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Social Media, Meet ROI How To Measure Social Media Benefits and Increase Conversion Angie Schottmuller - @aschottmuller SES Chicago - Nov 13, 2012 #SESCHI #socialproof

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About UnbounceAngie Schottmuller | Chief of Conversion Marketing | angie@unbounce.com

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YOUR MISSION:1. Quantify social media benefits2. Use social media to grow sales Angie Schottmuller | @aschottmuller

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Social Media Benefits" QUANTIFIED < GEEK ALERT >The mathematical formulas in this presentation may cause extreme jubilation. Prepare to quantify.

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Social Media Advertising Value IMPRESSIONS, TRAFFIC, ARTICLES, PHOTOS, VIDEOS... What would it cost toachieve the same, if you had to pay for it? Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSAdvertising Value - Social Mentions _____(#) brand/product social mentionsX _____ (CPI) equivalent display ad costs______________________________________= $ Display Ad Impression ValueCPM, or cost per 1,000 impressions, could also be used. Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSAdvertising Value - Social Web Traffic _____(#) social referral clicks to websiteX $_____ (CPC) equivalent social ad costs______________________________________= $ Social Ad Value Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSAdvertising Value - Search Web Traffic _____(#) search referral clicks to websiteX $_____ (PPC) equivalent search ad costs_______________________________________= $ Search Ad Value Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSSocial SEO Improved Search Rank ( _____% new CTR − _____% old CTR)/ _____% old organic search CTR X _____(#) monthly organic search impressions__________________________________________= Additional Organic Search Referrals Rank # CTR Rank # CTROptifys Study on Organic Search 1 36.4% 4 7.9%Click-Through Rates (CTR): 2 12.5% 5 6.1%http://bit.ly/organicctroptifystudy 3 9.5% 6 4.1% Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSAd Value - Social Influencer Mentions _____(#) social influencersX _____(#) average social network reachX _____(#) notable online brand mentionsX $_____ paid spokesman endorsement cost/ _____(#) ad network reach or volume___________________________________= $ Paid Endorsement ValueTip: Tier endorsement values by social influencer levels. Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSAd Value - Social PR Mentions _____(#) event-related online mentions X $_____ equivalent press event cost/ _____(#) avg. mentions from press event______________________________________= $ Press Event PR Value Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSContent Value - UGC Articles _____(#) brand-focused online articlesX $_____ equivalent content creation cost______________________________________= $ Article ValueTip: Tier costs by content quality (e.g. length, sentiment,images, uniqueness) and/or Domain Authority levels. Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSContent Value - UGC Photos _____(#) user-generated brand photosX _____% photo shoot qualityX $_____ equivalent photo shoot total costs/ _____(#) photos from average photo shoot _______________________________________= $ Photography Value HUGE! Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSContent Value - UGC Videos _____(#) user-generated brand videos X _____% brand-produced video quality X $_____ equiv. brand-produced video cost _______________________________________= $ Video Value HUGE!Be sure to include resource time, equipment rental, shootfee (e.g. location), and editing for video production costs. Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSResearch Value - Social Insights _____(#) brand online insights/commentsX _____% focus group insight qualityX $_____ equivalent focus group cost/ _____(#) insights from average focus group ________________________________________= $ Focus Group Value HUGE! Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - REDUCE COSTSSupport Value - Online Self-Service _____(#) weekly support calls per topicX _____% calls likely solved by self-serviceX $_____ average support phone call cost _______________________________________= $ Call Support Value Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - GROW SALESSales Value - Social Leads _____(#) qualified social leads identifiedX _____% lead-to-customer conversion rateX $_____ average order value (AOV)________________________________________= $ Lead Sales Value (Single Purchase) Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - GROW SALESSales Value - Social Leads _____(#) qualified social leads identifiedX _____% lead-to-customer conversion rateX $_____ customer lifetime value (LTV)________________________________________= $ New Customer Sales (Lifetime Value)How To Calculate LTV: http://bit.ly/calculateltv Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA BENEFITS CALCULATION - GROW SALESSales Value - Social-Aided Conversion ( _____% new CR − _____% old CR)/ _____% old conversion rate (CR)X $_____ average product sales value___________________________________= Increased Sales Value HUGE!Ex: Increased conversion from usingsocial proof like reviews, testimonies, etc. Angie Schottmuller | @aschottmuller

