Jeremy Goldman - Why Social Media and Return on Investment Do Go Hand in Hand

Transcript

1. FIREBRANDGROUP @JEREMARKETER Why Social Media and ROI Do Go Hand in Hand 30 April 2015 1
2. FIREBRANDGROUP @JEREMARKETER People Knocking Social Media & ROI • “I just don’t see any sales from it.” • “I’d rather be spending my budget on things I can quantify.” • “Social media gives no return on investment. It’s like flushing money down the toilet.” 2
3. FIREBRANDGROUP @JEREMARKETER Nothing can guarantee you a strong ROI. 
 That includes social media. 3
4. FIREBRANDGROUP @JEREMARKETER But, it can have a strong ROI • InContact increased revenue per sale by 122% • IBM saw a 400% increase in sales • AT&T was awarded $47 million in new business • Hesselson's saw 1,100% ROI increase 4
5. FIREBRANDGROUP @JEREMARKETER “So, why doesn’t it work for me?” • Poor planning • No KPIs • The wrong KPIs • “Hey, me too!” campaigns • Not doing the math 5
6. FIREBRANDGROUP @JEREMARKETER You can estimate the ROI on anything if you’re willing to put in the time. 6
7. FIREBRANDGROUP @JEREMARKETER What We’ll Cover • The Firebrand Group Process • Metrics • Tying Engagement to Success • Content & Platforms 7
8. FIREBRANDGROUP @JEREMARKETER Part 1 Process 8
9. FIREBRANDGROUP @JEREMARKETER 
 Want success?
 
 
 KPIs need to be aligned 
 and
 You need a process. 9
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12. FIREBRANDGROUP @JEREMARKETER Identify Mission Clarify Objectiv es Determin e Demogra phics Actualize Personas Engage in Broad Competit ive Analysis Create an Everlasti ng Brand The process: MOD ACE 12
13. FIREBRANDGROUP @JEREMARKETER Identify Mission What & Why Concrete and ”Action-oriented" • Concise • Outcome-oriented • Inclusive 13
14. FIREBRANDGROUP @JEREMARKETER Clarify Objectives Mission Statements are great but can at times be somewhat lofty. We take a mission and break it down into its core components. What will help us support our mission? 14
15. FIREBRANDGROUP @JEREMARKETER Determine Demographic Profiles Geographic Region Size of metropolitan area Population density Climate Demographic Age Gender Family size Generation Occupation Education Ethnicity Nationality Religion Social class Psychographic Activities Interests Opinions Attitudes Values Behavioristic Benefits sought Usage rate Brand loyalty Readiness to buy Occasions: types of holidays and events that stimulate purchases How do we define the customer? With so many potential attributes to ascribe to our audience, we delve into geographic, demographic, psychographic, and behavioristic attributes in order to develop a sense we are looking to acquire – and keep. 15
16. FIREBRANDGROUP @JEREMARKETER Actualize Personas 16
17. FIREBRANDGROUP @JEREMARKETER Engage in Broad Competitive Analysis At Firebrand, we don’t just focus on the most obvious competition – companies you’re directly competing against from a sales perspective. We’re also interested in those competing with you for attention. What inspires your customers? Where do they spend their time, online and off? These are the types of brands we consider more broadly when developing a competitive set to benchmark against. 17
18. FIREBRANDGROUP @JEREMARKETER Create an Everlasting Brand • Craft a brand with a story and purpose that resonate with your audience • Offer something more than just product and value • Make customers part of a unique story 18
19. FIREBRANDGROUP @JEREMARKETER Part 2 METRICS & REVIEW 19
20. FIREBRANDGROUP @JEREMARKETER KPIs • Measurable values that demonstrate how effectively a company is achieving key business objectives • Only as valuable as the action they inspire • Don’t blindly adopt them • KPIs are a form of communication 20 CLARIFY THIS.
21. FIREBRANDGROUP @JEREMARKETER KPIs vs. Metrics • A metric is something that is quantifiable • A metric can be important – but isn’t necessarily important • If you’re focusing on 17 metrics, you’re focusing on zero metrics 21
22. FIREBRANDGROUP @JEREMARKETER There is no right metric that every organization should measure…
 
