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Social Media ROI -

How does one attempt to measure social media and is it wise?

Cassandra Rath-Gregory

on 13 April 2014

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Transcript of Social Media ROI -

S cial Media
Conversion Report
Google claims that this is the "Social Media ROI Report"
It shows conversion rates and the monetary value of conversions that occurred due to visits from social media platforms
This is great if you have e-commerce on your website
Your brand is actively involved in many social media platforms.
You know that people, your customers are having important conversations on the internet and you want to be a part of them.
Social Sharing
This will help you find out what content on your website is being shared on which social media sites.
Learning to use
Google Analytics
Google has a great 'Getting Started Checklist'. They also offer lessons and certification test to help you optimize your use of the tools.

Google Analytics can be a bit overwhelming at first, this is a great place to start!
But you ask
4 Steps of the
Measurement Practice
First there are a couple of steps that you have to do before you can put a hard dollar value to your social media efforts.
You need to listen to everything that is being said about your products, company, industry and competition.
This is all the numbers and data collecting.
Bounce Rates, Net Reach, Page Views, Pages-per-visit, Visitors, Mentions, Retweets, Likes, Comments, Engaged Users, Followers, Friends of Fans, etc.
Once you have the numbers then you need to analyze them.
Discover where you should focus your efforts, what succeeded or failed, what is your next step.
This last step is especially important if your boss thinks that you are just wasting your time talking to your friends!
FREE Monitoring &
Measurement Tools
Social Mention tracks and measures keywords across 100+ social media platforms, including Facebook, Twitter, YouTube, Google, and Digg. They offer email alerts plus a few graphs and charts.
Klout is influence tracking tool. It gives you a score based on several pieces of data, such as followers, tweets, clicks on links, and comments. After you know your score, you can monitor it to see if it increases or decreases based on your efforts.
A monitoring tool that sends out email alerts on the latest Google results on specified keywords.
Very simple to use. You get to choose the keywords and the frequency of the emails.
Klout has had some criticism over accuracy. On it's own a single Klout score doesn't really mean that much. If you compare your monthly scores you can get a good picture of how your social media efforts are doing.
But wait
Here is a sample of the type of information that you get from Social Mention
Picture from Nicole Merrifield's blog
"PR from the OR" on WordPress
Topsy is also a keyword tracker. The Topsy difference is it tracks what people are talking about. Gives you a better understanding of how people think and feel about a topic.
Bit.ly is a URL shortening service, which also allows you to track the activity on each link.
Great tool for graphing your Twitter activity.
Tweets by the hour
Tweets by the month
Tweet timeline
Reply statistics
Hootsuite is more comprehensive than the others. It has a dashboard that helps to easily access all social networks, offers a few reports and allows communication between team members without leaving the dashboard.

They do offer more features for a price.
Is a dashboard application to help manage Twitter and Facebook accounts.
Just like social media, these monitoring and measurement tools are advancing a lightning speed. These are just a few that are available at the time this report was made.

Be careful with these tools, it's easy to get caught playing with them. You may waste more time with tools than you would on Facebook.
All-In-One Tools
There are companies that provide an all-in-one tool for everything that a marketer would need when it comes to social media. These tools usually offer multiple levels of membership depending on the service that you need.
They offer services such as ...
Suites include applications to help create and publish content for multiple platforms, including Facebook brand page and YouTube brand channel. Offering templates or full customization.
A Few Options for
This area helps with the planning, purchasing and optimization of social advertising. The tools also offer tracking and analytic information to help make decisions on where to spend advertising dollars.
This area is very handy to help better manage your time and effort. Functions include automation of the scheduling and posting of messages across various social platforms, and filtering for profanity.
This section makes it easy to create, launch, monitor and measure promotions across a number of platforms. Several different promotions are usually offered. Different companies offer templates or full customization.
This area makes measuring and analysis very manageable. Usually presented as a easy to use dashboard that organizes your information so that you can track and critique all your social media efforts.
by Google
claims to help with organizing content production, ad testing, data collecting, and brand co-ordination across multiple channels without skyrocketing time and resources.
Wildfire claims to have the "first in kind, best in kind" Ad Management tool, stating that the technology is not available from other vendors.

