Category Archives: Analytics

What is the ROI of Social Media?

What exactly is the ROI of social media? When Gary Vaynerchuk was asked this question, he replied, “What is the ROI of your mom?” Obviously Gary was illustrating that just because it may not be possible to provide a quantitative assessment of a campaign, doesn’t mean it lacks ROI. And, for that matter, it doesn’t mean you cannot measure it.

I’ve written about this topic before, specifically about  Facebook’s ROI, as well as measuring social media. Last week I presented on the topic at the Social Media Strategies Summit in Las Vegas.

Tomorrow (2/15/2012), I will be presenting on the subject live, in Northern Virginia as part of Social Media Week (DC). You can find more info about my presentation and how to attend for free here:

http://socialmediaweek.org/event/?event_id=1176

We have nearly 200 attendees registered.

If you cannot make it, I will be uploading parts of the presentation (recorded) as well as some materials to this blog later in the week. So bookmark this post and check back in a couple of days for those materials.

 

Social Media Strategies Summit – Las Vegas – February 7-9, 2012

I will be presenting at the 2012 Las Vegas Social Media Strategies Summit at the Mirage Hotel.

Session Overview:

Social Media – How to Monitor, Measure and Report for the SMB

So you’re adding social media to your game plan for your organization, moving it from an afterthought to front-and-center. You’ve even got a staff member ready to roll up their sleeves and manage your social media strategy for the organization (and that person might be you!) But now what? In this session, we’ll explore three key aspects of getting started with social media: monitoring, measuring, and reporting.

Your session leader will walk you through how to succeed in each of these key areas by taking a hands on and practical approach to identifying the tools, resources and processes that will position your SMB for social media success.  Some of the topics covered will include:

  • Identifying your objectives for using social media
  • Defining the metrics and KPIs for success
  • Why monitoring social media is important
  • Free and paid tools to get you started with monitoring
  • Policies and procedures for social media management
  • Using Google Analytics and Facebook Insights for analysis
  • Creating simple dashboard spreadsheets in Excel for reporting KPIs/ROI

Who Should Run Web Analytics at Your Company

I just came across this somewhat humorous post on ClickZ by Andrew Edwards about a company’s IT  department mucking up the web analytics project that was successfully run by the marketing team for years… So, it begs to ask the question: “Who should run web analytics at your company?”

The answer is marketing.

Here’s why:

  1. Marketing’s role is to generate revenue opportunities for the company. The metrics for measuring these opportunities and the success of generating them are defined by marketing. They understand the objectives and therefore should be tasked with measuring the outcome. Having someone else do this who is less familiar with objectives and the outcomes inserts and element of risk.
  2. Access to web analytics should be democratized. In other words, the system should be central, and business analysts and marketing executives should be able to access the system at will, create reports, collaborate on metrics and dashboards, and so on.
  3. In my experience, marketing teams are collaborative by their very nature of having to communicate across departments to further the corporate objectives and coordinate consistent messaging, branding and awareness.
  4. Conversely, IT departments (in my experience) often govern by limiting access, creating policy and strive to eliminate risk. This is okay perhaps for tech stuff (though I would argue that it isn’t, but that’s for another day). But for data and analysis, this is bad.
  5. Blocking access to insight restricts a business’s ability to leverage it and make good decisions.

However, it is EXTREMELY important for the two shops (marketing and IT) to collaborate. For example, there is much insight in the data that would benefit IT with regards to planning downtime, fixing errors, load balancing, hosting and correcting errors. These are all issues critical to a business’s success. IT and marketing should work together on identifying these issues, the necessary metrics, and the course of action needed to further the business objectives.

For more on my view of technology within the marketing department, check out this post.

Above all, decisions about which platform to use and how to measure the business should be a collaboration between IT and marketing. As I have always preached, the most successful marketers are those with IT know-how and insight, as technology often is the genesis of marketing innovation. So why is it that these two groups at most companies often remain in silos?