As a communicator, you know the importance of using social media, but have you mastered how to measure the success of your efforts? Knowing how your social media efforts impact the bottom line is not only important, it’s imperative. How do you measure the return on a tweet or Facebook post.

1. http://www.flickr.com/photos/johnny_one-spur/240600189/
Practical tips
to measure the success
of your social media strategy
Friday, October 12, 12

2. About me
• Director, Digital Marketing and
Communications, Inova Health System
• Nationally recognized expert in
marketing ROI
• External Advisory Board Member,
Mayo Clinic Center for Social Media
• Marketing/communications consultant
for more than 200 business
www.christopherboyer.com
My Twitter handle: @chrisboyer
Conference hashtag: #ragansocmed
Friday, October 12, 12

3. Traditional channels aren’t working
http://www.blueglass.com/infographics/inbound-marketing-rising-infographic/
Friday, October 12, 12

4. I feel sorry for traditional media
• Badthe news in-the NYT is at least a day old”
“All
timing
• Very expensive -
$114,174
• Not personal -
• Broadcast
4
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5. Social media is a
key part of our lives
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6. But is that true for businesses?
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7. Social media: a definition(?!?)
"A group of Internet-based applications that build on the
ideological and technological foundations of Web 2.0, and
that allow the creation and exchange of user-generated
content."
- Andreas Kaplan & Michael Haenlin
Friday, October 12, 12

8. Social media: a definition(?!?)
"A group of Internet-based applications that build on the
ideological and technological foundations of
Web 2.0, and that allow the creation and exchange of
user-generated content."
- Andreas Kaplan & Michael Haenlin
Friday, October 12, 12

9. How I define social media
• Transparency
• Credibility
• Relevancy
• Trust
• “Communities of Interest”
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10. Social media shouldn’t
force us to be transparent.
We should.
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11. Building credibility
• Being authentic
• Understanding the various social mediums
• Give it time
• Add creativity and originality
• Take risks
• Don’t be afraid to fail
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12. Friday, October 12, 12

13. http://youtu.be/FdgO3cEYYTw
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14. The cornerstone
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15. 1
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16. Continuum of “I-Don’t-Care”
Don’t Care Care somewhat
Care deeply
(not engaged) (kinda engaged)
g Opi nions
Sharin
esearching
R
iscovering
D
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17. Social media provides relevant
messages at the right time
Facebook
Pinterest
Forums
Twitter Flickr
SMM
UStream Yelp!
Digg
SlideShare LinkedIn Local Angie’s List
Wordpress Tumblr Listings
Microsites g Op inions
Foursquare Google+ S harin
YouTube esearching
R
Blogs
iscovering
D
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18. “The desire to be part of a group that
shares, cooperates, or acts in concert is a
basic human instinct.” - Clay Shirky
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19. Social networks are
how we connect.
Communities of interest are
why we connect.
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20. Friday, October 12, 12

21. Friday, October 12, 12

22. Multiple uses for social media
• Customer service/service recovery
• Patient education
• Real-time market research
• Influencer engagement
• Crisis management
• Brand protection/equity
• Word-of-mouth marketing
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23. Social media has
changed everything
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24. Not that it’s the panacea...
http://wtfqrcodes.com
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25. Our guiding principles:
As communicators, we should strive to:
• Provide access to the best, up-to-date
information about our organization
• Promote our strengths and differences
• Develop strong relationships with our community
• Be fiscally sound with our efforts
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26. But how do we know
we’re doing this
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27. "To measure is
Importance of measurement:
to know."
“If you can not
measure it,
you can not
improve it.”
Lord William Thompson Kelvin
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28. Doing more...with less
• Consumers/employees are ahead of us
• Bosses expect more
• Budgets are tightening
• 24x7 information cycle
• There’s not enough time
• There’s not enough training
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29. Friday, October 12, 12

30. The new communications equation:
Forced to do more with less
People don’t care (or pay attention)
Traditional channels don’t work well
We have to do things better (social media).
And we have to measure to improve!
Friday, October 12, 12

31. Some social media measurements
• Fans/followers/friends
• Likes/favorites
• Clicks
• Comments
• Positive ratings/sentiment
• Subscriptions
• Impressions
• Other?
100 ways to measure:
http://bit.ly/100ways
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32. Behaviorial metrics:
• Increased number of followers
• Shares and RT’s
• Click through’s
• Comments
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33. Attitudinal metrics:
• Sentiment/perception
• Positive comments
• Measuring attribution
• Anecdotal feedback
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34. Financial measurements:
• Revenue
• Customer acquisition
• ROI
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35. Friday, October 12, 12

