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This document discusses social media measurement and strategies for businesses. It covers the evolution of online marketing from relationship building to direct results. It recommends that companies listen to conversations, learn, react, and sell on social media. Specific tactics discussed include monitoring brand mentions, responding to leads with offers, and running contests on Facebook and Twitter to drive sales. Case studies show how Dunkin Donuts and Gap were able to generate millions in revenue through social media engagement and contests. The document emphasizes the importance of social media for businesses and measuring the results and costs of engagement.
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Ilona fpra luncheon
- 1. Social Media MeasurementThe Why’s and How To’s@eyelonaIlona Olayanwww.socialstrategy1.com
- 2. 2
- 3. Evolution of Online MarketingRelationshipValue: Web as a relationship management platformPrimary Goals: Engaging prospects and customers outside of their websiteSecondary Goals: Lead generation, drive traffic, thought leadership and brandingMeasurements: Cost of sales, customer retention, brand penetration, measurement from interaction/direct results stageMarketing tactics:Video communitiesTwo-way adsMessaging connections using trigger marketingSuccessful tactics from direct results stageExperimentationValue: Web as a promotional vehiclePrimary Goals: Trial of a new media concept, gain eyeballs, build brand and drive awarenessMeasurements: Cost per impressionMarketing tactics:Branding – buttons, bannersEmail – newsletters, list rentals3Direct Results Value: Web as a direct results platform
- 4. Primary Goals: Drive traffic and lead generation
- 5. Secondary Goals: Thought leadership and branding
- 6. Measurements: CPL, CPC, brand measurements confirmed through surveys
- 8. Search ads
- 9. Lead gen – white papers, webcasts
- 11. Email – list rentals
- 12. 5
- 13. Consider…Social networks and blogs are the 4th most popular activity…ahead of personal email82.5 million people created online content in the US alone in 2008 – 116 million this year and growing71 million on social networks21 million posted blogs15 million uploaded videos11 million participated in virtual worldsYelp! had 38 million unique visitors in August and 12 million reviews to date87% trust peer recommendations6Source: eMarketer
- 14. Fiduciary ResponsibilitySocial media strategy because it touches every facet of your businessYour company’s success or failure will be largely dependent on your social media success. So what are the steps that companies need to take in social media? There are 4 primary ones:Listen: What is being said about us?Learn: After listening you can then join and contribute to the conversationReact: This means what are you doing about it what is being said? Are you improving your product or service based on this feedback?Sell: All of the first three steps contribute to your ultimate goal of selling more!7
- 15. According to McKinsey (April 2010):“The rewards of pursuing excellence in word-of-mouth are huge, and it can deliver a significant competitive edge few other marketing approaches can match”“It’s the most disruptive factor in marketing”“Marketing-induced consumer-to-consumer word of mouth generates more than twice the sales of paid advertising”When McKinsey weighs in, your know you’re talking about a topic that has C-Suite attention8The Power of Word of Mouth
- 16. Who is Watching Those Mentions For Your Brand and What Can You Do With It?Using Human Intelligence to ‘make sense of the noise’Gauge relevant sentiment Develop online business strategyEstablish FAQs to address underlying online sentimentExecute implementation strategy Engage with audience using FAQs as general guidelinesProactive – with coupons, incentives and promotionsReactive - by selectively responding to sentiment with factEscalate comments which can lead to sales or marketing opportunities (i.e. leads, testimonials, legal)Identify similar online communities for business benefit and proactively participateAnalyze and discuss important metrics acquired through systems like Social Strategy1Make recommendations to adjust strategy based on sentiment9Don’t Miss the Opportunity to Connect with Buyers!
- 17. 10Social Media for Lead Generation
- 18. Dunkin Donuts Online SuccessMaintain 80% fewer Facebook and Twitter followers than StarbucksDunkin’ Donuts fans 35% more likely to recommend the brand (Starbucks lack of personal connection, superiority of taste, shareholder value)Online Marketing Approach is “turn real people into online celebrities”Contest Customer submitted pics of themselves drinking iced coffee in the winter matched with in store discountResults140 submissions generated 3.9 million product plugs through posts and status updatesNext online only contest drew 290,674 submissions and now an annual event
- 20. Gap’s Real Monetization StoryResulted in 440,000 purchases equating to $11 million in sales. With a national TV campaign, what’s the likelihood they would have gotten nearly 500,000 paying buyers in the store?13
- 21. Monitor Conversations about Your Brand and Competitors Proven value of monitoring conversations and responding to leads8th Continent monitored mentions of Silk brand soy milk, one of their competitors, and offered trial coupons to usersOne tweeter received a coupon after tweeting about her bad experience with Silk chocolate soy milk –redeemed that week. Coupons distributed via social media resulted in 39% redemption rate, versus the 0.7% redemption of hard copy couponsDuring coupon promotions they saw huge spikes in their fan base and a lot of pass along14
- 22. MeasurementRevenueRevenue is one form of the metrics we use to measureWhile much of social media is free, we do know the cost of engagement as it relates to:EmployeesTimeEquipmentOpportunity cost (what they’re not focusing on or accomplishing while engaging in social media). Tying those costs to the results will reveal a formula for assessing the “I” in investment.
- 23. What’s the Cost of Doing Nothing?16“In 2011 there will be an estimated 3 billion people using the Internetto communicate, collaborate and link with other like-minded folks.”Tom Hayes | Jump PointDo You Really Want to Take That Risk?
- 24. Contact InformationIlona Olayan | Director, Marketing and Sales Support | Social Strategy1www.socialstrategy1.comilona@socialstrategy1.comTwitter:@eyelona & @sstrategy117
Editor's Notes
- The PR industry has bosses/clients asking exactly what type of ROI their company is receiving from its efforts in this space. So, what do we measure and how do we measure it? I hope I’ll answer that for you. We are living in a real-time world like no other time before in history. I was talking to folks like Erik Qualman at Lift Summit in ATL a couple of weeks ago and he works in social media 24x7, yet even he can’t keep up with the plethora of information out there. So, what I’d like to show you today is how to set the stage for the good and the bad in social media.
- This was only posted 5 months ago and already its outdated. Did you know that every minute there’s 24 hours of video uploaded to youtube. People whom we never would have imagined are grasping at the phenomenon because they recognize there’s opportunity in online participation.
- This attests to just how quickly things can grow
- With Groupon, the twist is that an offer is only redeemable if enough people express interest in it. With redemption rates exceeding 80% on average, Groupon’s growth is easy to understand since it often splits the value of the offer as part of its revenue. It is the local focus that got Groupon to where it is today.
- So it’s no surprise that $11 million in revenue from a single merchandise promotion generates a lot of interest in a company. It’s the kind of success story that gets marketers talking.