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
etc

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

Podcamp Topeka – Patrick O’Keefe

We just held our second podcamp at the library – Podcamp Topeka 2010. It went well! Here are notes from our keynote presentation:

Patrick O’Keefe gave the keynote presentation

talking about the Social Technographics Ladded

people who contribute to online forums are influential with purchases – 79.2%

participating in communities and forums as a marketer

– find the right community first – figure out who your audience is and go where they go

– every participant is a marketer

Actually want to be there

– if you don’t really want to be there, it will show

Observe first, act second

– view the community’s social norms

Read the guidelines

– follow them and do NOT violate them – it makes you look bad

In Doubt? As the staff for the forum

– never take chances or assume

Fill out your profile, especially your signature

– in the manner allowed by the guidelines

Don’t Mention Your Stuff
– don’t talk about your company, your articles, etc
– your signature gets you traffic
– your signature is how they find you

Giving example of traditional media who claimed her 1 link in a post was more valuable than 95% pof the posts on the forum … but – the forum had 80,000 posts, had been online for 8 years.

She was wrong.

They asked her to stop, and she refused. So Patrick reached out to her editor/boss.

Building your community on twitter
– brand your profile consistent with your business
– looking for good content to share and sharing, RTing, etc shows that. It builds your credibility.
– interact with people.
– Reply and start conversations with twitter.

Telling the story of flying first class on Delta – because of flight screwups. Delta answered his questions and replies on twitter.

Patrick is showing a search for the hashtag #podcamptopeka.
– explaining that the hashtag search was part of his life for the last month and a half.
– he interacted with people talking about and attending the event
– trying to help people see value in the event, answering questions, etc

– it really helped build up the event! (DLK here)

No one ever asked “what’s the ROI of talking? Which is what twitter is” – scott straiten, @unmarketing

Gary Vaynerchuk – telling the story of how his following started.
– big part of how Gary did that was social media.
– took 2-3 years for his daily wine videos to take off
– he kept at it
– he went to wine forums – he just talked to people. Never mentioned his stuff in threads and posts.
– did the same thing with twitter. He did searches for chardonnay, then simply answered the questions.

Made an app – Ask Gary. That’s all it does – sends a question to Gary, and he answers it.

Yay – he’s looking at Topeka Library’s Facebook page – said we’re doing a good job of monitoring it.
– people don’t friend buildings.
– they friend people.

Explaining how he interacted with people in the area before the event. Started with the people he knew, then spread it out to influencers, traditional media, etc.

Showed how it wasn’t any one person that helped bring people to the event – it was everyone tweeting, helping, volunteering and sponsoring.

Notes from Podcamp Topeka

Yesterday, I spent most of my day at Podcamp Topeka – the first event I have ever organized. Judging by the comments, tweets, etc … it was a success!

If you want to read reactions from people who attended, search for #podcamptopeka on Twitter (ok – or just click this link).

I’ll post something next week about planning this type of event and what we could have done better. But for now, here’s a run-down of the sessions I attended – sorta sparse notes, but it’ll give you an idea of the day:

Session 1: Balancing Personal/Business Use of Twitter

  • you have ability to destroy yourself online
  • One guy doesn’t cuss in Twitter because it turns some people off
  • TV News guy – doesn’t say some stuff that he wants to
  • talking back & forth – sharing yourself is important
  • remembers he represents a company – always has that in the back of his mind
  • News guy again – because of sharing themselves on Twitter, they get news tips from people
  • Helps get stories written because he’s connected to twitter – because of the relationships they’ve developed
  • TV News guy again – they are talking to other local TV stations! Very different than five years ago
  • discussion about community/following people locally vs anyone for business

Session 2 – Comment Boxes and Community

  • I shared about the library
  • anonymous or profile?
  • Local newspaper tends to have crazies – not much registration/monitoring there
  • getting people to register – are there any non-bribery ways to get people to register? One idea – Business gave away free stuff to get sign-ups
  • other ways to share? Comment box, polls, ratings, etc  – without just sharing in a text box
  • viral marketing campaign (I think she was from a radio station) – had some hateful comments – ended up having to block someone’s IP address
  • how to get more comments? Ask questions, ask what do you think
  • separate actual story from comments
  • part of your job should be commenting on other people’s sites
  • personal responses are great – gave example of that
  • personal is the new hand-written note
  • marketing is conversation now
  • deleting one comment vs turning off whole thread – which works best? We generally agreed that turning off the whole thread (like Flickr sometimes does) seems like punishing others for one person’s mistakes
  • twitter is instant gratification

T-rave talking about blogging #podcamptopekaSession 3: Selling Yourself in 30 Frames per Second

  • T-Rave presented from t-rave.com – He’s very passionate about videoblogging!
  • trying to sell your brand – many times, that means selling yourself
  • when you were a baby trying to get attention and affection, you were selling yourself – so you do this all the time
  • big fan of gary vaynerckuk of winelibrary.tv
  • Word of mouth – that’s how T-Rave sells his product/himself
  • Using video is a great way to bring in viewers to your website/blog
  • t-rave.com attracts people of all ages (from 13-65), all states, international… check your demographics
  • People of all ages, all nationalities like video
  • You can feel connected by being approachable – on twitter, on video
  • be the same online, in video, in real life
  • passion + drive … interest, consistency, responding back to comments

Session 4: Basics of Videoblogging

  • T-Rave again
  • Went over various software to use
  • talked a little about cameras
  • talking about uploading to a service – how long it takes
  • Talked a bit about copyright and free music – likes jamendo.com for a free music service.
  • Uses Viddler quite a bit. They featured T-Rave the second week after he started making videos.
  • mentioning tubemogul.com – great place to upload video to more than one account automatically
  • Has a variety of cameras from the Flip to a large semi-pro camera
  • Very open to having people contact him with questions, suggestions for cameras, etc.
  • He does 5 videos a week – different theme every day. He did this for 6 months.
  • some discussion of posting video to Facebook vs another video service
  • Live Streaming video: upstream.tv, livestream
  • Good questions/discussion

Session #5: Monetizing a Podcast

  • Rob Walch, Podcast 411 and Wizzard Media spoke about podcasting
  • Come to Jesus – most of us will never really make money on this

Ways to make money with podcasts:

1st way to make money:

  • CPM – typical rate is around $10-15 per thousand downloads
  • More niche = higher CPM, but lower download numbers
  • Video gets a little higher CPM rate than audio alone
  • Not generally “quit your day job” money

2nd way to make money:

  • CPA model – or direct response ads
  • Netflicks – they pay $25 for everyone who signs up for an account that comes from the ad
  • Right audience at the right time can =some good money

3rd way – sponsorship model

  • Must disclose when you are being paid to review something – the FTC actually watches out for that stuff

4th way:

  • Premiumcasts (premiumcast.com)- offer a little bit of content for free, pay for the larger, more complete show

5th way – make an iphone app for the show.

  • Probably half your audience will have an iphone or ipod touch.
  • 10% of those will buy your app

Cool – Rob is describing RSS like a magazine subscription – I use that example too!

iTunes podcasts – shows top podcasts that are popular in the last week or so.

How long to make a podcast?

  • average commute time = 25 minutes
  • average treadmill time = 20 minutes
  • Best length for a podcast – go until you’re done
  • leave people wanting more “is that all?” rather than “boy, when is this over?”

Release every day or week – US is trained for that. be in their routine
Best times – early to mid week