This tool doesn't just focus on traditional metrics, but uses 160 metrics to measure engagement and optimizes the ad automatically.
Image from wildfireapp.com/product/ads
This tool makes creating and managing a promotion extremely easy and affordable. It is available either part of the suite or as a stand alone option. There are different price levels depending on the customization that you need.

You choose the promotion depending on your business goal.
Sweepstakes - helps build fan, followers and subscribes
Coupons - drives sales
Quizzes, Video & Picture Uploads - engage with your customers
The nice feature here is that once you have designed a page for one platform, Wildfire configures it for other platforms and mobile devices.

You can choose from a large selection of templates, which are easy to brand. If you have the expertise there is the option to create fully customize pages.
Image from wildfireapp.com
With using all these features in one integrated suite it makes analyzing very easy. Wildfire's dashboard allows to aggregate, analyze, report and export data.

Wildfire organizes data under 4 key tracks
Industry Benchmarks - monitor your competitor and measure how well you are doing in your industry
Page Data - summaries of all your pages in one place
Promotion Metrics - analyze the success or failure of your promotions, find out what worked and what should be changed next time.
Fan Engagement - this area will help identify your most engaged followers and encourage brand advocates.
The Marketing Cloud is a new product launched in September by Salesforce. It is the combination of two older products Radian6 and Media Buddy. Here is a video describing what Marketing Cloud can do.
Google Analytics launched a new social media analytics tool in the Spring 2012. These reports are free, but of course there is a premium package for those looking for more.
Social Sources Report
This report helps you refine which platforms you should be active on to make the biggest difference.
You can measure and analyze traffic to your website from different social media platforms. Find out where visitors are going and what content they are looking at.
It's not easy, but is
Social Media
ROI Sales
ROI on Customer
ROI on Consumer Insights
To measure ROI on sales there are two different options you can do:
Find out how many online sales have come from social media platforms. You can get this information through a tool like Google Analytics
Offer a coupon code that is only available on social media platforms. To find out which platform is working the best use different coupon codes for each platform.
Now that you have your sales that were generated from social media, use the standard ROI formula.
SM ROI = (return - investment) / investment * 100%
Here's an example to make it easier:
You calculated your sales from social media to be $2,500. The total investment in social media was $1,000. Then just plug in your numbers into the equation.
SM ROI = (2500 - 1000) / 1000 * 100%
SM ROI = 150%
This only works for companies that offer online sales.
All across the internet, companies are using social media to excel in customer service. Here is an excellent video to show how to figure out the social media ROI on Customer Service.
How to Measure Social Media ROI - by Salesforce
First you have to figure out how much a consumer insight is worth. A traditional way to get insights is through a focus group. You can use this equation to figure out the dollar value of an insight:
Cost of focus group / acceptable # of insights
$6000 for focus group / 200 insights
= $30 per insight
It is assumed that customer insights from social media are equal or greater in value than those of a focus group.
Now find out how many insights were generated from social media through your monitoring tools and plug the numbers into the ROI formula:
SM ROI = (return - investment) / investment * 100%
Here's an example:
For last month customer insights were estimated at $900, the investment on social media was $600.
SM ROI = (900 - 600) / 600 * 100%
SM ROI = 50%
Is it wise for a company to focus on Social Media ROI?
Anything a business does should be monitored and measured to make sure that it is being done proficiently and economically. Social media should not be the exception. There are many tools, often free and inexpensive that businesses can use to monitor and measure their efforts.
"Winners get funding, losers don't."
A business should have their social media goals written out and then monitor, measure and analyze their efforts. This will help focus and improve on what is working for the company.
Some companies may not need to go as far as to put a hard dollar value to social media, but everyone should be analyzing their efforts. It's not just about getting 'likes' on your Facebook page.
A goal maybe to raise awareness of your brand, drive more traffic to your website or blog, increase visitor loyalty, or increase sales.
"How do I know if my
efforts are paying off?"
Amanda Nelson, Shannon Johnson, Jason Cassidy. (2012, March) 5 Steps to Effective Social Media Measurement. [Community Ebook by Radian6] Retrieved from http://www.radian6.com/resources/library/5-steps-to-effective-social-media-measurement/

