Measure Social Media ROI with Key Stats
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This document discusses how to measure the return on investment (ROI) of social media marketing. It begins by explaining how to calculate ROI by determining the return in sales from social media versus the investment in things like advertising, staff time, etc. It notes that while some value from social media is intangible, like relationships built, metrics can still be tracked to measure strategy effectiveness. The document recommends tracking metrics like reach, engagement, opt-ins and sales that occur after social media interactions. It also provides examples of tools to track metrics from different social platforms and outlines a system called Social Media Works for consistently measuring ROI from social efforts.
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Measure Social Media ROI with Key Stats
- 1. How to Measure theROI of Your SocialMedia withAndrea Vahl @andreavahl
- 2. Here’s WhatYou’ll Learn.. . • How to calculate ROI (Return on Investment) and what needs to be part of the equation • How to do a deeper dive into your social media stats to shape your future strategy • The most important stats to watch to ensure your strategy is working • The #1 thing every business owner should be tracking (but often aren’t)
- 3. ABOUT ME Co-author of Facebook Marketing All-in-One for Dummies Community Manager for Social Media Examiner for 2 years Lead Instructor at FBInfluence Cofounder of Social Media Manager School Grandma Mary @GrandmaMaryShow Andrea Vahl @AndreaVahl
- 4. How toCalculate ROI(Return on Investment)
- 5. Return on Investment Equation ROI = (Return – Investment) Investment
- 6. Return on Investment The problem with calculating the return on investment of social media is that it’s a money-based equation. Some of the value of the work you are doing is intangible. What is the value of the relationships you are building and forming?
- 7. Or as Gary Vee says “What’s the ROI of your mother?”
- 8. Just because calculating your social media return on investment is challenging doesn’t mean you should give up.
- 9. The good news is that social media is one of the EASIEST forms of marketing to measure!
- 10. Return on Investment Equation ROI = (Return – Investment) Investment
- 11. Return on Investment Return = Sales from social media (or that have been assisted by social media) Investment = Costs associated with campaign (advertising, marketing, and your TIME!)
- 12. Time is the #1 thing many businesses fail to track
- 13. Measuring Your Time • Excel Spreadsheet • Toggl • RescueTime • Everhour Interesting way to calculate what an hour of your time is worth to you: http://sparetime.arkivert.no/
- 14. Everhour
- 15. Assign a$ Valueto your Time!
- 16. Return on Investment Example Sales = $5000 Investment: Facebook Ads cost - $350 Work by assistant - $75 Work by you – 5 hours ($100/hour) = $500 Total investment: $925
- 17. Return on Investment Equation ROI = ($5000 – $925) = 4.4 $925
- 18. What is a GoodReturn on Investment Ratio? Common wisdom- 5:1 But that depends on Cost of Goods – for consultants and digital products, your ratio may be different
- 20. The most important stats to watch to ensure your strategy is working
- 22. But what happens before…. See an ad on social media Optin to free report Get an email See a post on social media Buy
- 23. What You CANMeasure • Sales from Social Media • Optins from Social Media • Reach, Clicks, Comments, mentions, hashtags, bounce rate, video views, reviews, website visitors, Fans, Followers, Subscribers and on and on…
- 24. What You CANMeasure • Sales from Social Media • Optins from Social Media • Reach, Clicks, Comments, mentions, hashtags, bounce rate, video views, reviews, website visitors, Fans, Followers, Subscribers and on and on… Leads to Optins and Sales
- 25. To Monitor Social Media Traffic and Sales #1 Priority - Google Analytics
- 28. Before you get married you have to date!
