Podcamp Topeka – Social Media ROI

Social Media ROI – presented by Eric Melin at Spiral16

Who owns social media?

public relations – crisis management
marketing – brand reputation management
sales/bizDev – lead generation
customer service – engagement/retention
product development – competitive intelligence
IT – deployment/integrating new solutions

IE – everyone owns social media

Social Media isn’t free – it takes valuable time
You need human resources for planning, creative insight, content creation, product management, measurement, etc

What does ROI mean?
It’s challenging to define gains and costs with social media efforts

There is no way to calculate social media ROI with a one size fits all equation. People who claim that really just made a tool for their business and goals – not everyone.

Needs to be specific to your business.

ROI is difficult because it’s a financial metric. Hard to define that with social media, because it’s not based on financial gains inherently

Make sure you have clearly defined business objectives first. Then make sure your social media initiatives support your business goals.

Common metrics (like twitter follower number) – ask yourselves which ones matter to your business

2 ways to implement:
– figure out how SM can support existing company initiatives
– create new sum initiatives that help

Online data that matters:
– semantic results
– sentiment
– volume/frequency
– where does it live

Developing strategy – set up timelines and expectations – help measure if you reached your goals or not

He likes correlating traditional metrics with online metrics
Ex – actual sales = positive/negative sentiment
Retail traffic = message reach

Can you see spikes in sales in correlation to your social media efforts

IL2008: Defining & Measuring Social Media Success

Speaker: Jeff Wisniewski

Why be social
bad reasons – it’s cool, my boss told me to, etc
better reasons – provides innovative ways for libraries to connect with ysers we may never see face to face, to encourage, promote, innovate, learn, adapt, to improve customer service, to discover and deliver what users want, to market without marketing

Listen first
is it a conversation? What’s being said?
Listen first to see what the tone is

Developing a social media plan
define a strategy
define goals – ie., increase awareness of library services, increase the number of new cards issues, etc
pick a platform or two
the right platform depends on your goals

Then – start!
start blogging/leaving comments, etc

Assessing social media success
quantitatively and qualitatively – both are needed
what you are measuring – the “trinity approach” – behavior, outcome, experience

the what (behavior)
number of blog posts
– Boyd’s Conversation Index: posts/comments + trackbacks, should be greater than 1
number of facebook friends/fans

Outcome: the tangible benefit of your social media activity
– higher satisfaction
– fewer help desk calls
– more searches
– increase in funding

Example – are your flickr imsages viewed? Monitor the number of users. Also monitor referrals from flickr to your website, then you can say collection use has increased by 2.1%… coolness.

put on your listening ears!
listen/engage/converse – take action
be authentic – admit problems and engage that way

Experience metric – experience CAN be measured and evaluated
stars, scars, or neutral? (positive, negative, neutral comments)

5 things to get started:
1. monitor general search engine results
– focus on google (they do the best in including social media stuff in search results)

2. monitor social media search engine results
– why?
– used by high-value, highly connected, highly influencial users
– pays great divedends if they are fans of the library
choose the specific social media search engines that match your media efforts
– delicious – see how many people bookmarked it (quant) and something else…
– twitter – do you show up? How often?
– advanced search has a local search option

3. create alerts
– check standard web logs for refers from search engines. What terms do people use?
– use quotes
– choose “comprehensive” to get results from news, globs, web, video, and groups

4. analytics
– create a conversion funnel to measure a social media action chain. It measures follow-through. IE if they go to a signup page, did they finish the process? If they did, that’s a conversion.

5. assess the nature and sentiment of activity
– what’s the stregth and tone of the social media activity?
– is it deep, is it a drive by, one-off comment?