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Cost-Benefit Analysis§ SM Labor § Awareness§ Tools & Software § Web Traffic§ Opportunity Costs § Advertising§ IT Labor § Lead Generation§ Training § Sales§ Risk § Conversion § Customer Retention § Loyalty § Advocacy § Content (Images/Video) COST § Satisfaction § Market Research BENEFIT Angie Schottmuller | @aschottmuller

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The only outcomes that matter... GROW REDUCE REVENUE COSTS IMPROVE SATISFACTION Reference: Jim Sternes book, "Social Media Metrics"

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Use Social Media to" GROW SALES

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Social Media Action Plan1. Assess Current State2. Map Strategic Plan (Cascade Business Goals)3. Define SMART Goals w/ KPI Metrics4. Inventory Tactics5. Perform Tactic Competitive SWOT Analysis6. Perform Tactic Cost-Benefit Analysis (CBA)7. Select Best Tactics for Goal8. Implement9. Review & Analyze10. Test & Optimize

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Assessment§ Current State§ Metrics Collection AWARENESS§ Competitive Analysis CONSIDERATIONAsk: CONVERSIONØ Whats currently being done?Ø Whats working? LOYALTYØ What funnel stages need the ADVOCACY most help? Angie Schottmuller | @aschottmuller

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Strategic Plan Mapping Process1. Determine Scope WHO?2. Gather Business Goals 3. Define Mission/Purpose WHY?4. Cascade/Set Goals 5. Define KPIs WHAT?6. Choose Tactics 7. Define Metrics HOW? Angie Schottmuller | @aschottmuller

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Social Media Strategy Funnel Angie Schottmuller | @aschottmuller

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Strategic Planning Map (Template) MISSION! GOALS! TACTICS! WHY ARE WE WHAT DO WE WANT HOW WILL WE ACHIEVE DOING THIS? TO ACCOMPLISH? OUR GOALS? A ü <Metric> <TACTIC> ü <Metric> <GOAL> <MISSION> <TACTIC> ü <Metric> KPI: ü <Metric> B ü <Metric> <TACTIC> ü <Metric><SCOPE> Goals: <GOAL> ü <Metric>ü <dept goal> A <TACTIC> ü <Metric> KPI: ü <dept goal> B C ü <Metric> <TACTIC> ü <Metric>ü <dept goal> C <GOAL> ü <Metric>ü <dept goal> D <TACTIC> ü <Metric> KPI: http://bit.ly/somostratplan Angie Schottmuller | @aschottmuller

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Social Media Strategic Planning Map MARKETING SCOPE EXAMPLE:MISSION! GOALS! TACTICS!WHY ARE WE WHAT DO WE WANT HOW WILL WE ACHIEVEDOING THIS? TO ACCOMPLISH? OUR GOALS? ?To build andengage an army Increase YOYof advocates sales by 10% ?that in turn helpto build, KPI Metric:position, and $ sales in 2013 ?reconcile thebrand. ? Angie Schottmuller | @aschottmuller

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How do we increase sales?

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Sales Funnel Opportunitiesü Boost Awareness AWARENESSü Increase Market Shareü Generate Leads CONSIDERATIONü Acquire New Customers CONVERSIONü Retain Customers LOYALTYü Optimize Conversion ADVOCACYü Boost Average Order Value Angie Schottmuller | @aschottmuller

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Conversion Rate =The % of users that complete a presented action.

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What can social media bring to the conversion table?§ Trust§ Content§ Real-Time Response§ Personalized Content§ Reduced Steps (Social Integration)

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Different Types of Social Media...§ Social Networks § Expert Q&A§ Blogging § Review Sites§ Microblogging § On-Site Reviews§ Bookmarking § User-Generated Content (UGC)§ Media Sharing § Social Sign-on§ Social Listening § Star-Ratings§ Social Curation § "Most Helpful" Ratings§ Discussion Forums § Live Help§ Crowdfunding § Geosocial Sites (e.g. Foursquare)§ Social Ads § sCRM§ Streaming Content § Wiki§ Social Gaming § Social Commerce Angie Schottmuller | @aschottmuller

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Social Tools to Boost Conversion§ Ratings - Stars / "Most Helpful"§ Social Share Counts§ Testimonials§ Reviews (Sites, On-Site, Geosocial)§ User-Generated Content (UGC)§ Social Sign-on§ Social Integration Angie Schottmuller | @aschottmuller

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Star RatingsTip: Leverage Schema.org microdata (Aggregate Rating) forreviews to get rich snippets in search results!

