Quantify Your Social Media Efforts To Measure ROI, Sarah McMaster
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10-Minute Lightening Round Slides from HighEdWeb New England's March 22, 2013 regional conference at Mount Holyoke College.
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Quantify Your Social Media Efforts To Measure ROI, Sarah McMaster
- 1. Quantify Your Social Media Efforts to Measure ROI Sarah McMaster March 22, 2013
- 2. Strategy: Creating the Path of Least Resistance Social Media Landing Page Visit Inquiry (Lead) Applicant (Conversion) Enrollee (ROI)
- 3. Strategy: Creating the Path of Least Resistance Social Media Engagement Connection to Resources More Engagement Student Retention & Success (ROI)
- 4. Measurement Tools & Tactics β’ HootSuite, Tweetdeck, CrowdBooster, Klout β’ Google Analytics β Event Tracking, Goal Setting β’ Facebook Insights β’ Spreadsheets β’ Online Forms β’ Vanity URLs and Landing Pages
- 5. Key Metrics β’ Social Media Amplification β’ Social Media Applause Rate β’ Conversion Rates β’ Cost Per Inquiry β’ Student Lifetime Value
- 6. Social Media Amplification ππ’ππππ ππ ππππππ (πππ‘π€πππ‘π , π πππππ , πππππ π‘π ) ππ’ππππ ππ πππ π‘π , ππ€πππ‘π If you have 70 shares for every 300 posts, your amplification is 23%.
- 7. Social Media Applause Rate ππ’ππππ ππ πΉππ£ππππ‘ππ , πΏππππ ππ’ππππ ππ πππ π‘π If, for every 30 posts, 5 are liked, you have a 16% applause rate
- 8. Social Media Conversion Rate ππ’ππππ ππ π΄π’ππππππ πΆππππππ‘π ππ π ππππππ ππ’ππππ ππ πππ π‘π Engagement If, for every 70 posts, you receive 15 comments, you have a 21% social media conversion rate
- 9. Social Media Conversion Rate 2 ππ’ππππ ππ ππππππ πππππ πΏπππ πΆπππππ ππ’ππππ ππ ππππππ πππππ πΏπππ ππππ€π If, for every 200 views, there are 5 clicks, you have a 2.5% conversion rate
- 10. Landing Page Conversion Rate πΆπππ π‘π π΄ππ‘πππ πΆππππππ‘ππππ ππ’ππππ ππ ππππ πππ ππ‘π If, for every 150 visits, 7 calls to action are completed, you have a 4.6% conversion rate
- 11. Cost Per Inquiry ππππ πππππ + π ππππ’ππ‘ππππ‘ ππ£ππππππ + ππππππ‘πππ π΄ππ‘ππ£ππ‘π¦ ππ’ππππ ππ πΌπππ’πππππ Personnel = $30/hour x 15 hours Recruitment Overhead= $170 Marketing Activity= $1,500 Facebook Contest Number of Inquiries = 260 Cost of Inquiry = $8.15
- 12. Student Lifetime Value (SLV) πΆππ π‘ πππ πΆπππππ‘ π»ππ’π π₯ π΄π£πππππ πΆππ’ππ π πΏπππ x π΄π£πππππ ππ’ππππ ππ πππππ π‘πππ ($215 x 14) x 4 = $12,040 Student Lifetime Value (SLV)
- 13. Full Circle: ROI βOur March 2013 Facebook contest increased online engagement by 7%, brought 3,027 visitors to our targeted landing page, converted 9% into admissions leads and resulted in 7 new enrollments with a 400% ROI on the initial investment, at a lower cost per inquiry than our concurrent direct mail campaignβ. -Fictional Marketing Superstar
- 14. Sarah McMaster Director of New Media Mount Wachusett Community College smcmaster@mwcc.mass.edu linkedin.com/in/sarahmcmaster/ @Sarah_Mc