Social Media ROI – Women Who Tech – #wwt
Great polls started out the conversation, including how much time people were spending on social media and also
- Beth: Created by Dupont and Alfred Sloan to make General Motors more manageable.
- Beth: Four “I” words: Insight, Interaction, Investment, Impact
- Beth: Affecting social change is the ultimate goal for non-profits. Involves looking at the role of social media in larger equation.
- Beth: ROI goddess — @kdpaine
- Laura: Set clear objectives that are SMART (specific, measurable, actionable, realistic and timely)
- Outputs: white papers, etc.
- Outcomes: Change in behavior, attitude, opinion
- Laura: Take an educated guess and then tweak along the way
- Hardwire organization to measurement
- Don’t limit yourself
- Take an educated guess; don’t be afraid to break things and fix them along the way
- Many of the intangibles are gray areas
- Even if a measurement is intangible, make sure to have a discussion about it and break it down into pieces.
Metrics linked to objectives
- Avoid metrics as therapy
- Make sure you take a look at what caused spikes. Was it a specific thing on Twitter or Facebook post that drove more traffic?
- Identify what’s important and then use that to frame your metrics.
- Metrics will allow you to create insights.
- Laura: Social media should not be in a silo. Make sure your objectives in social media align with your larger business objectives.
- Share of conversation / voice: Find out how much your company is being talked about within that industry conversation.
- Don’t throw darts randomly – be responsible about what you’re actually trying to measure.
- Laura: Don’t make decisions based on anecdotal data.
Track the entire funnel:
- Measure the Funnel
- Seed: Identify Influences (Twitalyzer)
- Attention: Impressions (Twitterapi)
- Engagement: Click, Spread, Share, Comment, Rate (bit.ly, what the hashtag, rowfeeder)
- Conversion: Donate, Sign Up, Join (Google Analytics)
- Spreadsheet Aerobics
- You’re only collecting data that works
- Spreadsheets are fit and trim
- Beth: It shouldn’t take you more time to collect the data than it does to do the project.
Measure the What and Why
- You’re going to get more response within organization if you can match up social media objectives with other business objectives
- Takes more than one data source to analyze.
Beth: Approach social media ROI like Thomas Edison did inventing storage battery. Took Thomas Edison 10,000 tries to get things right.
- “Failure is not an F word”
- Keep experiments simple.
- Start with a hypothesis
- Have a testing “cheerleader” on your team.
Beth Kanter: Use a timeout timer to track how fast and efficiently you can do things. Try to do things faster the next time.
Kanter: Use ROI storytelling techniques and use those along with the numbers. Screen capture tweets, etc. if they match the number data.
You don’t need to show all the data, but have it all ready in case someone asks.
What happens if your ROI is negative?
- Have a lot of patience
- Start small
- Don’t dump a lot of time / money into something without proving that it’s going to work.
Go beyond the tool
- When looking for tools
- Depth and breadth of coverage
- Good analytics
- Look at collaboration and workflows