Strategic Social Media Marketing

Get your business or agency started with an ROI-based approach and avoid random acts of marketing

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Introductions
Daniel Burstein Director of Editorial Content MECLABS @DanielBurstein Zuzia Soldenhoff-Thorpe Research Manager MECLABS @ZuziaThorpe

Tamara Rosenbaum National Account Executive Facebook

Todd Lebo, Sr. Director of Content & Business Development MECLABS @ToddLebo

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Today’s webinar agenda
• CMO priorities and perceptions driving ROI • 6 steps for getting started with a strategic approach • Calculating the ROI of social media marketing

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Annual research cycle improves marketing know-how
• Publish research on what is working (and what isn’t) for marketers today – Benchmark Reports, case studies Identify best practices and formulate practical methodologies – Handbooks, Special Reports Teach marketers how to apply best practices and methodologies – Summits, certification training, webinars This year’s cycle is focused on monetizing social media for ROI

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• • • Chart: 46% of CMOs in transition from the Trial to the Strategic phase Social marketing requires investment in human and other resources Strategic process needed to monetize social media channel and prove ROI Sponsored by: #SherpaWebinar . Strategic Phase Organization has a formal process with thorough guidelines it routinely performs.The importance of social marketing maturity Three Phases of Social Marketing Maturity Trial Phase Organization does not have a process or guidelines for performing social marketing. Transition Phase Organization has an informal process with a few guidelines it sporadically performs.

CMO priorities and perceptions driving ROI .

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Priorities for social media are changing – Now it’s “show me the money" • Social channel monetization factors are top-of-mind priorities for CMOs Goal of social channel monetization: Measurable return on investment Strategic phase organizations are 80% more likely than Trial to prioritize ROI Why? Trial phase organizations don’t have a process for performing social marketing or measuring ROI • • • Sponsored by: #SherpaWebinar .

Let’s invest. Sponsored by: #SherpaWebinar . Why invest more? D) Social marketing is basically free.AUDIENCE POLL ? What is your perception about investing in social marketing for ROI? A) Social marketing is producing a measurable ROI. C) Social marketing is unlikely to produce ROI. Let’s keep it that way. Let’s continue to invest in this tactic. but do so conservatively. B) Social marketing is a promising tactic that will eventually produce ROI.

no proof of ROI. investment follows Strategic phase 4x as likely as Trial to produce measurable ROI Why? No process. no investment Think social marketing is free? You’re destined to get what you pay for! • • • Sponsored by: #SherpaWebinar .Perceptions driving social marketing investment • If social marketing perceived to produce ROI.

earning more than costing Average social marketing ROI 95% One-in-four CMOs are doubling their social investment (100% ROI) Overcoming the myth that social marketing ROI isn’t measurable • • • Sponsored by: #SherpaWebinar .The promise of social marketing ROI a reality • When ROI equals a positive %.

Real-life example of social marketing ROI Higher sales in stores and through the website Sponsored by: #SherpaWebinar .

Social media marketing: You value (and earn ROI on) what you pay for Sponsored by: #SherpaWebinar .Perceptions driving social marketing investment  Key Principle 1.

Six steps for getting started with a strategic approach .

* Source: Wikipedia Sponsored by: #SherpaWebinar . business development and more). employee engagement and turnover.? What is the meaning of strategy and optimization in social marketing? o Goal o Resources o Schedule Social Media Strategy: Mapping a plan of action items essential for successful SM management Social Media Optimization: Methodization of social media activity with the intent of attracting unique visitors to online content* o Marketing and brand building o Knowledge management strategy (product/service development. o Fostering a community of the associated site for a healthy business-to-consumer relationship. brand building. recruiting. customer satisfaction and relations.

Six steps for getting started with a strategic approach STEP 1: Perform competitive analysis Sponsored by: #SherpaWebinar .

Identify strengths and weaknesses of major competitors Step 1 – Perform competitive analysis Analyze what’s working for them:  Do they have great following?  What do they offer their fans/members?  What kind of content gets the most feedback?  What’s the level of engagement? Try to find an innovative approach that has not been used by any of your competitors:  Giveaway/contest Sponsored by: #SherpaWebinar .

