Advancing the Discussion of Social Media & ROI


TOPIC QUESTIONS
Q1) How can strategy & planning can impact ROI?
Q2) What are the steps to integrate SM across a business?
Q3) What is the difference between measurement & ROI?
   Event Details
Event Date:
     2009-12-22
Event Time:
     12PM - 1 PM EST
Participants:
     89
Tweets:
     933


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OlivierBlanchard.jpg
Olivier Blanchard
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web: http://thebrandbuilder.com
BIO: What I Do: As BrandBuilder Marketing’s principal and senior strategist, I help companies develop, build, integrate, manage and measure Social Media Programs. I also help companies manage their reputations online and offline, and establish leadership in their markets. I often train company executives and project teams in all matters of social media management and measurement, then help them build and integrate effective programs into every face ...more
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Just a few minutes before we start with this week's #socialmedia chat. Follow #sm39 today.
Today's topic: Advancing the Discussion of Social Media & ROI #sm39
Hi everyone, and welcome to this week's #socialmedia chat. #sm39. Let's get started.
Thanks to and for inviting me to host #sm39. This is going to be fun.
#sm39 Q1: How do strategy & planning impact ROI?
#sm39 Should I start answering, or do you guys want to take a crack at it? ;)
I am just using a search column in Tweetdeck. You can also go here: http://bit.ly/hxYFo #sm39
Another good answer RT : Without a strategy how can how can you really measure anything, let alone ROI #sm39
#sm39 A1: Right, so you have to start at the end. With the goal. (The desired outcome, if you will.)
#sm39 A1: Right, so you have to start at the end. With the goal. (The desired outcome, if you will.)
#sm39 A1: Right, so you have to start at the end. With the goal. (The desired outcome, if you will.)
Very good point about "targets." RT : with planning and targets, can measure what is happening at least #sm39
#sm39 A1: Assuming that R.O.I. is a factor, everything a business does is geared towards improving the bottom line in some way.
Very good point about "targets." RT : with planning and targets, can measure what is happening at least #sm39
RT : Marketing 101: Setting achievable, measurable goals ahead of time is crucial to determining ROI #sm39
RT : A big part of soc media strategy + planning should be to decide if ROI will will even be a goal of the campaign #sm39
#sm39 A1: So yes, if R.O.I. is a factor, again, start at the end. With a desired outcome. With a net number and a % growth.
:D RT : SM Han Solo says SM targets, even ones no bigger than a womp rat, can still take down a Death Star when achieved. #sm39
Excellent point. R.O.I. tends to be silo-agnostic, vs. other types of metrics that may belong to digital, B&M, etc. #sm39
RT : Cos can take months (analysis paralysis) to develop the perfect strategy b4 starting. U can start listening in parallel #sm39
By numbers, do you mean the outcome? Or how much of the budget is allocated to SM specifically? #sm39
It's an in vs. out equation, yes. You put 1 dollar in the machine, and you expect at least 1 dollar to come out. #sm39
Yep. And tactics are how you actually execute on the strategy to achieve your objectives. #sm39
Good point: When dealing with expectations and goal setting, TIMEFRAMES are pretty crucial. ;) #sm39
The question isn't just a $$$ one, but also a "when should we actually hit target A, target B, target C?" #sm39
Perfect segue into Q2: What are the steps to integrate SM across a business? #sm39
Yes: RT : An objective should be stated in terms of timeframe for achievement. X delta or X $ by date. #sm39
RT : marketing function goes beyond advertising and PR. social media is no different. Do research first #sm39
Reaching R.O.I. objectives/targets can be extremely quick if you use SM to cut costs. #sm39
In terms of generating new revenue, you have to anticipate a long engagement to hit the principal target. The big number. #sm39
Adjustments can be made on the fly, if intermediate metrics aren't tracking in the desired direction. #sm39
Adjustments can be made on the fly, if intermediate metrics aren't tracking in the desired direction. #sm39
#sm39 Okay, so back to Q2: Social Media is not a discipline like Marketing or sales, that will eventually create a new department.
RT : Q2 Want to look for a goal for 2010? It would be the goal to find multi-functional people who have the chops. :) #sm39
#sm39 Q2 Instead, Social Media is a discipline you want to INTEGRATE into your existing business functions.
RT : Q2 Want to look for a goal for 2010? It would be the goal to find multi-functional people who have the chops. :) #sm39
#sm39 So the key isn't to hire "social media experts" or "certified social media specialists," but to start integrating SM operationally.
