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What's the ROI of Social Media?

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For the last eight years brands have invested billions into social media programs and now many are scratching their heads… “What's the ROI of this content?”

In this webinar we break it down for you.

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What's the ROI of Social Media?

  1. 1. The webinar will start shortly… Thanks for joining us today! W E B I N A R S E R I E S
  2. 2. Hello! Jonathan Nguyen Regional Director, APAC Social@Ogilvy Rob Blackie Director of Social at Ogilvy
  3. 3. Tell us where you’re dialing in from! What’s the weather like in your city?
  4. 4. Want this deck? It will be available for download shortly after the webinar on: slideshare.net/socialogilvy Ogilvy staff: It’s also on The Market! themarket.ogilvy.com Are you on the go? You can join our webinars on mobile, too! Download the GoToWebinar app from the App Store or Google Play
  5. 5. How digitally mature are you? CMOs globally have invested millions into social media programs, but most have not been able to quantify any results. Has the promise of social been a swindle or are we missing something? May 2017
  6. 6. 81.5% of CMOs have not been able to show any impact or only qualitative impact from their social media investments *The CMO Survey, February 2017 https://cmosurvey.org/
  7. 7. Social media is perceived to contribute little to company performance *The CMO Survey, August 2016 https://cmosurvey.org/
  8. 8. So what’s the ROI on all this content? © 2016, Ogilvy & Mather Asia Pacific 8 2016 marked the beginning of the Relationships era and CMOs are questioning the value of content and ”engagement”. Late 90s Dawn of the Social Epoch 2006 Platform Era 2013 Content Era 2016 Relationship Era 2018 Machine Era
  9. 9. Over time, content and conversations became more sophisticated © 2016, Ogilvy & Mather Asia Pacific 9 Content EraPlatform Era Relationship Era Conversation style: Maximise the number of platforms, and only have conversations to avoid a crisis. Conversation style: Help customers with their problems and answers their questions. Conversation style: Use social care and social CRM to build longer term relationships.
  10. 10. The greater the investment, the greater the budget oversight © 2016, Ogilvy & Mather Asia Pacific 10 Content EraPlatform Era Relationship Era Accountable: Social media managers “How do I convince my company that this is important?” Accountable: Marketing managers, CMOs “How do I convince my boss this has an impact on our brand?” Accountable CMOs, CIOs “How do we convince the board this will make a return?” $ $$$ Time has forced brands to mature in their approach and invest more Failure is a difference in opinion here
  11. 11. H&M’s digital team can quantify X,000,000 leads to its ecommerce and retail stores monthly in China
  12. 12. KLM’s social media team generates EUR25MM annually
  13. 13. What is it that these brands do differently to outperform their category competitors?
  14. 14. These brands have realised it’s not “Social Media” but Three types of Dialogues © 2016, Ogilvy & Mather Asia Pacific 14 No longer is lumping social media into a bucket and giving it to a social media manager enough. To drive value, these businesses have recognised they’re having conversations with customers that have serious business impact. Customer Value AcquisitionBrand Value They have customer centric Service Dialogues that reduce churn and builds advocacy with every interaction They have Selling Dialogues that builds commercial value through focused content They have meaningful Brand Dialogues that build trust and creates a favourable selling environment
  15. 15. Six things these companies do (and you should too) Treat social as a business investment Requires a whole of business buy-in and an alignment of people, process and technology. Evidence based approach The brand voice is built on research and is not imagined in a vacuum. Customer centric Treat service dialogues as boon and not a burden. Understand the new context But don’t cut and paste what you learnt in the call centre. Content is created deliberately Create content that sells and measure it Using behavioural science to persuade You are not alone, use science to help you be more persuasive.
  16. 16. They have matured approach that treats social as business assets that drive value © 2016, Ogilvy & Mather Asia Pacific 16 Survival in the relationship era requires a CMOs / COOs take a more business oriented approach to social. Random content and transactional “approved responses” are not enough. § Approach social media from the perspective of driving three types of conversations: brand, servicing and acquisition § Invest in them, and KPI them that way: § Coca-Cola wants to know how this investment will increase their “brand love” score § Vodafone wants to know how this will improve the NPS § Deutsche Bank wants this campaign to drive $x in insurance acquisition § Align all departments: IT, legal, compliance, customer service, marketing and communications!
