Social Media ROI Presentation
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The document discusses the complexities of measuring return on investment (ROI) in social media, emphasizing that ROI must account for both gains and costs, and varies significantly based on specific contexts and strategies. It highlights the need for integrated measurement frameworks and consistent engagement over the long term to derive meaningful insights from social media campaigns. Additionally, it addresses challenges such as fragmented data sources, customer tracking, and the necessity of comprehensive budgeting for effective social media strategies.
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Social Media ROI Presentation
- 1. Social Media ROI Process, Challenges and Requirements Jacob Morgan Chess Media Group November 18, 2009
- 2. Risk of Ignoring Risk of Ignoring
- 4. What is ROI? Gain from Investment – Cost of Investment Cost of Investment ROI = Financial
- 5. Sales is Not ROI Making $3M is not ROI Especially if it cost $4M to make the $3M You can have positive sales and negative ROI Have to take into account investment and return
- 6. Types of ROI Make money Save money Save on research costs Save on time spent, which translates to dollars Save on technology or business costs Save on product development costs Increase number of customers Increase how much people spend Increase how often people spend Increase customer retention
- 7. The ROI Number Meaningless without context Must understand variables that affect ROI Presence on social networks Amount of activity Type of campaigns Tells you: What works, what doesn’t Where should you be putting your money
- 8. What is Impact? Clicks Impressions Page views Comments Re-tweets Size of network Non-Financial
- 9. Lord Kelvin “ W hen you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind: it may be the beginning of knowledge, but you have scarcely, in your thoughts, advanced to the state of science."
- 10. Take a Deep Breath Relax
- 11. Build a Foundation Stop trying to build this Without starting with this Or you get this
- 12. Breaking and Building Have to break things down in order to build them up again properly New platform, new game, new way of doing things Don’t justify lack of measurement with old marketing methodologies
- 13. Short Term vs Long Term 1-3 month + campaigns Fragmented measurement No framework in place Scrambling to show results Campaign is over, launch another Only look at short term results 1 year + strategy Integrated measurement ROI and measurement framework Results are clear across campaigns Can keep launching campaigns based off of measurement Look at short term and long term results
- 15. The Social Business Process
- 16. Business Challenges Corporate culture Customer information Sales data Customer research Managing expectations Time frame, budget, capabilities Department fragmentation Semantics What is ROI?
- 17. Technology Challenges Customer tracking Social networks and over time Data and analytics Managed by multiple parties How do you get all the data and make analytics/data platforms talk to each other? Making sense of the data Interpreting results from various data sources
- 18. Requirements for Enterprise At least 1 year engagement Social media team NOT 1 person Budgeting Social media strategy $200k+ (comprehensive) $10k+ ongoing for monthly engagements Technology Integrating and aggregating data (one time) $50k for minimal work $200k+ for comprehensive work
- 19. Thank You [email_address] Blog: JMorganMarketing.com Website: ChessMediaGroup.com Twitter: @JacobM Book: Twittfaced /Amazon