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"Less than 10% ofreviews are 2 stars or less." - Bazaarvoice, Jun 2012 (across over 2,000 clients)

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Social Share CountsStrategicallyposition quantifiedsocial proof nearthe call-to-actionbutton and/orpage/product title.

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Social Share CountsOnly display sharecounts for social buttonsthat regularly"quantify attention."Alternative:

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Testimonials A testimony is simply a 30- second summary of a case study.Radian6 and MarketMotiveeffectively use video andaudio for testimonials.

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RETHINK TESTIMONIALS... Image source: http://j.mp/rethinktestimonials

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SOCIAL MEDIA TACTICS TO BOOST CONVERSIONBasecamp.com: TestimonialsGreattestimonial useon homepage. Social proof iseverywhere!

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Good Testimonials Include:§ Use of "I" (customers view)§ Customer/persona info§ Problem/challenge info § Solution/satisfaction specifics

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Product ReviewsL.L.Bean Review: Persona Details!

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Product ReviewsJ.Jill Review: Badges for Personas!

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"68% of consumers trustreviews more when they see both good and bad scores." - Revoo Research Report, Jan 2012 - http://j.mp/badreviewscro67

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"30% of consumers suspect censorship orfaked reviews when they don’t see anything negative." - Revoo Research Report, Jan 2012 - http://j.mp/badreviewscro67

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Product ReviewsAltrec.com - Review Summary: Altrecs review template includes sub-ratings by benefits -- aiding speedy reviewsubmission as well as UX and SEO!

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"Shoppers who seek outbad reviews convert 67% more than average consumers." - Revoo Research Report, Jan 2012 - http://j.mp/badreviewscro67

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Product ReviewsOnlineShoes.com - Review Summary:

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Facebook Comments (Widget)ThinkGeek.com:

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION User-Shared PhotosThinkGeek.com Action Shots:

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"The more product action shots a customer sees... the higher the order value." - ThinkGeek.com, Nov 2012

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Live HelpIconDirect.com displays actual employees by live chat!

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Live HelpGemvara features Live Chat on checkout page:

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Expert Q&ASKECHERS: (Nov 7, 2012) § 32% conversion increase for products.§ 80% open rate of answer notification email.§ 51% conversion rate from answer notification email.§ Reduced bounce rates§ Decreased customer support requests§ Resulted in removal of real-time chat (reducing costs)§ Assisted ability to rank on Google page 1 for "shoes"

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Q&A and Review CombosSite visitors engaging w/ ratings, reviews, or Q&A:§ Urban Decay (May 2012) § 237% increase in conversion § 230% increase in AOV§ Chico’s White House Black Market (Jan 2012) § 200% increase in conversion § 300% increase in revenue per visitor § 250% increase in AOV

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SOCIAL MEDIA TACTICS TO BOOST CONVERSION Social to Real World Connections HUGE! Engage social influencers in the physical world to reap amazing social and word-of- mouth PR benefits! Cheers to @HyattChicago for going out of their way this weekend to connect with me in real life! Angie Schottmuller | @aschottmuller

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Action Plan1. Assessment - Analyze current state, include SWOT2. Strategy - Map out social media plan by scope3. Pitch - Present top ideas to IMF 4. Prep - Secure resources, budget, tools, training, etc.5. Implement - Execute the plan (Abort if necessary)6. Review - Analyze activity & ROI using multiple metrics7. Optimize - Gather insights and improve for the sequel Angie Schottmuller | @aschottmuller

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Only " Its time for20% of YOU to lead the way.marketers measuresocial media ROI. - eMarketer, 7 Guidelines of Achieving Social Media ROI, Feb 2010

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Key Takeaways§ Measure your social media costs and benefits§ Leverage your social interactions for conversion§ Engage your audience for content§ Negative reviews add value§ Test the impact of social media/proof Angie Schottmuller | @aschottmuller

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"The impossible can become possible," " IF... YOURE... AWESOME!" - Rhino [Disneys Movie, Bolt]

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Not sure if socialmedia impactsconversion?TEST IT!

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MISSION: Apply these tips, test social proof for conversion, and share this presentation so your social media plans dont self-destruct!