The Ultimate ROI Guide to Social Media & The New Business Approach

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Ron Grant, former COO of AOL, and Graham Gullans, Founder of LiftMetrix, share their thoughts on two topics. 1.) The New Business Approach to Social Media Marketing 2.) The Ultimate Guide to ROI Measurement
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  • 1. The Business Approach to Social Media & The Ultimate ROI Measurement Guide Founder of LiftMetrix Former COO of AOL Graham Gullans Ron Grant
  • 2. Graham Gullans Co-Founder LiftMetrix @grahamgullans Speakers Ron Grant Former COO of AOL Former Senior Executive and Time Warner
  • 3. Agenda The Business of Social (Finally) Experiences from a former Media Executive The New Business Approach to Social Media • Set the Right Objective • Breakdown Marketing Silos • Don’t Justify…Optimize • Use Your Data Meaningfully Social ROI Measurement Guide 1. How to Select Your Social Goals 2. How to Value Key Business Objectives 3. How to Track Conversions and Discover Top ROI Content
  • 4. Social’s Explosive Growth Social media and mobile are the two fastest growing marketing channels CMO’s are allocating budget to three areas: 1. Social 2. Mobile 3. Analytics By 2020, social media will account for 23.8% of marketing budgets, up from 10.7% today Source: Kate Maddox, AdAge, 8/25/15
  • 5. “Only 15% of CMOs said they have been able to prove the impact quantitatively of social media” - AdAge “43.5% said they have a good qualitative sense of the impact, but not quantitative impact.” - AdAge Difficultly Proving ROI Source: Kate Maddox, AdAge, 8/25/15
  • 6. #1 Challenge for Marketers
  • 7. The Business of Social • Current measurement systems are failing • Engagement is still the industry measurement standard • Huge divide between what marketers want to accomplish and existing tools Unmet Need: Tools that transform social marketing data into actionable ROI driven intelligence. Ron Grant Former COO of AOL Senior Exec at Time Warner
  • 8. Business Approach to Social 1. Set The Right Objective 2. Breakdown Marketing Silos 3. Don’t Justify…Optimize 4. Use Your Data Meaningfully
  • 9. Set the Right Objective Your Social Goals ARE Your Business Goals
  • 10. Breakdown Marketing Silos Data Scientists are Core to Marketing “…take a lot of jobs away from marketers” - Venture Beat Don’t Silo Your Marketing Teams or Data Create transparency so every stakeholder works toward business goals Source: Scott Valentine, Venture Beat, 8/31/15
  • 11. Leverage social data to create your social strategy, rather than using it to defend actions Social Reports are Backwards Looking • Today - Analytics justify past actions • Future – Analytics inform social strategy Vanity Metrics Don’t Tell the Right Story Social reporting should focus on key learning’s and provide a blueprint for improvements Don’t Justify…Optimize
  • 12. Social has a good “Big Data” problem • There is more data than any other channel Use the other 90% of your data Solicit the help of • Data Scientists • Analytic Tools Use Your Data Meaningfully Tools can illuminate your social marketing efforts by measuring your real business objectives and making intelligent recommendations.
  • 13. ROI Measurement Guide It is Hard to Measure the ROI of Social Media
  • 14. ROI Measurement Guide How Do I Calculate Social Media ROI? The most common question we hear from social marketers struggling to show the value of social as a marketing channel.
  • 15. The Social ROI Spectrum Vanity metrics such as likes, shares and comments aren’t capturing the full social ROI spectrum Social Metrics Click-To-Site Website Activity Likes, Shares, Video Views, App Installs Link Clicks eCommerce, Sign Ups, Email Acq., Conversions Marketers need to set their social goals to their business objectives
  • 16. 3 Steps to ROI Measurement We’ll map out how you can calculate the impact of social media on your business and form a strategy to optimize results Select Your Social Goals Apply Value to Key Business Objectives Track Conversions and Discover Top ROI Content 3 Steps: 1 2 3
  • 17. 1. Select Your Social Goals Questions To Ask: Q: How do I acquire customers? A: Website sign up, newsletter subscription, mobile app download… Q: What online conversion trigger is closest to revenue generation? A: eCommerce purchase, free trial, new subscriber, page views… Q: What action do I want my a social followers to take? A: Click on a link, watch a video, engage with my brand, comment… Conclusion: Select the 1 – 3 customer acquisition events that directly contribute to your business objectives
  • 18. All of These Business Objectives Can be Tracked on Social 1. Select Your Social Goals Industry Business Objectives eCommerce Purchases Publishers / Media Page Views, Video Views B2B Brands Free Trials, Newsletter Subscribers, Form Submissions B2C Brands User Sign Ups, Mobile App Downloads Financial Services Customer Sign Ups, Promotion Redemptions CPG Purchases, Redeem Coupons, ‘Learn More’ Forms Industrials Contact Us, Brand Awareness Healthcare Free Trials, ‘Learn More’ Forms
  • 19. 2. Assign Value to Objectives eCommerce Purchases – • Add GA code to your checkout cart to track purchases from social Page Views – • If you monetize your site through ads, calculate your average CPM Free trial sign ups – • (Customer LTV) * (Conversion Rate of Free Trial to Paid Customers) Newsletter sign ups – • (Email subscribers that became customers) / (Email subscribers) = x • (x) * (Customer LTV) = Value of an email acquisition Mobile App Download – • (MAUs) * (Value of MAU) Brand Awareness – • Avg. CPM rate on social ads
  • 20. Connect the dots from social to site 3. Track Conversions Most business objectives are triggered on brand websites • Set up conversion events using Google Analytics (eCommerce, Goals), Facebook Ad Pixels and Omniture Events.
  • 21. 3. Track Conversions Create Google goals and apply value to conversions Use UTM parameters in links to track purchases and goals on a content level Source: LiftMetrix
  • 22. 3. Discover Top Content Measure ROI on social content. Tag content to discover top ROI themes.
  • 23. LiftMetrix ROI Consultation Select Your Social Goals Apply Value to Key Business Objectives Track Conversions & Discover Top ROI Content 1 2 3
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