Six steps for getting started with a strategic approach STEP 1: Perform competitive analysis STEP 2: Determine platform(s) Sponsored by: #SherpaWebinar .

interests.Determine which social media platform(s) to focus on Step 2 – Determine platform(s) • Identify your audience first: o Segment & profile your target audience o Identify where they hang out o Goal: loyal fans converting to loyal customers o Tailor your content to that specific audience • Map out a social media marketing architecture: o SM platforms are a place to communicate with customers. passion or profession o Set 10-30 minutes per day for your SM activity Sponsored by: #SherpaWebinar .make them feel like comrades sharing similar opinions. provide them with valuable information.

Six steps for getting started with a strategic approach STEP 1: Perform competitive analysis STEP 2: Determine platform(s) STEP 3: Set up profile(s) Sponsored by: #SherpaWebinar .

Random acts of marketing Step 3 – Set up profile – Architecture Sponsored by: #SherpaWebinar .

relationships and engagement • Directs traffic flow in and out of hubs • Number of sites not important – a plan and purpose for every site is Sponsored by: #SherpaWebinar .Hub and spoke framework Step 3–Set up profile–Architecture • Hub sites for content and conversion • Spoke sites for building communities.

Express. Engage. Step 3 – Set up profile – Best practices Express Page owners can feature photos of recent. relevant experiences at the top of the Page Communicate Publish timely messages and announcements to your fans Engage Engage with your Page’s News Feed from the Page’s point-of-view Sponsored by: #SherpaWebinar .Communicate.

Switch from personal Profile to Page that you manage 2.Use your Page identity to express your brand Step 3 – Set up profile – Best practices 1. Start using Facebook as your Brand and toggle back to your Profile anytime Sponsored by: #SherpaWebinar . Use Facebook as Page 3.

Six steps for getting started with a strategic approach STEP 1: Perform competitive analysis STEP 2: Determine Platform(s) STEP 3: Set up profile(s) STEP 4: Build the community Sponsored by: #SherpaWebinar .

Invite friends and family 2. industry-related profiles. walls. Promote your profile on other. promotion or contest MECLABS example with Research Partner using Facebook platform) Sponsored by: #SherpaWebinar . blogs. accounts and pages 4.Four ways to promote your profile Step 4 – Build the community – Promote your profile 1. Run PPC ads 3. Create an attractive offer.

Run PPC ads: Targeting Step 4 – Build the community – Promote your profile – Run PPC ads +71% +48% Sponsored by: #SherpaWebinar .

“Engaged” and “In Relationship” +200% 1. Just “Engaged” 2.Run PPC ads: Keywords and status targeting Step 4 – Build the community – Promote your profile – Run PPC ads • The same ad targeting different status: • The same ad targeting different status: 1. “Engaged” and “In Relationship” 2. Just “Engaged” +79% Sponsored by: #SherpaWebinar .

Run PPC ads: Testing images Step 4 – Build the community – Promote your profile – Run PPC ads +12% Low CTR +27% Generic ad vs. usage of specific keywords +114% Sponsored by: #SherpaWebinar .

Run PPC ads: Testing various creatives Step 4 – Build the community – Promote your profile – Run PPC ads Sponsored by: #SherpaWebinar .

Run PPC ads: Testing copy Step 4 – Build the community – Promote your profile – Run PPC ads +42% Sponsored by: #SherpaWebinar .

Six steps for getting started with a strategic approach STEP 1: Perform competitive analysis STEP 2: Determine platform(s) STEP 3: Set up profile(s) STEP 4: Build the community STEP 5: Engage and grow Sponsored by: #SherpaWebinar .

concerns – Stimulate discussion Sponsored by: #SherpaWebinar .respond to their comments.Turn your community into your brand ambassadors Step 5 – Engage and grow Continuous efforts for constant activity – Audit existing content – Give them value – Social media channels as your informal website. questions. interest and entertain! – Inject sales-messages every 10-20 posts/Tweets – Give reason to visit often. subscribe – Interact. check back.

Reducing customer service cost (immediate response) Step 5 – Engage and grow – Engagement examples Sponsored by: #SherpaWebinar .

polls. stimulating Likes and comments Step 5 – Engage and grow – Engagement examples Sponsored by: #SherpaWebinar .Fun content.

Customers’ seeking advice amongst other “Friends” Step 5 – Engage and grow – Engagement examples Sponsored by: #SherpaWebinar .

Customers expressing product satisfaction Step 5 – Engage and grow – Engagement examples Sponsored by: #SherpaWebinar .