 …and there’s no metric that is universally wrong to take a hard look at. 22
23. FIREBRANDGROUP @JEREMARKETER 23 • Awareness • Affinity • Influence • Purchase Intent • Working towards scorecard vs. internal, category, industry benchmarks KPIS REVIEW PROCESS • Social: Review monthly where agency comes in and presents • Media: mid-month checks & optimization calls; full wrap up with deep dives on performance post every campaign • Search: depending on the brand, have monthly calls
24. FIREBRANDGROUP @JEREMARKETER 24 • Conversion • Conversion: Margin • Conversion: Traffic • Robust spreadsheet that considers the TY and LY periods for traffic, conversion, sales, margin, AOV, UPT, etc., reviewed daily • Not just looking at current or trailing performance, but upcoming periods to be compared vs. LY • Evaluating correlative models between various KPIs KPIS REVIEW PROCESS
25. FIREBRANDGROUP @JEREMARKETER 25 • Traffic • Visits • Pageviews • Use Chartbeat and Google Analytics in real time and use headline A/B testing for all on-site stories & social content • Daily: Basic review • Weekly: Social review meeting to examine top and lowest performers for stories on each channel & discuss optimizing packaging (imagery and copy) with marketing & data scientists KPIS REVIEW PROCESS
26. FIREBRANDGROUP @JEREMARKETER 26 • Clicks – Long – Short • Time Spent • Daily • Use a custom built dashboard to track these KPIs by user type & country globally across audience of 1B+ people. KPIS REVIEW PROCESS
27. FIREBRANDGROUP @JEREMARKETER 27 • Total Visitors • US Visitors • # of Orders • Conversion Rate • AOV • Daily • No formal process, but have daily tracker with transacted sales, visitor, order, etc information into and the conversion rate & AOV updates automatically • Dig into analytics accordingly depending on where they see dips or spikes vs plan KPIS REVIEW PROCESS
28. FIREBRANDGROUP @JEREMARKETER Part 3 TYING KPIs TO SUCCESS 28
29. FIREBRANDGROUP @JEREMARKETER 29 Good KPIs connect the short term to the long term.
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32. FIREBRANDGROUP @JEREMARKETER #LoveDrop Walkthrough Campaign • Find singles on Valentine’s Day via SM • “Surprise and delight” with swag • Introduce target demographics to NYC Social brand 32
33. FIREBRANDGROUP @JEREMARKETER KPIs 1. Posts from NYC region 2. Spring Registrations 3. Reach 4. Posts 5. Impressions 33
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36. FIREBRANDGROUP @JEREMARKETER Results of #LoveDrop Campaign • 3M Impressions • 536K Reach • 2K Posts • 90%+ of posts from NYC region • 150%+ Registration Goals • Sports Marketing Award • 15 Articles 36
37. FIREBRANDGROUP @JEREMARKETER Part 4 STRATEGIES & PLATFORMS 37
38. FIREBRANDGROUP @JEREMARKETER 38 Strateg y Imple mentat ion Analysi s
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41. FIREBRANDGROUP @JEREMARKETER There is NO magic formula for social media success. 41
42. FIREBRANDGROUP @JEREMARKETER What Works on Facebook • Advertising • Post at unexpected times • Advertising • Paying attention to algorithm changes • Unexpected content 42
43. FIREBRANDGROUP @JEREMARKETER To have a higher ROI, 
 you’ve got to 
 break through the clutter. 43
44. FIREBRANDGROUP @JEREMARKETER What Works on Twitter • Posting at the right time • Being succinct • Responsiveness & going the extra mile • Integrating Vine & video • Twitter cards 44
45. FIREBRANDGROUP @JEREMARKETER What Works on Instagram • Great, platform-specific visuals • Great captions • PRing your account • Influencers 45
46. FIREBRANDGROUP @JEREMARKETER Key Takeaways • Develop a process to plan out your strategy • Select KPIs right for your organization • Analysis is the fundamental third pillar of SM success • Learn what works on a platform by platform basis • Focus 46
47. FIREBRANDGROUP @JEREMARKETER Thank You Questions? Comments? Stay in touch: @jeremarketer 47