Amy Porterfield, Phylis Khare, Andrea Vahl. (2012) Facebook Marketing All-In-One for Dummies. Hoboken, NJ: John Wiley & Sons, Inc.

Andrew K. Kirk. (2012, September 17). 4 Social Media Goals Every Business Should Measure. [Blog Post] Retrieved from http://socialmediaexaminer.com/4-social-media-goals/

Dag Holmboe. (2012, October 12). How to Estimate Your Social Media Return Investment [Blog Post] Retrieved from http://socialmediaexaminer.com/how-to-estimate-your-social-media-return-on-investment/

Dr. Natalie Petouhoff. (2011, May 28) How to Measure Social Media ROI (Video Blog) Retrieved from

JD Lasica. (2011, January 11). 20 free, awesome social media monitoring tools [Blog Post] Retrieved from http://www.socialbrite.org/2011/01/11/guide-to-free-social-media-monitoring-tools/

Lisa Peyton. (2012, June 12). How to Use the New Google Analytics Social Reporting Tool [Blog Post] Retrieved from http://www.socialmediaexaminer.com/google-analytics-social-reports/

Olivier Blanchard. (2011) Social Media ROI: Managing and Measuring Social Media Efforts in Your Organization. Indianapolis, IN: QUE.

Patrick U. Di Chiro (Fall 2012) Social Media Marketing Solution Evaluation and Selection Guide. [White Paper Published by Wildfire Interactive] Retrieved from http://lp.wildfireapp.com/Eval_Guide_Report_Req_US.html

Twitter corporate website (n.d.) Advertiser Analytics. [web page] Retrieved from https://business.twitter.com/en/advertise/analytics/

Saleforce (2012, September 19) Marketing Cloud Demo [Video] Retrieved from

Wildfire corporate website (n.d.) [webpage] Retrieved from http://www.wildfireapp.com/
Reference List
Platform Analytic Tools
Facebook offers a number of statistics that they call Insights.
There are three categories:
Talking About This
1st section contains demographic data about the people that like your page. The 2nd area tells you how your fans are finding you, example either News Feed, ticker or a social plug-in on your website. Here you can also see the number of likes and dislikes. Keep an eye on your dislikes, if you have a mass exodus you may want look at what you are sending out.
The Reach tab tells you who the people are that are seeing your content. Again the 1st set contains demographics. You can also see how you've reached these people: Organic, Viral or Paid. Organic is individuals that saw your story in their News Feed. Viral is individuals that saw your story from a friend's News Feed. Paid is individuals that saw your story from an advertisement.
This important tab tells you who's interacting with your page and who is talking about you on Facebook. As always the first graph will be demographics. The next section is Talking About This and Viral Reach. Talking about this is the number of unique people that have created a story about you. Viral Reach is the number of unique people who saw a story that was published about you.
Twitter offers paid advertisers statistics displayed in easy to read dashboards.
Promoted Tweets, Trends and Accounts
Timeline Activity
These 3 dashboards offer fundamental metrics. They include impressions, retweets, clicks, replies, and follows in real-time.
This dashboard graphs all your activity so you can see how your tweets are performing in terms of mentions, follows, retweets and more.
Here you will find all the demographic information on your followers, including interest, geography, gender and engagement.
This dashboard measures the traffic that twitter drives to your website. You can tell what content is driving users to your site and what page they are going to. This is
great information to help with analyzing your
social media efforts.
Olivier Blanchard, Social Media ROI
How to Measure Social Media ROI by Dr. Natalie Petouhoff
Full transcript