The Ultimate ROI Guide to Social Media & The New Business Approach
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Ron Grant, former COO of AOL, and Graham Gullans, Founder of LiftMetrix, share their thoughts on two topics. 1.) The New Business Approach to Social Media Marketing 2.) The Ultimate Guide to ROI Measurement
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The Ultimate ROI Guide to Social Media & The New Business Approach
- 1. The Business Approach to Social Media & The Ultimate ROI Measurement Guide Founder of LiftMetrix Former COO of AOL Graham Gullans Ron Grant
- 2. Graham Gullans Co-Founder LiftMetrix @grahamgullans Speakers Ron Grant Former COO of AOL Former Senior Executive and Time Warner
- 3. Agenda The Business of Social (Finally) Experiences from a former Media Executive The New Business Approach to Social Media ā¢ Set the Right Objective ā¢ Breakdown Marketing Silos ā¢ Donāt Justifyā¦Optimize ā¢ Use Your Data Meaningfully Social ROI Measurement Guide 1. How to Select Your Social Goals 2. How to Value Key Business Objectives 3. How to Track Conversions and Discover Top ROI Content
- 4. Socialās Explosive Growth Social media and mobile are the two fastest growing marketing channels CMOās are allocating budget to three areas: 1. Social 2. Mobile 3. Analytics By 2020, social media will account for 23.8% of marketing budgets, up from 10.7% today Source: Kate Maddox, AdAge, 8/25/15
- 5. āOnly 15% of CMOs said they have been able to prove the impact quantitatively of social mediaā - AdAge ā43.5% said they have a good qualitative sense of the impact, but not quantitative impact.ā - AdAge Difficultly Proving ROI Source: Kate Maddox, AdAge, 8/25/15
- 6. #1 Challenge for Marketers
- 7. The Business of Social ā¢ Current measurement systems are failing ā¢ Engagement is still the industry measurement standard ā¢ Huge divide between what marketers want to accomplish and existing tools Unmet Need: Tools that transform social marketing data into actionable ROI driven intelligence. Ron Grant Former COO of AOL Senior Exec at Time Warner
- 8. Business Approach to Social 1. Set The Right Objective 2. Breakdown Marketing Silos 3. Donāt Justifyā¦Optimize 4. Use Your Data Meaningfully
- 9. Set the Right Objective Your Social Goals ARE Your Business Goals
- 10. Breakdown Marketing Silos Data Scientists are Core to Marketing āā¦take a lot of jobs away from marketersā - Venture Beat Donāt Silo Your Marketing Teams or Data Create transparency so every stakeholder works toward business goals Source: Scott Valentine, Venture Beat, 8/31/15
- 11. Leverage social data to create your social strategy, rather than using it to defend actions Social Reports are Backwards Looking ā¢ Today - Analytics justify past actions ā¢ Future ā Analytics inform social strategy Vanity Metrics Donāt Tell the Right Story Social reporting should focus on key learningās and provide a blueprint for improvements Donāt Justifyā¦Optimize
- 12. Social has a good āBig Dataā problem ā¢ There is more data than any other channel Use the other 90% of your data Solicit the help of ā¢ Data Scientists ā¢ Analytic Tools Use Your Data Meaningfully Tools can illuminate your social marketing efforts by measuring your real business objectives and making intelligent recommendations.
- 13. ROI Measurement Guide It is Hard to Measure the ROI of Social Media
- 14. ROI Measurement Guide How Do I Calculate Social Media ROI? The most common question we hear from social marketers struggling to show the value of social as a marketing channel.
- 15. The Social ROI Spectrum Vanity metrics such as likes, shares and comments arenāt capturing the full social ROI spectrum Social Metrics Click-To-Site Website Activity Likes, Shares, Video Views, App Installs Link Clicks eCommerce, Sign Ups, Email Acq., Conversions Marketers need to set their social goals to their business objectives
- 16. 3 Steps to ROI Measurement Weāll map out how you can calculate the impact of social media on your business and form a strategy to optimize results Select Your Social Goals Apply Value to Key Business Objectives Track Conversions and Discover Top ROI Content 3 Steps: 1 2 3
- 17. 1. Select Your Social Goals Questions To Ask: Q: How do I acquire customers? A: Website sign up, newsletter subscription, mobile app downloadā¦ Q: What online conversion trigger is closest to revenue generation? A: eCommerce purchase, free trial, new subscriber, page viewsā¦ Q: What action do I want my a social followers to take? A: Click on a link, watch a video, engage with my brand, commentā¦ Conclusion: Select the 1 ā 3 customer acquisition events that directly contribute to your business objectives
- 18. All of These Business Objectives Can be Tracked on Social 1. Select Your Social Goals Industry Business Objectives eCommerce Purchases Publishers / Media Page Views, Video Views B2B Brands Free Trials, Newsletter Subscribers, Form Submissions B2C Brands User Sign Ups, Mobile App Downloads Financial Services Customer Sign Ups, Promotion Redemptions CPG Purchases, Redeem Coupons, āLearn Moreā Forms Industrials Contact Us, Brand Awareness Healthcare Free Trials, āLearn Moreā Forms
- 19. 2. Assign Value to Objectives eCommerce Purchases ā ā¢ Add GA code to your checkout cart to track purchases from social Page Views ā ā¢ If you monetize your site through ads, calculate your average CPM Free trial sign ups ā ā¢ (Customer LTV) * (Conversion Rate of Free Trial to Paid Customers) Newsletter sign ups ā ā¢ (Email subscribers that became customers) / (Email subscribers) = x ā¢ (x) * (Customer LTV) = Value of an email acquisition Mobile App Download ā ā¢ (MAUs) * (Value of MAU) Brand Awareness ā ā¢ Avg. CPM rate on social ads
- 20. Connect the dots from social to site 3. Track Conversions Most business objectives are triggered on brand websites ā¢ Set up conversion events using Google Analytics (eCommerce, Goals), Facebook Ad Pixels and Omniture Events.