RT : Q2 before a company begins w/ social media, realize that it will change co culture #sm39
Solid Q: RT : How do you integrate #socialmedia to employees that are already overwhelmed and performing multiple jobs? #sm39
This may require a revamp of how employees are goaled. Expectations about their performance will have to change. #socialmedia #sm39
First, figure out how #socialmedia will help them do their job better instead of getting in their way. That's key. #sm39
Realistically, you are looking at a revamp of their job description, even if it is subtle. #socialmedia #sm39
Q2 Good point - You need 4 knowledge platforms to get started: Strategy, Integration, management and measurement. #sm39
Or at least keeps the workload the same, but shifts from one set of tasks to another. #socialmedia #sm39
Exactly. RT : #socialmedia works best when it decreases work load not increase. Must add value not work if done right #sm39
Or at least keeps the workload the same, but shifts from one set of tasks to another. #socialmedia #sm39
Exactly. RT : #socialmedia works best when it decreases work load not increase. Must add value not work if done right #sm39
So initially, you may need to bring in someone who can help the executive team identify goals and develop a strategy. #sm39
That someone has to be able to navigate internal politics, perform training, understand how various depts. work, etc. #sm39
Second, you need someone with an operational background who can take on the INTEGRATION of SM into every department. #sm39
That someone has to be able to navigate internal politics, perform training, understand how various depts. work, etc. #sm39
So this is a very collaborative role. This person has to be a hell of a problem solver, and s/he has to know their stuff. #sm39
The 3rd pillar in all of this is the management: community management, online reputation management, customer support, etc. #sm39
In terms of social media management though, I think that certification can be specific enough to be relevant. (cont.) #sm39
I could see how each of these functions (the actual execution of a business function through SM) could work with certs. #sm39
Q2 Right. The key in adoption is for #socialmedia to first solve a business problem. #sm39
Q2 Second, the way in which that problem is solved has to be measurable. R.O.I. may not be an objective every time. #sm39
... as social media becomes integrated into every facet of the business, much like the telephone, the computer, etc. #sm39
Ideally, after 12-18 months of Social Media usage, a company should be able to say goodbye to "social media" roles. #sm39
"How does SM help me increase X?" (Revenue, loyalty, net new customers, positive sentiment, visitors, etc.) #sm39 #socialmedia
It always comes up. :D #sm39
#sm39 Wow. Time flies: Q3: What is the difference between measurement & ROI? (Anyone still not clear on this?)
(from an ROI perspective, RT : The only real measure of business success is revenues & profitability. Bottom line. #sm39
(from an ROI perspective, RT : The only real measure of business success is revenues & profitability. Bottom line. #sm39
As long as R.O.I.doesn't turn into soft metrics and R.O.E. nonsense, yes. #sm39
Aha. Good question. Have you seen my basics of SM ROI presentation? The one with the UFO series slides? #sm39
Remember that we're talking about solving business problems here, which ultimately are customer problems. #sm39
Remember that we're talking about solving business problems here, which ultimately are customer problems. #sm39
Using SM to solve customer problems should improve customer experiences, which in turn improve pos. sentiment #sm39
Using SM to solve customer problems should improve customer experiences, which in turn improve pos. sentiment #sm39
Using SM to solve customer problems should improve customer experiences, which in turn improve pos. sentiment #sm39
#sm39 Ah. Chronically discounting yourself into the red. Right. Increasing revenue while eroding your profit margins = brand suicide
How can I clarify that in 140 char. ... #sm39 Okay. Let's try.
#sm39 Ah. Chronically discounting yourself into the red. Right. Increasing revenue while eroding your profit margins = brand suicide
How can I clarify that in 140 char. ... #sm39 Okay. Let's try.
Ideally, you want to use SM to solve a specific problem, or set of problems. Some are $$$ related, others are not. #sm39
Ideally, you want to use SM to solve a specific problem, or set of problems. Some are $$$ related, others are not. #sm39
I don't think it's too much of a stretch to infer that when customers have great experiences with a co., they talk about it. #sm39
I don't think it's too much of a stretch to infer that when customers have great experiences with a co., they talk about it. #sm39
... allow fans to share their love and passion for your brand, you will start seeing a few things happen: ... #sm39
So if you use SM to speed up and improve customer service, enhance the shopping experience, give customers a voice... #sm39
Increases in brand mention. Increases in % of positive sentiment within those mentions. Increases in searches for your brand, #sm39
Increases in visits to your website(s), brick and mortar locations, etc. All of that positive attention can be converted into #sm39
The trick is to make sure that you create conversion vehicles. You don't want to stop at the intermediate impact. #sm39
net new customers, increased buy rates (sales frequency), customer loyalty, increased yield ($ amount per transaction). #sm39
Increases in visits to your website(s), brick and mortar locations, etc. All of that positive attention can be converted into #sm39
Yes. Thanks to 's suggestion, you are all hereby certified in social media awesomeness. (Waving my magic wand.) #sm39
Right: measurement is... measurement. Thousands of metrics are available. R.O.I. is just one of them: $ impact. #sm39
Thanks very much, everyone. #sm39 was a lot of fun. We could do this all day, but we have to adjourn.
#sm39 One last tip: Monitoring, measurement, calculation and analysis are 4 very different functions. ;) Don't get them mixed up.
#sm39 One last tip: Monitoring, measurement, calculation and analysis are 4 very different functions. ;) Don't get them mixed up.
Don't waste time with "controlling" anything. You can't. Set clear co. guidelines + educate employees. #sm39
Don't waste time with "controlling" anything. You can't. Set clear co. guidelines + educate employees. #sm39
Thanks very much for everyone's input. If I missed your question, ask it again via DM. ;) #sm39 More info here: http://bit.ly/7L2Znt
And I'm a 100% zero-calorie treat. (Plus: Certified organic) You can't beat that. #sm39 :D
My fridge. ;) #sm39