  17. 17. Their brand voice is differentiated and is built on research 17 Have you ever noticed how most social media guidelines want the brand voice to be ”casual, like a friend, but not too casual”? © 2016, Ogilvy & Mather Asia Pacific § Use data to understand how your consumers in each market understand the brand § Understand the cultural context in which your brand now lives § Understand what your consumers care about!
  18. 18. They see service dialogues as a boon not a burden © 2016, Ogilvy & Mather Asia Pacific 18 Did you hear the story about the brand who closed their Facebook wall to avoid hearing complaints while spending millions on customer research? § 1 out of 5 customers don’t bother complaining, they just churn § Social networking apps are used by more than 2 billion people globally, and social network accounts are accessed every day by 61% of the global online population2. § Customers have a strong incentive to complaint in social because they can publicly shame the brand for bad service
  19. 19. They don’t cut and paste what they do in the call centre The lines have blurred between customer service and brand, Relationship Era brands understand that applying call centres techniques into social media will not work. © 2016, Ogilvy & Mather Asia Pacific 19 § Call centres prioritize avoidance, this doesn’t work § Customer service issues are not generally caused by customer service § Caused by customer misunderstanding 20-30 per cent § Caused by the company, through poor marketing / communications and sales practices 40-60 per cent § Employee attitude / error 20 – 30 per cent § Brands that use social media purely to improve call centre metrics by reducing response times and increasing first contact resolution at best are addressing the last 20 – 30 per cent of the problem and at worst will create all of the wrong headlines.
  20. 20. They create deliberate content © 2016, Ogilvy & Mather Asia Pacific 20 A selling conversation in social media begins with a piece of content and leads to a customer, success is measured in sales § Allocate a percentage of your content creation to building a pipeline § Create a narrative over several posts that builds to a sale § Don’t write template responses! Write a dialogue.
  21. 21. They’re building that content on science © 2016, Ogilvy & Mather Asia Pacific 21 Modern behavioural science tells us there are more effective ways to communicate in order to influence purchase, but most content is built on guesswork § Read the available material on how our cognitive biases impact choices § Create small experiments to test your content against each of the biases § Optimise, repeat and use technology to help you!
  22. 22. This sounds hard, I don’t think we’re ready!
  23. 23. It’s not hard, you just have to know where to start 23 Initial Managing Quantifying Optimising Evolved
  24. 24. Five Question Rapid Assessment © 2016, Ogilvy & Mather Asia Pacific 24 We know our content engagement rate Stage 1: Initial We can quantify to our executive team how our social efforts impact consumer behaviour False Stage 2: Managing We can quantify to our shareholders how our digital assets contribute to revenue False Stage 3: Quantifying We have statistical models that can accurately predict new customer acquisition False Stage 4: Optimising Stage 5: Evolved True True True We accurately predict societal needs and bring products and services to market rapidly to respond True
  25. 25. Then you can work out where you need to go next Stage 1: Initial Stage 2: Managing Stage 3: Quantifying Stage 4: Optimising Stage 5: Evolved How the organisation views social media Do we need a Facebook page? Social media might be important but we don’t know how. Social media is important to my department and I can prove it. We use social to aggressively grow our business to you customer segments. We don’t distinguish between social and traditional Goal / KPIs Demonstrate to the organisation that social media impacts the brand. (Brand value, brand appeal, brand image) Prove to executive committee social media impacts consumer behaviour. (Penetration, loyalty, advocacy, price sensitivity) Prove to shareholders we drive commercial value out of social investments. (Sales) Use digital to acquire new customers and grow market share. (Market share, profit) Use digital to build new portfolios, categories and industries. (Growth from new markets) Must be Mastered: Mastery is achieved when the processes are clearly defined, understood, consistently execute and measurable across the entire brand portfolio. Invest 70% of your resources here Brand dialogues: Understand how each of the major platforms work and how they impact your consumers and brand. Create first branded presence with appropriate internal and external guidelines Brand dialogues: Ongoing and campaign content that resonates with target audience Service dialogues: Customer journey well understood by customer service teams who handle omni-channel support and multi-media. Selling dialogues: Servicing and sales can move seamlessly between channels as