- 21. 3. Track Conversions Create Google goals and apply value to conversions Use UTM parameters in links to track purchases and goals on a content level Source: LiftMetrix
- 22. 3. Discover Top Content Measure ROI on social content. Tag content to discover top ROI themes.
- 23. LiftMetrix ROI Consultation Select Your Social Goals Apply Value to Key Business Objectives Track Conversions & Discover Top ROI Content 1 2 3
Editor's Notes
- Very excited that HS asked us to present. Great partnership with them. Excited to share our combined thoughts. As part of that, to make that as relevant as possible, Iāve asked someone who Iāve known for many years, to provide more context.
- Why is ROI measurement such a hot topic these days. 1.) Social, alongside mobile, are the 2 fastest growing channels. 2) CMOs are allocating more budget to Social and analytics, reaching nearly 1 quarter of their marketing spend by 2020.
- Despite this growth, proving the value of Social Channels is the #1 challenge for marketers.
- These findings are substantiated in the a recent Trust Radius Survey No only do they list ROI measurement as the top challenge, but trying to connect the dots between Social and Business Objectives continues to befuddle marketers.
- LiftMetrix and Hootsuite believe that Social is evolving to the point where Marketers should be able to align their social objectives with their business objectives. - Iāve asked a close friend, Ron Grant, to join me today, to talk about the state of Social . Ron was a long time Media Executive, having spent years at Time Warner and eventually shifted to run AOL as the COO. Ron will shed light on how Marketing has evolved and where we are today with social Draw on your experiences. Not enough foundational
- Social Marketers arenāt setting the right goals. Theyāre distracted by vanity metrics. Every department in your organization should be focused on driving your business goals, whatever they may be. Marketing is no exception to this rule.
- 1.) Build in communication between your teams. Your Paid Team should Speak to your Earned Team. Community Managers should know when posts are boosted. I was speaking to one of our customers, a large media company in NY. The social team was telling me that they couldnāt rely on the data they were looking at because they werenāt close with the paid team, so they didnāt know what posts were being boosted. 2.) Data Scientists now vital to marketing organizations marketing organizations. Scott Valentine a Venture Beat Author, went so far as to say āData Scientists are going to take a lot of jobs from marketersā At some of the big agencies in NYC, the Data Scientists are the busin Marketers are realizing that Data Scientists are the Core to the Future of Marketing 3.) Leadership needs breeds a Culture of Success Metrics. No matter your title, job function or reporting linesā¦you should be either driving business goals or working on a plan to optimize them.
- We are still stuck in a world where we are using analytics to justify our actions vs. optimize. Social marketers should report what they learned from the data and what theyāll do to improve their strategy going forward
- Social Media kicks off more data than any other marketing channel. Fortunately, this is a good problem to have. However, data is being used to defend past actions, rather than improving and optimizing your social strategy. This further reinforces the idea of a
- How many of you are thinking like this today? We want to dispell the myth that some markets may believe is true. That its hard to measure the ROI of Social Media At LiftMetrix, and through a partnership with Hootsuite, we believe that every company can measure their true goals on social media, ones directly tied to revenue. Weāll walk through a simple process that will help you do this.
- Once you believe that the former statement was a Myth, then you must ask yourself āHow do I calcualte Social Media ROIā Youāre not alone ā it is the #1 question that LiftMetrix and Hootsuite both get.
- At LiftMetrix we work with companies from a variety of verticals. Hereās are the conversion end points that brands are making as their business objectives. As mentioned before, You should set your Social Goals to your business objectives. All of these business objectives are trackable on a social network level and social post level.
- TO get help in your organization, speak to your XYZ person. Alternativly, LiftMetrix conducts a ROI consultation with all clients to nail down ROI metrics
- This is available on LiftMetrix
- UTM parameters are very powerful. For link posts, you can track the eCommerce Purchases and Goal completions for every single piece of content you post.
- That was a lot of material in a very little time. Iām sure weāve left you with questins. Forunatley, LIftMetrix has partnered with HOOTSUITE to provide our joint customers with an ROI measurement solution, o