36. Which brings me
to pants
Contrary to popular belief,
there is ROI in everything
...including social media.
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37. Why does the
discussion of social
media ROI sometimes
make me feel like this?
37
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38. Is social media ROI truly “ROI”?
• Return on Results (ROR)
• Return on Opportunity (ROO)
• Return on Engagement (ROE)
• Likes Accumulated from Facebook Followers (LAFF)
• Time We Invest in Twitter Spam (TWITS)
Friday, October 12, 12

39. ROI should always be tied to $$$
“Social Media ROI reflects any other marketing-related ROI:
the net financial revenue to the organization from the effort,
after having accounted for the effort's costs.
FI-NAN-CIAL
money
dough
bottom line
coin
or, as I like to call it,
ROI”
- Chris Bevolo @intervalchris
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40. ROI = (financial gain/savings - cost)
cost
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41. Why should we measure ROI?
• Only 27% of exec’s believe social media is strategic priority
- Jive Social Business Index Survey
• 59% of marketers use social media 6 hours or more/week
- Social Media Marketing Industry Report
• If you don’t measure, don’t worry: your successor will
- Chris Boyer
Friday, October 12, 12

42. 1
Profitable services
Profitable revenue
Three ways
to measure
ROI
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43. Driving growth through social media
• Use social media to lead to other marketing:
• Websites
• Seminars
• Downloads
• Use tools to measure attribution
• Lead social media fans to convert
• Opt-in or provide information
• Measure your results
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44. Promoting weight loss services
• Identify Facebook audience interested in losing weight
• Create ads promoting weight loss solutions
• Direct ads to landing page that offers options to patients
• $479 monthly spend
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45. The results (24 month period):
• 2081 clicks/month
• 512 seminar registrations
• 23% seminar registration/surgery conversion rate
• Average $3,000 contribution margin from surgery
• $353,280 margin originated from campaign
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46. Calculating ROI
ROI = (gain - cost)/cost
Gain: $353,280
Cost: $479 x 24 = $11,496
ROI = (353,280 - 11,496)/(11,496) =
29.73 or ~30/1
Friday, October 12, 12

47. Wait a second...
you didn’t tell me there was
going to be any math!
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48. 2 Lower costs
Improve results
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49. Lowering marketing &
communication costs
• Compliment (or replace) traditional with low-cost
social media
• Train others to assist with your social media efforts
• Encourage patients to tell/spread their story
• Measure the money or time you save
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50. Replacing a newsletter with a blog
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51. ROI through cost savings
Higher engagement, too!
• 14,000 page views/mo
• 5 pages/visit
• 3:52 avg time on page
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52. How do we
measure this?!?!?
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53. What is the
lifetime value
of a customer?
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54. To Facebook, we’re worth
~$81 apiece
Your friends are worth $.62
Your profile page is worth $1800
But what’s a Facebook fan worth to us?
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55. Using social media to increase
satisfaction & loyalty
• Provide relevant information to “non-patients”
• Build wellness programs to increase relevance
• Patient education and compliance
• When measuring ROI, think correlation vs. causation
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56. Using social media to promote wellness
• 7,300 registrants
• 575 Facebook followers
• 5,000 updated CRM records (2,300 entirely new records)
• 500 cross-promoted into other eNewsletter programs
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57. Revenue through wellness program
• 2,650 participants enrolled in fitness events
(ROI: $22 x 2,650 = $58,300)
• Life-to-date utilization (contribution margin):
• “New” patient CM: ~$110,000
• “Former” patient CM: ~$370,000
• Total CM: ~$480,000
Correlated vs. Causal ROI
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58. Impressing your
executives...
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59. Reporting

60. your

61. successes
Be

62. clear

63. on

64. your

65. goals
Get

66. a

67. baseline

68. measurement,

69. if

70. possible
You

71. can’t

72. measure

73. alone

74. -

75. find

76. help
Be

77. honest

78. with

79. the

80. results
Top-secret

81. tip:

82. use

83. anecdotes
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84. Create a measurement council
• Multi-disciplinary team
(finance, sales, operations, support)
• Commitment to openness and transparency
• No bias or judgement
• You’re not afraid of math!
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85. Questions?
Chris Boyer
@chrisboyer
www.christopherboyer.com
Friday, October 12, 12

86. Social Media ROI Charleston by Chris Boyer
Social Media ROI
It’s easy if you try
If you don’t measure it
Then why you doin’ it?
Social Media ROI
Those words shouldn’t make you cry
Grow your business,
Be cost effective
Or focus on loyalty
Set your goals
Then you’re set to go
Impress your CFO
It’s the only way to go
62
Friday, October 12, 12