This is the ultimate question for all clients: “What kind of ROI can I expect from social?” Most of that depends on how you define the client’s overall goal, but the first breakout session during Spredfast Summit 2014 provided us with insight on how to measure the business impact of social.
Ben Bennett – Director of Digital for the Country Music Association
- Social must be part of a bigger strategy
- Have reasonable expectations
- Plan must be quantifiable
- Be nimble (experiment and look at the data)
It isn’t fair to compare posts on non-show days, there’s always more volume when national TV is involved. Every industry has superstars, identify them and try to engage with them (offline and online).
What Works (for CMA)
- Photo Galleries (Haven’t posted anything on FB in over two years without a photo)
- Sweepstakes (Twitter, Email)
- Birthdays, Holidays
- Mobile Wallpapers
- Content with a DIRECT connection to your brand
- Promoted Posts
- Short, punchy ad copy
What Doesn’t work (for CMA)
- Post to Unlock
- Video longer than 60 seconds
- Wordy Copy
- Content that has nothing to do with your brand or subscribers
To do List
- Run the numbers you have now
- Make sure each post has something for the customer
- Make sure your websites are mobile friendly (and offers a superb experience)
Matt Corey – CMO PGA Tour Superstore
CMO’s want you to bolt social onto their existing marketing campaigns.
Example: Top 20 Holiday Gifts were chosen (selected by merchants), and we then allowed users to socially vote on favorite holiday products. “Let customers decide which products were the best.” We allowed customers to post photos using their favorite products to participate with the brand. Some brands even leveraged their large audiences to vote for their products as the best (Titleist, Calloway).
Results: 40% increase in conversions. 21% longer time on site. 5k referrals to product pages. 2mm impressions.
- Plan – propose a unique social experience that is an integrated part of a larger campaign (aim for 3-6 months ahead).
- Measure – decide on a control group.
- Communication Results – good, bad or indifferent, and what is coming next
The Holy Grail – The ability to measure social influence. How much (monetary) influence do you give someone if they share or retweet your content? Most brands do not think about customers this way through social.
How can you measure the impact of customers who are socially involved with you? Do customers who are more socially involved spend more than those who aren’t? Find the data that would correlate, test and find out.
Splash Media’s team is covering #SFSummit 2014 in Austin, Texas. For more information on the event, follow Spredfast on Twitter. Rob Howe, Splash Media’s Associate Director of Strategy, is on site in Austin. Tweet him here.