SXSW Jamie Turner on Social Media ROI
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Jamie Turner, co-author of "How to Make Money with Social Media" presented these slides at SXSW in March of 2011. If you're looking for more information on social media case studies, social media ROI or social media best practices, you'll find it here.
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SXSW Jamie Turner on Social Media ROI
- 1. How to Make Money with Social Media Jamie Turner Co-author, “How to Make Money with Social Media” Chief Content Officer, BKV’s 60 Second Marketer
- 3. Let’s Kick Things Off
- 4. Introductions: Jamie Turner • Co-author of How to Make Money with Social Media available at fine bookstores (and a few crappy ones, too) • Worked with AT&T, CNN, The Coca- Cola Company, Cartoon Network and other major brands • Chief Content Officer of BKV’s 60 Second Marketer • Regular contributor on Mashable
- 6. Why People Buy Stuff
- 7. Why People Buy Stuff
- 8. How People Buy Stuff Female Brain Male Brain
- 9. How the Fortune 500 Make Money with Social Media
- 10. Social Media Business Models Branding: Use social media as a branding tool to build awareness and connect with customers
- 11. Social Media Business Models E-Commerce: Drive prospects to an e-commerce landing page and convert those prospects to customers
- 12. Social Media Business Models Research: Use social media as a research tool to generate customer input and feedback
- 13. Social Media Business Models Customer Retention: Use social media as a customer retention tool to reduce churn
- 14. Social Media Business Models Lead Generation: Drive leads to a website and re-market to those leads, ultimately converting them to customers E-Newsletter YouTube Channel Email Marketing Forums Speeches Your Company Live Events Twitter eBooks Virtual Events Mobile Apps Blog Postings Webinars
- 15. The Social Media ROI Cycle
- 16. The Social Media ROI Cycle The 3 Stages of the Social Media ROI Cycle Setting up, running and optimizing an effective social media campaign 1 happens in three stages: •Stage 1: Launch 2 •Stage 2: Management •Stage 3: Optimization 3 Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
- 17. The Social Media ROI Cycle Launching the Big 4 Stage 1: Launch 1 •Approach: Executional •Focus: Short-Term 2 •Objective: To Have a Social Media Presence •Results: Negligible 3 Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
- 18. The Social Media ROI Cycle Qual. Quant. Big 4 plus More Creative New initiatives 1 2 Stage 2: Management •Approach: Tactical •Focus: Mid-Term •Objective: Customer Engagement 3 •Results: Increased Traffic Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
- 19. The Social Media ROI Cycle Stage 3: Optimization •Approach: Strategic •Focus: Long-Term •Objective: Social Media ROI •Results: Revenue Growth 1 2 ROI Big 4 plus More 3 Conversion/ Optimization Creative Quant. Qual. New initiatives Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
- 20. Where is Your Company? Stage 1: Launch Stage 2: Management Stage 3: Optimization
- 21. How to Measure the ROI of a Social Media Campaign
- 22. Calculating Customer Lifetime Value The revenue generated by a customer during his or her lifetime with your brand. CLV for Scott’s Lawn Care: $80 per month x 12 months x 3.0 years CLV = $2,880 Allowable Cost Per Sale: $2,880 x 10% = $288
- 23. Calculating Customer Lifetime Value Scott’s Direct Mail: 200 pieces x 0.5% = 1 new customer $1.44 per piece x 200 = $288 Allowable Cost Per Sale = $288 1 customer for every $288 spent Scott’s Annual Direct Mail Spend: $2.8 million = 2 million pieces x 0.5% = 10,000 new customers per year
- 24. Calculating Customer Lifetime Value Testing Direct Mail vs. Social Media $2.8 million x 10% = $280,000 to test a social media campaign Social media campaign costs: Labor: $140,000 Production: $100,000 Miscellaneous: $ 40,000 Total: $ 280,000 Social media success: $280,000 spent in direct mail = 1,000 new customers $280,000 spent in social media = ?
- 25. What’s Next?
- 26. To Learn More, Google “Jamie Turner” How to Make Money with Social Media now available at fine bookstores (and a few crappy ones, too). Follow me here: 60SecondMarketer.com/blog @60SecondTweets Contact me: Jamie.Turner@60SecondMarketer.com