- 29. Business Objective Social Media Metrics to Measure Connect with Current Customers Reach Comments, Likes, Shares, Retweets Reviews Return Traffic from Social Media Reaching New Potential Customers New optins from social media New Fans/Followers/LinkedIn connections New Group members Increasing Customer Satisfaction Answered messages Time of response More positive reviews Establishing yourself as a brand leader or expert in your field Website visitors from social Time on site from social Bounce rate Optin for webinars, ebooks, newsletter, or other content Video views Retweets and shares Increase in Sales Track sales directly from social media or sales with a social media assist
- 30. Choose the Key Performance Indicators that are right for YOUR business objectives
- 31. How to do a deeperdiveinto yoursocial mediastats
- 32. Watch for your Key Performance Indicators
- 33. Facebook Analytics What is working for Reach and Engagement
- 38. Google Analytics – Best content
- 39. Google Goal Completions – Best Converters
- 40. Other Tools
- 43. Luckily, there is a SYSTEMfor Social Media Measurement
- 44. Introducing…
- 45. Social. Media. Works. • Build highly-engaged communities where people comment, rave about and share every day • Attract a flood of new prospects to businesses • Build engaged, high-quality lists of subscribers quickly • Nurture that engagement and turn leads into profitable sales
- 46. Special Offer Social Media ROI Course • A system of measurement • Remove the guesswork • 4 Modules – over 8 hours of classes, reference material • Private Facebook Group • Bonuses • LIFETIME ACCESS! www.SocialMediaROIcourse.com
- 51. Praise for the course
- 52. Bonuses • Automated UTM Link Creator Template • Spreadsheets to track and plan • Social Reporting Software • Private Facebook Group • Certification Exam – Perfect for winning new clients and assessing your knowledge • Lifetime Access to material www.socialmediaroicourse.com
- 53. Bonuses
- 54. If you want to use SocialMedia to grow your business, you must STOP THE GUESSWORK and really KNOW what is working for YOU.
Editor's Notes
- Does anyone want to give their money to Facebook? No. But with 1.6 Billion people hanging out there Facebook is the perfect place to connect to your potential customer. Unfortunately if you are setting up your ads wrong and Confused about all the new advertising options on Facebook? Don't know if your Facebook ads are as effective as they can be? I've consulted with hundreds of small business owners and have seen the same unfortunate mistakes over and over.
- At the end, I’m going to something super special that I’ve been working on that has been in beta until now – so you will get the first look. But until then, we are going to dive into a ton of great content. And we’ll have some time for some live questions.
- I’m going to tell you a little more about how I get started than I usually tell. Most people don’t know this about me but I actually started out as an engineer. Not the train kind but the geeky kind And I was actually working as a systems engineer for a telecom company when I had my first son. About 9 months after I had him, my whole department got laid off when the Telecom bubble burst. But I was actually happy because we hated day care. We just couldn’t stand dropping our sweet little baby off every day and we never really knew what they did. So we decided to try and make it work with me staying home but it was hard. And I couldn’t sit still for very long and wanted to earn some income. So I started an in-home-wine tasting job which was like my dream job – drink wine while I work, go to parties. It was great. And that’s when I discovered social media. I was using it to connect with people online and using Twitter, Facebook and it was so much fun. I was growing my business and then the wine company where I got my wines went out of business. So I decided that I would never tie my fortune and hard work to another company again. As I was learning about social media, I noticed a hole in the market. There weren’t any entertaining video tutorials about how to use social media. I wanted to have fun while I was learning. So I also did Improv comedy for about 8 years and I decided that I would take one of my characters – Grandma Mary – and she would do my blogging for me and do fun interviews and so Grandma Mary – Social Media Edutainer started her blog. Her motto is If Grandma Mary can do it then you can do it too. She grew a great following online and made some great connections. One of the connections was Phyllis Khare and she was pitching a Dummies book to Wiley about Facebook Marketing. They wanted a co-author with a big platform and they took a look at the number of my Facebook Fans and Twitter followers and offerd me the book deal. So you really can see the power of growing your platform and making new connections.
- Benchmarking – what is it and why do we care Comparison benefit – conduct experiment and compare Highlight peak – click to get all posts
- When you master Facebook Advertising, you become someone who knows how to make it rain. Someone who knows how to turn on the tap of traffic, engagement, leads and sales to your business. While the results can feel like magic, there’s really no magical mystery to Facebook Advertising. When you are using a system like my Facebook Advertising Secrets course, you are going to be able to save more money, get better results, and not tear your hair out in the process! Not only that, all of Instagram advertising is run through the Facebook Ads platform and that is steadily growing with a projected 1.48 Billion being spend in 2016.
- It can build your business, promote your launch, grow a list of eager target leads, and make sales. And there’s no one type of business it works for. I’ve worked firsthand and advised on campaigns for 100s of clients around the world. From e-commerce to brick and mortar, from restaurants to lawyers and business consultants, I’ve seen Social Media work for them all. But if you are using tactics that are wrong for your business and not measuring what is working, you are spinning your wheels.