Comments on: Social Media ROI http://www.digitalstrategist.ca/wp/2009/09/social-media-roi/ Digital Strategy and Management Sun, 13 Jun 2010 17:44:18 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Executing a Digital Strategy | Digital Strategist http://www.digitalstrategist.ca/wp/2009/09/social-media-roi/#comment-65 Executing a Digital Strategy | Digital Strategist Fri, 27 Nov 2009 17:35:11 +0000 http://www.digitalstrategist.ca/wp/?p=269#comment-65 [...] getting your strategy together, figured out who your audience is, where they live online and what your target metrics are. Now what? How do you go about actually getting your message to your customers, and more [...] [...] getting your strategy together, figured out who your audience is, where they live online and what your target metrics are. Now what? How do you go about actually getting your message to your customers, and more [...]

]]> By: Online ROI Revisited | Digital Strategist http://www.digitalstrategist.ca/wp/2009/09/social-media-roi/#comment-62 Online ROI Revisited | Digital Strategist Wed, 04 Nov 2009 20:06:50 +0000 http://www.digitalstrategist.ca/wp/?p=269#comment-62 [...] time back, I posted a lengthy article on how to measure your Social Media ROI. That seems to have become a big topic recently, so I decided to revisit [...] [...] time back, I posted a lengthy article on how to measure your Social Media ROI. That seems to have become a big topic recently, so I decided to revisit [...]

]]> By: James Hal http://www.digitalstrategist.ca/wp/2009/09/social-media-roi/#comment-58 James Hal Fri, 16 Oct 2009 17:27:51 +0000 http://www.digitalstrategist.ca/wp/?p=269#comment-58 I was struck by the thought that ROI is a dangerous concept. Mass media rarely has real ROI attached to it. It is usually surveyed information that has a lot of subjectivity in it Social Media, much like Mass broadcast marketing, does not always fit into a clean ROI bucket. The reason I bring this up is because it changes the conversation with the executives. Social Media ROI should be couched with we will aim to see if this happens... and stay away from we will achieve this increase in this metric. Pilot and test is the order of the day because Social Media is "more like the Weather than it is gravity" [clay shirky]. We know the variable but predicting the outcome is a bit of a crystal ball gazing exercise. To me the ROI buckets typically fall into: Building a sustainable community [metric is traffic and engagement based], Product Research [metric is number of posts that aid in the conceptual solution of a product], Customer Service [you covered this with reduction in calls to contact centre], Marketing and Promotion[Number of direct response forms filled out], and Transparency[# of retweets and posted comments, this one is more about depth then Community initially is] Each one of these can have impacts to a P/L Community, see Nissan's the Cube Product Research: Bank of America designed a credit card around crowd sourcing Customer Service: Wells Fargo, Bank of America, and especially Comcast experience productivity savings and have reduce contact centre staffing Marketing and Promotion: Will it Blend is always a favourite, This program has apparently led to an increase in sales of 500% Transparency: This is a little less obvious but it early studies from Dell a couple months ago said that their conversion rates we much higher on their direct market initiatives to their audience that were sharing in non-product related conversations online. I was struck by the thought that ROI is a dangerous concept. Mass media rarely has real ROI attached to it. It is usually surveyed information that has a lot of subjectivity in it
Social Media, much like Mass broadcast marketing, does not always fit into a clean ROI bucket. The reason I bring this up is because it changes the conversation with the executives.

Social Media ROI should be couched with we will aim to see if this happens… and stay away from we will achieve this increase in this metric.
Pilot and test is the order of the day because Social Media is “more like the Weather than it is gravity” [clay shirky]. We know the variable but predicting the outcome is a bit of a crystal ball gazing exercise.

To me the ROI buckets typically fall into: Building a sustainable community [metric is traffic and engagement based], Product Research [metric is number of posts that aid in the conceptual solution of a product], Customer Service [you covered this with reduction in calls to contact centre], Marketing and Promotion[Number of direct response forms filled out], and Transparency[# of retweets and posted comments, this one is more about depth then Community initially is]

Each one of these can have impacts to a P/L
Community, see Nissan’s the Cube
Product Research: Bank of America designed a credit card around crowd sourcing
Customer Service: Wells Fargo, Bank of America, and especially Comcast experience productivity savings and have reduce contact centre staffing
Marketing and Promotion: Will it Blend is always a favourite, This program has apparently led to an increase in sales of 500%
Transparency: This is a little less obvious but it early studies from Dell a couple months ago said that their conversion rates we much higher on their direct market initiatives to their audience that were sharing in non-product related conversations online.

]]> By: Urs E. Gattiker http://www.digitalstrategist.ca/wp/2009/09/social-media-roi/#comment-54 Urs E. Gattiker Mon, 21 Sep 2009 17:46:07 +0000 http://www.digitalstrategist.ca/wp/?p=269#comment-54 Silu I like your section "What to measure" since you address the operating metrics or the drivers that affect the outcome - ROI. But as such your title might be slightly misleading since you do not focus on ROI - great - but on operating metrics instead. I have tried to address this issue as it pertains to social media as well here: http://commetrics.com/articles/implement-5-tips/ Thanks again for this nice posts Urs @ComMetrics Silu

I like your section “What to measure” since you address the operating metrics or the drivers that affect the outcome – ROI. But as such your title might be slightly misleading since you do not focus on ROI – great – but on operating metrics instead.

I have tried to address this issue as it pertains to social media as well here:

http://commetrics.com/articles/implement-5-tips/

Thanks again for this nice posts

Urs
@ComMetrics

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