November 10th: Jacob Morgan


TOPIC QUESTIONS
Q1) Whether Impact or ROI, what Investmentsť could be measured to prove out value in Social Media?
Q2) How can you prove value from Impact or ROI to executives to continue or try Social Media?
Q3) Does anyone have any ROI examples from companies? Remember we're not talking about sales?
   Event Details
Event Date:
     2009-11-10
Event Time:
     12PM - 1 PM EST
Participants:
     39
Tweets:
     443


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Moderator
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Jacob Morgan
twitter:
web: http://www.jmorganmarketing.com
BIO: Jacob Morgan is a seasoned social media consultant /strategist and the Co-Founder and Principal at Chess Media Group, a strategic social media consultancy focused on delivering business results. Jacob helps small, medium, and large businesses understand the various social media tools and strategies out there and how they can be leveraged for internal collaboration or for external communication/marketing/relationship building (or other business ...more
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thanks you had a great time! #sm33
if I didn't get a chance to chat with you during #sm33 feel free to ping me anytime to have a conversation :)
thanks to you guys for joining! #sm33
that was intense, so hard to answer to many questions! #sm33
wow that ROI conversation went by super fast! #sm33 thanks for joining everyone, always here to chat :)
thanks for joining! #sm33
thanks for joining! #sm33
you can have positive sales while having a negative ROI #sm33
so if you made 1 million in sales but spent 2 million to make that one million, you don't have a positive ROI #sm33
sales and ROI are different, ROI takes into account the amount of money that was gained from an investment vs the cost #sm33
we don't even know the ROI from Dell, we just know they made $, no idea how much they invested though #sm33
so does anyone have any ROI examples from companies? Remember we're not talking about sales (hears crickets) #sm33
Ok here comes Question 3! wow you guys are a passionate bunch! #sm33
yes please remember that sales is never ever #ROI #sm33 just because you make 5 million from a campaign doesn't mean you have ROI #sm33
have to compare apples 2 apples in SM, if you spend 1 million then the you should get back X amount of $s (not eyeballs) think algebra #sm33
so many conversations happening on #socialmedia #ROI that twhirl froze and says I exceeded the update limit! #sm33
so many conversations happening on #socialmedia #ROI that twhirl froze and says I exceeded the update limit! #sm33
sales IS NOT ROI! ROI takes into account the amount of $ gained as well as the cost of investment! #sm33
sales IS NOT ROI! ROI takes into account the amount of $ gained as well as the cost of investment! #sm33
have to sell results to convince execs, identify issues and solve them #sm33
have to sell results to convince execs, identify issues and solve them #sm33
If you can save a company money that IS ROI #sm33 remember that
true but selling fear might not be the best approach, sell results #sm33
If you can save a company money that IS ROI #sm33 remember that
true but selling fear might not be the best approach, sell results #sm33
You can identify quick wins and long term opportunities by doing a needs assessment #sm33
yep you have to show some wins to begin with #sm33
yep you have to show some wins to begin with #sm33
Ok here is Q2. How can you prove value from Impact or ROI to executives to continue or try Social Media? #sm33
Ok here is Q2. How can you prove value from Impact or ROI to executives to continue or try Social Media? #sm33
ok we're moving onto Q2 #sm33
measurement needs to focus on metrics that matter, can't focus on everything under the sun or you will go blind! #sm33
ok we're moving onto Q2 #sm33
measurement needs to focus on metrics that matter, can't focus on everything under the sun or you will go blind! #sm33
measurement needs to focus on metrics that matter, can't focus on everything under the sun or you will go blind! #sm33
ok we're moving onto Q2 #sm33
ok we're moving onto Q2 #sm33
fans/followers are not a good measurement of ROI/Impact because you're going for relevancy and qualit #'s dont mean much #sm33
agreed, data paralysis is an issue, that's why you need to know what to look at and why #sm33
lots of traditional methods come into play such as surveys and market assessments #sm33
RT : For those wishing to engage in a pretty lively #socialmedia #tweetchat on ROI. The hashtag is #sm33
that's the problem companies aren't using systems and processes, but they need to, ROI is not a new challenge for marketing #sm33
big problem with ROI is that companies have no ROI/measurement foundation, too focused on scattered campaigns, take a step back #sm33
big problem with ROI is that companies have no ROI/measurement foundation, too focused on scattered campaigns, take a step back #sm33
ROI should take into account the ability to strengthen the brand and make $ #sm33
bingo! that's an internal challenge, you can measure improvements in company inefficiencies #sm33
need to get more granular, i.e. understanding purchase cycle, avg spent/transaction, have to tie growth to SM #sm33
which is why measurement is not a short term approach #sm33
keep in mind there are a few things you can do with SM, there are internal and external company problems you can solve #sm33
keep in mind there are a few things you can do with SM, there are internal and external company problems you can solve #sm33
i haven't seen any social media plays from tobacco companies but we are seeing some things from alcohol companies using SM #sm33
RT : What about measuring ROI in regulated industries? (tobacco, alcohol) #sm33
yes but what are you measuring, are you selling something on the blog? #sm33
if people are redeeming coupons and as a result purchasing something then $ is involved hence yes ROI #sm33
if people are redeeming coupons and as a result purchasing something then $ is involved hence yes ROI #sm33
but be careful the ROI comes into play only when those leads close #sm33
So just to clarify for Q1. ROI is anything that deals with $, Impact is everything else #sm33
Ok folks let's get started Q1.Whether Impact or ROI, what “Investments” could be measured to prove out value in Social Media? #sm33
Ok folks let's get started Q1.Whether Impact or ROI, what “Investments” could be measured to prove out value in Social Media? #sm33
there's going to be a lot of brain power on this #socialmedia #ROI chat so I'm expecting some very interesting conversation! #sm33
5 more mins before we get into the impact and ROI of social media #socialmedia using hashtag #sm33 you guys ready?
RT : Today's #socialmedia Tweetchat led by on Social Media’s Impact on Business (and ROI) will be using the hashtag #sm33