Triggering Response Step 5 – Engage and grow – Engagement examples Sponsored by: #SherpaWebinar .

Six steps for getting started with a strategic approach STEP 1: Perform competitive analysis STEP 2: Determine platform(s) STEP 3: Set up profile(s) STEP 4: Build the community STEP 5: Engage and grow STEP 6: Avoid common mistakes Sponsored by: #SherpaWebinar .

4. 8. 3. 10. 2. 7. 9. 5.Top ten mistakes Step 6 – Avoid common mistakes 1. 6. Presence on too many SM platforms Lack on specific strategy and/or plan Too many Fans/Likes Quality vs. quantity Selling too much Not interacting with audience enough Lack of consistency No feedback-based testing Don’t expect to monetize SM efforts No LinkedIn presence of the company (and/or no employee profiles) Sponsored by: #SherpaWebinar .

Facebook Case Study: How 1-800-Flowers built a social business Sponsored by: #SherpaWebinar .

000 Relationships transactions directly from promotion Results: 3 2 Business Steps to develop: 1 2 3 Publishing and Media build community Social Plugins influence product and marketing decisions Media and Sponsored Stories drive sales Sponsored by: #SherpaWebinar .How 1-800-Flowers built a social business 1 Media 4.

Calculating the ROI of social media marketing .

ROI is a measure of financial value returned on every dollar invested • Formula: Return on investment = (Value gained from investment – Cost of investment) / Cost of investment • Tracking the right metrics for determining the values and costs of social media marketing can be a challenge • “Around 10% of our social media activity directly translates to bottom-line results. 90% of the work has to do with people building their reputation online and helping others. making ROI easy to determine for that portion. However. That big chunk of work is impossible to measure in terms of ROI.” –CMO insight Sponsored by: #SherpaWebinar . so they can effectively promote the brand online.

non-financial metrics CAN be measured Quantitative. etc.When it comes to calculating social media ROI. return on innovation. financial metrics SHOULD be measured Financial values are metrics that matter most for calculating and proving ROI • Return on engagement. some metrics matter more than others • • • Qualitative. mean nothing to the C-suite Sponsored by: #SherpaWebinar .

Values CMOs can use to calculate the Return • • Many values can be measured Estimated value of quantitative social media metrics • Likes/Fans • Followers • Estimated value of qualitative social media metrics • Sentiment • Awareness/voice • These metrics useful to monitor audience but not to measure ROI Sponsored by: #SherpaWebinar .

Values CMOs should use to calculate Return • • • • Actual sales on e-commerce sites can be tracked to social engagement Most organizations know the estimated value of a qualified lead – use it! There are two ways to gain value – increasing income and reducing costs • Not factoring social media’s ability to reduce customer support costs is a missed opportunity Which values can and should you use to calculate social marketing ROI? Sponsored by: #SherpaWebinar .

Costs CMOs are using to calculate Investment Investment side of ROI equals costs associated with social marketing Social falls into two main media categories – earned and paid Earned media time-intensive tactic requiring more human resources Paid media cash-intensive tactic requiring fewer human resources • • • • Sponsored by: #SherpaWebinar .

Becca Foy.The NEW word of mouth: Twice as effective Calculating social media ROI – Best practices VS 1. and 14 other friends like Heineken. Sponsored by: #SherpaWebinar .6x lift in brand recall 2x lift in message awareness 4x lift in purchase intent Source: Nielsen Meg Griffing Sloan.

Social media ad campaign ROI Calculating social media ROI – Best practices 5x Increase ROI on media Sponsored by: #SherpaWebinar .

Formula for calculating the ROI of social marketing (Value gained from investment – Cost of investment) / Cost of investment = ROI Value Gained Minus Cost Divided by Cost Equals • • ROI analysis: Social lead gen campaign Value: 500 qualified leads tracked to social at est.$15k) / $15k = 400% ROI #SherpaWebinar . value $150/lead = $75k Cost: Staff plus other expense = $15k • ROI Sponsored by: • ($75k .

Quick recap 1. Calculate ROI – and do it in a language the C-Suite understands Sponsored by: #SherpaWebinar . Remember what’s driving investment in social marketing programs 3. Use a social marketing architecture to control flow of traffic to conversion 2.

com Sponsored by: #SherpaWebinar .Questions and Comments from the audience Send us your questions: • Twitter @MarketingSherpa • Email: webinars@marketingsherpa.

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