people, process and tools are aligned to support Commercial forecasts for digital channels are consistently accurate as are customer advocacy scoring. Digital only / ecosystem products represent a significant portion of revenues. Must be Managed: These items are documented and operational and understood by the required teams. Invest 20% of your resources here Branded content is created to a schedule Response guidelines developed and approved by internal stakeholders Establish Social Council Service / selling dialogues: Customer service teams enabled to do their own support through social Target audience is segmented and personas in development Automation of service dialogues through chat bots where appropriate in customer journey Selling dialogues: Highly targeted selling content for high value customer segments built on behavioural nudges Service / selling dialogues: BI teams build predictive models for customer experience and purchasing propensity supported by AI / machine learning. Product integrations into voice and digital assistants AI automatically adapts products based on the market conditions and customer Products can all be purchased by AI voice and digital assistants Product teams use AI models to develop new products. Must start Doing: These items need to be understood by the social lead who must start the internal stakeholder engagement to operationalise. Invest 10% of your resources here. A strategy for social that captures how the organisation will build capability to manage: brand, service and selling dialogue with consumers Segmentation of target audience Upgrade of existing CRM / ERP systems to handle social data Customer journey mapping Behavioural science training for content for teams start Purchasing propensity models built and integration into CRM Automation of service and selling dialogues through chat bots based on predictive models Digital and “ecosystem” products and services in development Products developed specifically for AI to AI purchase © 2016, Ogilvy & Mather Asia Pacific 25
  26. 26. Build a really simple 1 page plan Brand X 2017 Plan Current State: Stage 1 Step 1: Build Organisational Alignment Step 2: Build Organisational Capability Step 3: Technology enablement Future State: Stage 2 by then end of 2017 Description How the organisation views social media Do we need a Facebook page? We know our customers talk to us in social media and we can engage with them as it is important to our business. Goal Demonstrate to the organisation that social media impacts the brand. The organisation recognises that social engagements impact consumer preference and customer satisfaction. Must be Mastered: Mastery is achieved when the processes are clearly defined, understood, consistently execute and measurable across the entire brand portfolio. Invest 70% of your resources here Brand dialogues: Understand how each of the major platforms work and how they impact your consumers and brand. Create first branded presence with appropriate internal and external guidelines Brand dialogues: We are regularly creating content that resonates with our audience and drives questions and interest in our products. We would like to get to a point where we start linking our content with sales. Must be Managed: These items are documented and operational and understood by the required teams. Invest 20% of your resources here Branded content is created to a schedule Response guidelines developed and approved by internal stakeholders Establish Social Council Service / selling dialogues: Our customer service teams handle service enquiries. We’re able to measure their responsiveness and customer satisfaction compared to other channels. We’d like to be more proacitve. Must start Doing: These items need to be understood by the social lead who must start the internal stakeholder engagement to operationalise. Invest 10% of your resources here. A strategy for social that captures how the organisation will build capability to manage: brand, service and selling dialogue with consumers Segmentation of target audience Upgrade of existing CRM / ERP systems to handle social data Customer journey mapping Behavioural science training for content for teams start © 2016, Ogilvy & Mather Asia Pacific 26 Your Plan
  27. 27. The machine era is coming © 2016, Ogilvy & Mather Asia Pacific 27 Machine learning will displace the non-competitive through radical efficiencies, sometimes completely replacing humans. Late 90s Dawn of the Social Epoch 2006 Platform Era 2013 Content Era 2016 Relationship Era 2018 Machine Era
  28. 28. Questions? Jonathan Nguyen Regional Director, APAC Social@Ogilvy Rob Blackie Director of Social at Ogilvy
  • JonathanNguyen

    Oct. 27, 2020
  • marciikeler

    Aug. 9, 2017
  • ChloePartikas

    May. 23, 2017
  • MarinosKlouras1

    May. 22, 2017
  • lohmannchristensen

    May. 21, 2017

For the last eight years brands have invested billions into social media programs and now many are scratching their heads… “What's the ROI of this content?” In this webinar we break it down for you.

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