Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
23Activity
0 of .
Results for:
No results containing your search query
P. 1
A new & simple way to measure social media Return on Investment: Social Equivalent Advertising Value

A new & simple way to measure social media Return on Investment: Social Equivalent Advertising Value

Ratings: (0)|Views: 4,561 |Likes:
Published by Tourism Ireland
We all know that it’s no longer the size of your social media audience that matters, but rather how those people engage with you. However, deeper engagement costs money – how can you put a value on the return? In the absence of an industry standard to measure the value of the interactions that our fans have with us, Tourism Ireland created a metric called Social Equivalent Advertising Value (SEAV). This simple and practical metric has applications across all social media platforms and for all businesses that wish to define their return on investment. You will read inside how it can be applied by you to identify the return your social activities are generating for your brand.
We all know that it’s no longer the size of your social media audience that matters, but rather how those people engage with you. However, deeper engagement costs money – how can you put a value on the return? In the absence of an industry standard to measure the value of the interactions that our fans have with us, Tourism Ireland created a metric called Social Equivalent Advertising Value (SEAV). This simple and practical metric has applications across all social media platforms and for all businesses that wish to define their return on investment. You will read inside how it can be applied by you to identify the return your social activities are generating for your brand.

More info:

Published by: Tourism Ireland on Mar 14, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

04/22/2013

pdf

text

original

 
Tourism IrelandSocial Equivalent Advertising Value
1
A new & simple way to measure social media ROI:Social Equivalent Advertising Value
Mark Henry
Central Marketing Director
Brian Harte
Head of Customer Engagement & eMarketing
We all know that it‟s no longer the size of your social media aud
ience that matters, but ratherhow those people engage with you. However, deeper engagement costs money
 –
how canyou put a value on the return? Tourism Ireland has invested in building a social mediaaudience of more than 700,000 people across 20 countries and
we‟re currently ranked third
largest in the world amongst national tourist boards on Facebook. In the absence of anindustry standard to measure the value of the interactions that our fans have with us, wecreated a metric called Social Equivalent Advertising Value (SEAV). We believe that thissimple and practical metric has applications across all social media platforms and for allbusinesses that wish to define their return on investment. You will read inside how it can beapplied by you to identify the return your social activities are generating for your brand.
 
Tourism IrelandSocial Equivalent Advertising Value
2Ever since social media became a natural part of the communications landscape, businesseshave invested large amounts of time and money in increasing their reach across high impactsocial media platforms, such as Facebook, Twitter and YouTube. Up until now, however, wehave lacked an accepted industry standard metric that can put a value on more than just thenumbers of fans we have in these spaces.Tourism Ireland is the body responsible for marketing the island of Ireland overseas as atourist destination, both the Republic of Ireland and Northern Ireland. We have an annual
marketing budget of around €40
 /$52 million and employ 150 people across a dozen officesaround the world, and at home in Dublin and Coleraine.Our marketing approach is underpinned by a consumer engagement philosophy that seeks to
win people‟s attention through marketing activity that talks to their interests
and thatencourages them to interact with Brand Ireland and with each other. We identified early onthat social media offers us exceptional opportunities to deliver engagement marketing and wemade a strategic organisational commitment to invest in social platforms
 –
includingFacebook, YouTube, Twitter and our blog
1
.We have built a global audience of over 700,000 people in social media across 20 countriesin 8 different languages
 –
and currently rank as the third largest national tourist board in theworld on Facebook.Like many consumer brands who do not sell directly to end customers, we lacked a metricthat could measure our social media activities in a consolidated manner and allow us to placea monetary value on our return on investment.
1
 
Tourism IrelandSocial Equivalent Advertising Value
3
What should we be measuring? A tale of Facebook
When Faceb
ook hit 750 million users, they didn‟t make a song and dance about it. Why?“Because,” says Mark Zuckerberg, “it‟s not the statistic we think is important…”
 
“The last five years have been about getting people signed up to Facebook.
The next five years are
going to be defined by…
depth
of engagement”
2
 
On Facebook, user engagements with a brand are varied and numerous including brandpage views, post views, page likes, content likes, comments and shares, plus views of video,images and audio. These engagements share the characteristic that they involve contentconsumption and/or broadcast, but they vary in depth.To meet the need for a measure of return on social investment, any tool must reflect thesedifferent levels of consumer engagement and find a means of attributing a financial value toeach. In an attempt to do just this, we developed the concept of Social Equivalent AdvertisingValue (SEAV).
How have we defined SEAV?
While social media delivers multiple analytics/insights, value for other e-marketing mediavehicles is based on two established measures
 –
Impressions and Click-throughs.Impressions are valued on a cost per thousand basis, the standard for all media. Click-throughs are valued on a cost per click, the currency for search engine pricing.
You can‟t evaluate social
media in the same manner
on these two measures as it wouldn‟t go
near to capturing the full range of conversations or actions taking place. However the conceptof impressions and clicks (or actions) is analogous to much social behaviour.By distilling the range of possible interactions that a user can have with brands on socialmedia channels, we identified that most social engagements could be classified into foursimple categories
 –
each designed to distinguish progressively deeper levels of consumerengagement:1.
Post impressions:
Views of brand posts in a social medium.2.
Page impressions:
 
Views of a brand owner‟s social platform.
 3.
Personal actions:
Consumption of brand content through an action such as a clickon a photo or video or a link.
2

Activity (23)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
Bart Neuts added this note
We're currently running an exercise like this for a project in Flanders. The total SEAV seems to be mainly influenced by post and page views (especially post views which account for 88% of the total). Did you experience something similar? This makes the translation to e.g. Pinterest difficult because they don't provide that info. Did you ever attempt to calculate SEAV for other social media?
shadinlc liked this
Nazia Hayat added this note
This is very useful. How do you equate to the new Facebook Insights Metrics?
travel2dot0 added this note
Hey Brian, Like the concept, certainly helps put a realistic value on our social media efforts. Love to chat with you a bit more about the project. And perhaps bring some additional attention to it via a blog post. Let me know if you have time to chat. - Troy (troy at travel2dot0.com)
Tourism Ireland added this note
You are absolutely correct Juliane. Tourism Ireland, like many brand owners, does not itself sell products so we have no sales data from our social activity. SEAV is a way to evaluate the "worth" of customer engagement financially which allows you to compare it to other marketing activity or sales promotions. It is perhaps best thought of as a measure of return on brand equity, rather than sales.
Juliane Görsch added this note
Okay thanks, but is this really the return? The things you calculated is the value of the cost, isn't it? But the question is: How much money do I get if I invenst an amount of x €? If the return is measured in likes and fans you're perfectly right though. But is there any way to get a monetary return?

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->