
R&D
Customer loyalty?...
Customer Support
Sales No One Dept
Should...
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Get Specific
Get specific with your targets. Give numbers of units you want to sell. This gives your team a problem to solve & an end goal. #twitterman
Give Your Objectives Targets
To Give Your Team Focus
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The $1,000,000 Question
Start with the ‘why’. Understand your biz objectives & set MEASURABLE targets. Solve the problem, then go do what you do best. #twitterman
Why?
Shortlist 20 candidates to interview for your
new Social Media roles
Research latest trends to develop
a new product
Engage with 200 existing customers
Make good 30 customer
complaints this month
Sell 1500 more units in Q4
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Measurement
"I don't care how many eyeballs we are reaching, unless we are selling stuff.” Can you prove otherwise?.. #twitterman
"I don't care how many eyeballs
we are reaching, unless we are
selling stuff...“
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What on Earth Do I Measure?
Followers?
Klout?
RTs?
Meep!
Sentiment?
@replies?
REACH?
"Not everything that can be counted counts, and not everything that counts can be counted." - Albert Einstein #twitterman
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Each KPI You Measure Should Relate
To Your Business Objectives!
It's worth remembering that non-financial outcomes ARE worth something. But right now, 50,000 new opt-ins do NOT equate to ROI. #twitterman
Non-financial outcomes
are not ROI !!
And They Can be
Indicators for Future ROI
They tell the story and
Fill the gap between
Investment and return
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Listen, Measure, Analyse,
Report & act!
Don't measure and report Social Media numbers just because it’s easy. Measure and report if it means something. #twitterman
Listen
Collect information
that is relevant to your
objectives
Measure
Quantify data
Analyse
Extract actionable insight using focus set
forth in objectives
Report
Regularly deliver actionable
insights against objectives to
all stakeholders
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Correlation doesn't mean causation! Remember to validate any relationships you find: links must be proved or disproved. #twitterman
Only Measuring Online activity?
Overlay Social Media Outcomes with
Transactions, Sales Data & Other Metrics
Validate or reject
Any Correlations you find
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Tools, Tricks & Tips
"Start where you stand, work with whatever tools you may have at your command and better tools will be found as you go along.” #twitterman
"Start where you stand, work with
whatever tools you may have at your
command, and better tools will be
found as you go along.”
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Social Monitoring
Social Media Monitoring... Well... Twitter Advanced Search is underrated http://bit.ly/AdvTwitterSearch #twitterman
Big Boys
Data Friendly
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URL Tracking + Goals
Track links back to your site with http://bit.ly/GoogleShortener Shorten with http://bit.ly & Set up goals in Google Analytics #twitterman
http://bit.ly/AnalyticsGoals
http://bit.ly/ScreendripInTheNorth
http://bit.ly/GoogleShortener
http://bit.ly/TrackSocialAnalytics
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Google Analytics
Use Google Analytics to segment social traffic that arrives to your site. See how to do that here: http://mz.cm/SocialSegments #twitterman
http://mz.cm/SocialSegments
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Measure Influence?...
Popular tools for measuring influence online include http://www.peerindex.com, http://klout.com & http://kred.ly/. But be smart #twitterman
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Fan Behaviour
“You need to build trust & relationships before closing a sale.” Non-financial goals are still vitally important to businesses. #twitterman
“You need to build trust &
relationships before closing a sale”
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Purchasing from
your website
Fan Behaviour
My research proved that fans who are immersed with brands online were more likely to recommend and purchase from them in future. #twitterman
I’m talking about these non-financial outcomes here
Make people feel good, Immerse them, like they belong...
...And You Increase Likelihood of fans:
Recommending You
to their friends
Visiting Your
Website Longer
Revisiting Your Website
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Coldplay
When Coldplay were in the studio recording their new album, they handed their homepage over to their fans’ artwork. #twitterman
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Imogen heap
Imogen Heap video blogged the recording of her album, taking on board fan ideas. Her set list is decided by her fans. #twitterman
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Key Take Aways
Understand the difference between ROI & non-financial outcomes
How to Measure Social Media
Understand Motivations of “Fans” (or at least, to start thinking about it)
I want you to understand ROI and non financial outcomes, how you should measure social media AND to think about your audience. #twitterman
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Ask Yourself If Twitter Is:
Is Twitter making or saving you money? If it’s not doing either, then you’re probably using it wrong. #twitterman
1. Making You
Money
2. Saving you
Money
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Suggested reading: http://amzn.to/BookOfROI
Thank You For Listening
I’m Charlie Southwell
Cofounder of
Email: [email protected] Web: http://www.screendrip.com
Blog: http://charliesaidthat.com/digital
Come talk to me on Twitter
@charliesaidthat